NEW ACCOUNTING PRONOUNCEMENTS (Policies)

12 Months Ended

Dec. 31, 2019

New Accounting Pronouncements and Changes in Accounting Principles [Abstract]

New accounting pronouncements

We elected the practical expedient package outlined in ASU No. 2016-02 under which we did not have to reassess whether an arrangement contains a lease, we carried forward our previous classification of leases as either operating or capital leases, and we did not reassess previously recorded initial direct costs. Additionally, we made the following policy elections:

• we excluded leases with original terms of 12 months or less from lease assets and lease liabilities;

• we separated nonlease components, such as common area maintenance charges and utilities, from the associated lease component for real estate leases, based on their estimated fair values; and

•

we used the accounting lease term when determining the incremental borrowing rate for leases with renewal options.