Recent and Pending Accounting Standards

12 Months Ended

Dec. 31, 2019

Accounting Policies [Abstract]

RECENT AND PENDING ACCOUNTING STANDARDS

RECENT AND PENDING ACCOUNTING STANDARDS

Recently Adopted

Leases - ASC 842 "Leases"

On January 1, 2019, we adopted ASC 842 using the modified retrospective approach that resulted in a material adjustment to our balance sheet as of January 1, 2019. During the quarter ended June 30, 2019, we adjusted our opening balance to record the effect of adopting ASC 842 by approximately $0.4 million. As a result, the impact of the adoption of ASC 842 was an increase to assets and liabilities of approximately $17.8 million. Results for reporting periods beginning after January 1, 2019 are presented under ASC 842, while prior period amounts are not adjusted and continue to be reported in accordance with our historic accounting under ASC 840. In the adoption of ASC 842, we elected to use the package of available practical expedients with the exception of hindsight. For additional details refer to Note 1, "Significant Accounting Policies Update" and Note 4 "Leases."

Pending Adoption

In June 2016, the FASB issued ASU No. 2016-13, Financial Instruments-Credit Losses on Financial Instruments ("CECL") that requires early recognition of credit losses on financial assets held at the reporting date based on historical experience, current conditions, and reasonable and supportable forecasts. This guidance is effective for fiscal years beginning after December 15, 2019. While our assessment is on-going, we do not believe the impact will have a material effect on our consolidated financial statements.