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Recent Accounting Pronouncements (Tables)
 3 Months Ended
Mar. 31, 2020
Accounting Changes and Error Corrections [Abstract]  
Schedule of New Accounting Pronouncements and Changes in Accounting Principles
The following table illustrates the adoption impact of Topic 326:
 
January 1, 2020
(In thousands)
Prior to Adoption
 
Impact of
Topic 326
 
As Reported
Allowance for accounts receivable1
$
52,274

 
$
11,577

 
$
63,851

Deferred income taxes, net (within total assets)
$
12,833

 
$
570

 
$
13,403

Deferred income taxes, net (within total liabilities)
$
218,740

 
$
(2,230
)
 
$
216,510

Retained earnings
$
1,539,201

 
$
(8,587
)
 
$
1,530,614

Non-controlling interest
$
9,575

 
$
(190
)
 
$
9,385

1 This impact does not reflect the economic disruption resulting from the COVID-19 pandemic since it occurred subsequent to January 1, 2020.
The following table provides a brief description of accounting pronouncements adopted during the three months ended March 31, 2020 and recent accounting pronouncements not yet adopted that could have a material effect on our financial statements:
Standard
 
Description
 
Date/Method of Adoption
 
Effect on financial statements or other significant matters
Adopted During the Three Months Ended March 31, 2020
ASU 2016–13
 
This standard amends the impairment model to utilize an expected loss methodology in place of the incurred loss methodology for financial instruments, including trade receivables and off-balance sheet credit exposures. The standard requires entities to consider a broader range of information to estimate expected credit losses, including historical experience, current conditions and reasonable and supportable forecasts that impact the collectability of the reported amount.
 
The Company adopted ASU 2016–13 effective January 1, 2020 using the modified-retrospective approach.
 
The amendments of this new standard were applied through a cumulative-effect adjustment to total stockholders’ equity of $8.8 million, net of a $2.8 million income tax benefit, as of January 1, 2020. This adjustment was driven by the incorporation of economic forecasts into the Company’s expected credit loss reserve methodology. The unaudited condensed consolidated financial statements for the period ended March 31, 2020 are presented under the new standard. Comparative periods presented have not been adjusted. Refer to Note 1, Basis of Presentation, for discussion of the Company’s credit loss methodology.
Not Adopted as of March 31, 2020
ASU 2020–04, Reference Rate Reform
 
This standard provides optional guidance for a limited period of time to ease the potential financial reporting burden in accounting for (or recognizing the effects of) the discontinuation of LIBOR resulting from reference rate reform. The amendments provide optional expedients and exceptions for applying GAAP to contracts and other transactions impacted by reference rate reform. If certain criteria are met, an entity will not be required to remeasure or reassess contracts impacted by reference rate reform.
 
Election is available through December 31, 2022.
 
The Company is currently evaluating the implications of these amendments to its current efforts for reference rate reform implementation and any impact the adoption of this ASU would have on its financial condition and results of operations.