New Accounting Standards (Tables)

3 Months Ended

Mar. 31, 2020

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following table summarizes the balances of financial assets and non-financial asset at amortized cost as of January 1, 2020:

(In millions)	As reported at December 31, 2019		Impact of ASC 326			Balance at January 1, 2020
Asset category
Loans and Receivables:
Trade receivables, net	2,287.1		$	(3.8	)	$	2,283.3
Loans receivable, net	138.5		(1.5		)	137.0
Security deposits and other, net	36.6		(1.0		)	35.6
Held-to-maturity
Debt securities at amortized cost	71.9		(1.1		)	70.8
Total financial assets	$	2,534.1	$	(7.4	)	$	2,526.7
Non-financial assets
Contract assets, net	$	1,520.0	$	(2.5	)	$	1,517.5

Financing Receivable Credit Quality Indicators

The table below summarizes the amortized cost basis of financial assets by years of origination and credit quality. The key credit quality indicator is updated as of March 31, 2020.

(In millions)	Year of origination	Balance at March 31, 2020
Loans receivables, security deposits and other
Moody’s rating Ba2	2019	$	169.3
Debt securities at amortized cost
Moody’s rating B3	2019	70.8
Total financial assets		$	240.1

Financing Receivable, Allowance for Credit Loss

The table below shows the roll-forward of allowance for credit losses for the three months ended March 31, 2020.

	Balance at March 31, 2020
(In millions)	Trade receivables			Contract assets		Loans receivable			Security deposit and other			Held-to-maturity debt securities
Beginning balance in allowance for credit losses	$	99.2		$	4.0	$	9.5		$	1.6		$	1.1
Current period provision for expected credit losses	3.7			1.4		(0.5		)	(0.2		)	—
Write-offs charged against the allowance	(0.8		)	—		—			—			—
Recoveries	(1.3		)	—		—			—			—
Ending balance in the allowance for credit losses	$	100.8		$	5.4	$	9.0		$	1.4		$	1.1