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New Accounting Standards
9 Months Ended
Sep. 30, 2019
New Accounting Standards [Abstract]  
New Accounting Standards New Accounting Standards
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments, or ASU 2016-13, which changes the impairment model for most financial assets. The new model uses a forward-looking expected loss method, which will generally result in earlier recognition of allowances for losses. ASU 2016-13 is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted for annual and interim periods beginning after December 15, 2018. We will adopt ASU 2016-13 on January 1, 2020. Historically, our credit loss experience has not resulted in material bad debt expense. Accordingly, we do not expect a significant impact from the adoption of ASU 2016-13. However, we are still evaluating the impact and are not yet in a position to quantify the impact, if any, of the new standard on our results of operations or financial position.
In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other, Internal-Use Software, or ASU 2018-15, which aligns the accounting for implementation costs incurred in a cloud computing arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. ASU 2018-15 is effective for annual and interim periods beginning after December 15, 2019 and early adoption is permitted at any interim period. ASU 2018-15 may be adopted either on a prospective basis, either upon early adoption or the effective date for implementation costs for new or existing arrangements incurred on or after the adoption date, or on a full retrospective basis to the earliest period presented. We expect to adopt ASU 2018-15 on January 1, 2020 on a prospective basis. However, we are not yet in a position to assess the impact of the new standard on our results of operations or financial position.