BASIS OF PRESENTATION (Policies)

3 Months Ended

Mar. 31, 2020

Fair Value Measurement, Policy [Policy Text Block]

Fair Value of Financial Instruments

Money market funds, classified as cash and cash equivalents, are the only financial instruments that are measured and recorded at fair value on the Company’s balance sheets. The following table presents money market funds at their level within the fair value hierarchy.


(In millions)	Total		Level 1		Level 2		Level 3
March 31, 2020
Money market funds	$	144.4	$	144.4	$	—	$	—

December 31, 2019
Money market funds	$	193.6	$	193.6	$	—	$	—

New Accounting Standards Updates

In June 2016, the FASB issued ASU 2016-13, Financial Instruments – Credit Losses: Measurement of Credit Losses on Financial Instruments. This standard requires companies to measure credit losses utilizing a methodology that reflects expected credit losses and requires a consideration of a broader range of reasonable and supportable information to inform credit loss estimates. The new standard also applies to financial assets arising from revenue transactions such as accounts receivables. We adopted this standard on January 1, 2020, and it had no material effect on our consolidated financial statements.