Recently Issued Accounting Standards

12 Months Ended

Dec. 31, 2020

New Accounting Pronouncements And Changes In Accounting Principles [Abstract]

New Accounting Pronouncements and Changes in Accounting Principles [Text Block]

Note 3 – Recently Issued Accounting Standards

Recently Issued Accounting Standards Adopted

The FASB issued Account Standards Update (“ASU”)

2020-04,

Reference Rate Reform (Topic 848): Facilitation of the Effects of

Reference Rate Reform on Financial Reporting

 in March 2020. The amendments provide temporary optional expedients and

exceptions for applying GAAP to contract modifications, hedging relationships and other transactions to ease the potential accounting

and financial reporting burden associated with transitioning away from reference rates that are expected to be discontinued, including

the London Interbank Offered Rate (“LIBOR”). ASU 2020-04 is effective for the Company as of March 12, 2020 and generally can

be applied through December 31, 2022. As of December 31, 2020, the expedients provided in ASU 2020-04 do not impact the

Company; however, the Company will continue to monitor for potential impacts on its consolidated financial statements.

The FASB issued ASU 2018-15

, Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement

That Is a Service Contract

 in August 2018 that clarifies the accounting for implementation costs incurred in a cloud computing

arrangement under a service contract. This guidance generally aligns the requirements for capitalizing implementation costs incurred

in a hosting arrangement under a service contract with the requirements for capitalizing implementation costs related to internal-use

software. The guidance within this accounting standard update is effective for annual periods beginning after December 15, 2019 and

should be applied either retrospectively or prospec tively to all implementation costs incurred after the date of adoption. Early

adoption was permitted. The Company adopted this standard on a prospective basis, effective January 1, 2020. There was no

cumulative effect of adoption recorded within retained earnings on January 1, 2020. 

The FASB issued ASU 2018-14,

Disclosure Framework — Changes to the Disclosure Requirements for Defined Benefit Plans

 in

August 2018 that modifies certain disclosure requirements for fair value measurements. The guidance removes certain disclosure

requirements regarding transfers between levels of the fair value hierarchy as well as certain disclosures related to the valuation

processes for certain fair value measurements. Further, the guidance added certain disclosure requirements including unrealized gains

and losses and significant unobservable inputs used to develop certain fair value measurements. The guidance within this accounting

standard update is effective for annual and interim periods beginning after December 15, 2019, and should be applied prospectively in

the initial year of adoption or prospectively to all periods presented, depending on the amended disclosure requirement. Early

adoption was permitted. The Company adopted this standard on a prospective basis, effective January 1, 2020. ASU 2018-14

addresses disclosures only and will not have an impact on the Company’s consolidated financial statements.

The FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure

Requirements for Fair Value Measurement in August 2018 that modifies certain disclosure requirements for employers that sponsor

defined benefit pension or other postretirement plans. The amendments in this ASU remove disclosures that are no longer considered

cost beneficial, clarify the specific requirements of certain disclosures, and add new disclosure requirements as relevant. The

guidance within this accounting standard update is effective for annual periods beginning after December 15, 2019, and should be

applied retrospectively to all periods presented. The Company adopted this standard on a prospective basis, effective January 1, 2020. 

There was no cumulative effect of adoption recorded within retained earnings on January 1, 2020.

The FASB issued ASU 2016-13,

Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial

Instruments

in June 2016 related to the accounting for and disclosure of credit losses. The FASB subsequently issued several

additional accounting standard updates which amended and clarified the guidance, but did not materially change the guidance or its

applicability to the Company. This accounting guidance introduces a new model for recognizing credit losses on financial

instruments, including customer accounts receivable, based on an estimate of current expected credit losses. The Company adopted

the guidance in this accounting standard update, including all applicable subsequent updates to this accounting guidance, as required,

on a modified retrospective basis, effective January 1, 2020. Adoption did not have a material impact to the Company’s financial

statements as expected. However, as a result of this adoption, the Company recorded a cumulative effect of accounting change that

resulted in an increase to its allowance for doubtful accounts of approximately $

1.1

 million, a decrease to deferred tax liabilities of

$

0.2

 million and a decrease to retained earnings of $

0.9

 million. 

In accordance with this guidance, the Company recognizes an allowance for credit losses reflecting the net amount expected to be

collected from its financial assets, primarily trade accounts receivable. This allowance represents the portion of the receivable that the

Company does not expect to collect over its contractual life, considering past events and reasonable and supportable forecasts of future

economic conditions. The Company’s allowance for credit losses on its trade accounts receivable is based on specific collectability

facts and circumstances for each outstanding receivable and customer, the aging of outstanding receivables and the associated

collection risk the Company estimates for certain past due aging categories, and also, the general risk to all outstanding accounts

receivable based on historical amounts determined to be uncollectible. See Note 13 of Notes to the Consolidated Financial

Statements.

Description Of New Accounting Pronouncements Not Yet Adopted [Text Block]

Recently Issued Accounting Standards Not Yet Adopted

The FASB issued ASU 2020-01,

 Investments – Equity Securities (To pic 321), Investments – Equity Method and Joint Ventures

(Topic 323), and Derivatives and Hedging (Topic 815) –Clarifying the Interactions between Topic 321, Topic 323, and Topic 815

 in

January 2020 clarifying the interaction among the accounting standards related to equity securities, equity method investments, and

certain derivatives. The new guidance, among other things, states that a company should consider observable transactions that require

a company to either apply or discontinue the equity method of accounting, for the purposes of applying the fair value measurement

alternative immediately before applying or upon discontinuing the equity method. The new guidance also addresses the measurement

of certain purchased options and forward contracts used to acquire investments. The guidance within this accounting standard update

is effective for annual and interim periods beginning after December 15, 2020 and is to be applied prospectively. Early adoption is

permitted. The Company will adopt this standard, as required, on a prospective basis, effective January 1, 2021, and does not expect

adoption to have an impact to its financial statements.

The FASB issued ASU 2019-12

, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes

 in December 2019. 

The guidance within this accounting standard update removes certain exceptions, including the exception to the incremental approach

for certain intra-period tax allocations, to the requirement to recognize or not recognize certain deferred tax liabilities for equity

method investments and foreign subsidiaries, and to the general methodology for calculating income taxes in an interim period when a

year-to-date loss exceeds the anticipated loss for the year. Further, the guidance simplifies the accounting related to franchise taxes,

the step up in tax basis for goodwill, current and deferred tax expense, and codification improvements for income taxes related to

employee stock ownership plans. The guidance is effective for annual and interim periods beginning after December 15, 2020. Early

adoption is permitted. The Company will adopt this standard, as required, effective January 1, 2021, and is currently evaluating its

implementation and any potential adoption impact.