Accounting Changes and Error Corrections (Tables)

12 Months Ended

Dec. 31, 2020

Accounting Changes and Error Corrections [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 as of December 31, 2019		Impact of ASC 326		Balance as of 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 December 31, 2020.

(In millions)	Year of origination	Balance as of December 31, 2020
Loans receivables, security deposits and other
Moody’s rating Ba2	2019	$	133.0
Debt securities at amortized cost
Moody’s rating B3	2019	23.7
Total financial assets		$	156.7

Financing Receivable, Allowance for Credit Loss

The table below shows the roll-forward of allowance for credit losses for the year ended December 31, 2020.

	Balance as of December 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		$5.0		$9.5		$1.6		$1.1
Current period provision for expected credit losses	54.3		(0.2)		(0.1)		0.9		(0.6)
Write-offs charged against the allowance	(46.9)		—		—		—		—
Recoveries	2.3		(3.8)		(0.9)		(1.4)		—
Ending balance in the allowance for credit losses	$	108.9	$	1.0	$	8.5	$	1.1	$	0.5