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New Accounting Pronouncements
 12 Months Ended
Dec. 31, 2019
New Accounting Pronouncements or Change in Accounting Principle [Line Items]  
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] New Accounting Pronouncements
Recently Adopted Accounting Pronouncements
The Company adopted the following Accounting Standards Updates (“ASU”) in 2019, which had a material impact on its consolidated financial statements:
ASU 2016-02, Leases (Topic 842)
On January 1, 2019, the Company adopted ASC 842, Leases, and all related amendments using the modified retrospective method whereby the cumulative effect of adopting the standard was recognized in equity at the date of initial application. Comparative information has not been restated and continues to be reported under the accounting standards in effect for those periods. The most prominent among the changes in the standard is the recognition of right-of-use assets and lease liabilities for all leases (except for short-term leases). The Company made a policy election for all asset classes to exclude the balance sheet recognition of leases with a lease term, at lease commencement, of 12 months or less and no purchase option reasonably certain to be exercised. The standard also requires additional disclosures to help financial statement users better understand the amount, timing and uncertainty of cash flows arising from lease transactions. The new standard resulted in a material increase in right-of-use assets and lease liabilities on the Company’s consolidated balance sheet beginning in 2019 and had no impact on our consolidated statement of net income or to cash provided by (used in) operating, financing or investing activities on our consolidated cash flow statements.
The difference between the lease assets and lease liabilities was recorded as an adjustment to the opening balance of retained earnings. The cumulative effects of the changes made to the Company’s consolidated balance sheet as of January 1, 2019 were as follows:
 
Balance as of December 31, 2018
 
Adjustments due to adoption of ASC 842
 
Balance as of January 1, 2019
Prepaid expenses
$
36,878

 
$
(2,704
)
 
$
34,174

Assets held for sale
103,898

 
9,559

 
113,457

Operating lease right-of-use assets, net
—

 
102,268

 
102,268

Accrued liabilities
102,976

 
(336
)
 
102,640

Current operating lease liabilities
—

 
27,229

 
27,229

Liabilities held for sale
71,195

 
9,561

 
80,756

Long-term operating lease liabilities
—

 
75,276

 
75,276

Retained earnings
569,215

 
(2,607
)
 
566,608


The Company elected the package of practical expedients on existing leases as of the effective date which permits the Company to carry forward lease classification and not reassess existing contracts in order to determine if the contracts contain a lease. The Company did not elect the hindsight practical expedient. Additionally, the Company elected the practical expedient to not reassess whether any expired or existing land easements contain leases.
The Company adopted the following ASUs in 2019, which did not have a material impact on its consolidated financial statements:
Standard
Description
Effective Date
ASU 2018-16, Derivatives and Hedging (Topic 815): Inclusion of the Secured Overnight Financing Rate (SOFR) Overnight Index Swap (OIS) Rate as a Benchmark Interest Rate for Hedge Accounting
Adds the OIS rate based on SOFR as a U.S. benchmark interest rate to facilitate the LIBOR to SOFR transition and provide sufficient lead time for entities to prepare for changes to interest rate risk hedging strategies for both risk management and hedge accounting purposes.
January 1, 2019
ASU 2017-12, Derivatives and Hedging (Topic 815): Targeted Improvements to Accounting for Hedging Activities
Eliminates the requirement to separately measure and report hedge ineffectiveness and generally requires the entire change in the fair value of a hedging instrument to be presented in the same income statement line as the hedged item. Adoption resulted in the removal of the disclosure of the ineffective portion of the gain (loss) reclassified from Accumulated Other Comprehensive Income (“AOCI”) to income.
January 1, 2019
Recently Issued Accounting Pronouncements
The Company considered the recently issued accounting pronouncements summarized as follows, which could have a material impact on its consolidated financial statements or disclosures:
Standard
Description
Impact
Effective Date
ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes
Modifies ASC Topic 740 by removing certain exceptions and amending existing guidance in order to simplify the accounting for income taxes.
The Company is currently evaluating the impact of this guidance on its accounting policies and its consolidated financial statements.
January 1, 2021
The Company considered the recently issued accounting pronouncement summarized as follows, which will not have a material impact on its consolidated financial statements:
Standard
Description
Effective Date
ASU 2016-13, Financial Instruments —Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
This standard amends guidance on the measurement of all expected credit losses for financial instruments, including trade receivables, based on historical experience, current conditions and reasonable and supportable forecasts. The Company will adopt the guidance effective January 1, 2020 using the modified retrospective method whereby the cumulative effect of adopting the standard will be recognized in equity at the date of initial application and comparative periods will not be adjusted. The Company believes the equity impact of adopting the standard will be $1,700. This standard will not have a material impact on the Company’s consolidated income statement or statement of cash flows. Additionally, the impact to the Company’s processes, accounting policies and controls is not significant.
January 1, 2020
ASU 2018-14, Compensation—Retirement Benefits—Defined Benefit Plans—General (Subtopic 715-20): Disclosure Framework—Changes to the Disclosure Requirements for Defined Benefit Plans

This standard modifies the disclosure requirements for ASC Topic 715 by removing and modifying existing disclosure requirements as well as adding new disclosures. The Company expects this standard will primarily result in additional pension disclosures while also removing certain disclosures. Specifically, the weighted-average interest crediting rate for the cash balance plan and, if needed, an explanation for significant gains and losses related to changes in the benefit obligation for the period will be added while accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year and the effects of a one-percentage-point change in the assumed health care cost trend rate will be removed.

January 1, 2021
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract

Aligns the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software.

January 1, 2020