New Accounting Standards (Tables)

9 Months Ended

Sep. 30, 2020

Accounting Standards Update and Change in Accounting Principle [Abstract]

Schedule of Accounts, Notes, Loans and Financing Receivable

The following table summarizes the balances of financial assets and non-financial assets 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
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 September 30, 2020.

(In millions)	Year of origination	Balance at September 30, 2020
Loans receivables, security deposits and other
Moody’s rating Ba2	2019	$	154.6
Debt securities at amortized cost
Moody’s rating B3	2019	70.8
Total financial assets		$	225.4

Financing Receivable, Allowance for Credit Loss

The table below shows the roll-forward of allowance for credit losses for the nine months ended September 30, 2020.

	Balance at September 30, 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	$	5.0	$	9.5	$	1.6	$	1.1
Current period provision for expected credit losses	45.0		0.1		0.2		0.8		—
Write-offs charged against the allowance	(1.8)		—		—		—		—
Recoveries	(4.8)		(2.5)		(0.7)		(0.9)		—
Ending balance in the allowance for credit losses	$	137.6	$	2.6	$	9.0	$	1.5	$	1.1