New Accounting Principles and Recent Accounting Pronouncements	12 Months Ended
Dec. 31, 2018
New Accounting Principles and Recent Accounting Pronouncements [Abstract]
New Accounting Principles and Recent Accounting Pronouncements	Note B – New Accounting Principles and Recent Accounting Pronouncements Accounting Principles Adopted Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, which established a comprehensive model of accounting for revenue arising from contracts with customers that superseded most revenue recognition requirements and industry-specific guidance. Under the new standard, the Company recognizes revenue when it transfers control of the commodity to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for the commodity. Additional disclosures are required to describe the nature, amount, timing and uncertainty of revenue and cash flows from contracts with customers. The Company adopted the new standard in the first quarter of 2018 using the modified retrospective method. The Company performed a review of contracts in each of its revenue streams and implemented accounting policies and internal controls to address the requirements of the ASU. Prior to January 1, 2018, the Company followed the sales method of revenue recognition under Accounting Standards Codification (ASC) Topic 605 and recorded revenue when deliveries occurred, and legal ownership of the commodity transferred to the customer. There was no adjustment to the opening balance of stockholders’ equity as at January 1, 2018, resulting from the application of the new ASU promulgated in ASC Topic 606 using the modified retrospective method. The comparative information has not been adjusted and continues to be reported under ASC Topic 605 – Revenue Recognition. See also Note C for further discussion of Revenue Recognition. Statement of Cash Flows. In August 2016, the FASB issued ASU 2016-15 to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The amendment provides guidance on specific cash flow issues including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instrument with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, and distributions received from equity method investees. The amendments in this ASU were effective for annual and interim periods beginning after December 15, 2017. The Company adopted this guidance in the first quarter of 2018 and it did not have a material impact on its consolidated financial statements. Compensation – Retirement Benefits. In March 2017, the FASB issued ASU 2017-07 requiring that the service cost component of pension and postretirement benefit costs be presented in the same line item as other current employee compensation costs and other components of those benefit costs be presented separately from the service cost component outside a subtotal of income from operations, if presented. The update also requires that only the service cost component of pension and postretirement benefit cost is eligible for capitalization. The update is effective for annual and interim periods beginning after December 15, 2017. The Company elected to apply the practical expedient, which allows us to reclassify amounts disclosed previously in the retirement benefits note as the basis for applying retrospective presentation for comparative periods. The Company adopted the standard in the first quarter of 2018 and it did not have a material impact on its consolidated financial statements. Compensation – Stock Compensation. In May 2017, the FASB issued ASU 2017-09 which amends the scope of modification accounting for share-based payment arrangements and provides guidance on the type of changes to the terms and conditions of share-based payment awards to which an entity would be required to apply modification accounting. The update is effective for annual periods beginning after December 15, 2017 and interim periods within the annual period. The Company adopted this accounting standard in the first quarter of 2018 and it did not have a material impact on its consolidated financial statements. Statement of Operations – Reporting Comprehensive Income. In February 2018, the FASB issued ASU 2018-02, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The Company elected to early adopt this accounting standard during the first quarter of 2018 and recorded discrete adjustments from accumulated other comprehensive income to retained earnings of $28.4 million related to retirement and postretirement obligations and $1.8 million related to the deferred loss on interest rate derivative hedges. The adoption of this ASU will have no future impact. Note B – New Accounting Principles and Recent Accounting Pronouncements (Contd). Accounting Principles Adopted (Contd). In August 2018, the U.S. Securities and Exchange Commission (SEC) adopted the final rule under SEC Release No. 33-10532 Disclosure Update and Simplification, to eliminate or modify certain disclosure rules that are redundant, outdated, or duplicative of U.S. GAAP or other regulatory requirements. Among other changes, the amendments eliminated the annual requirement to disclose the high and low trading prices of our common stock and the ratio of earnings to fixed charges. In addition, the amendments provide that disclosure requirements related to the analysis of shareholders' equity are expanded for interim financial statements. An analysis of the changes in each caption of shareholders' equity presented in the balance sheet must be provided in a note or separate statement, as well as the amount of dividends per share for each class of shares. This rule was effective on November 5, 2018; and the expanded interim disclosure requirements for changes in shareholders' equity will be effective for the Company for our quarterly reporting beginning March 31, 2019. Recent Accounting Pronouncements Leases. In February 2016, the FASB established Topic 842 (the new standard) by issuing ASU 2016-02 to increase transparency and comparability among companies. The new standard requires lease benefits and corresponding lease liabilities to be recorded on the balance sheet and requires disclosing key information about leasing arrangements. The main difference between previous Generally Accepted Accounting Principles (GAAP) and the requirements of the new standard, is the recognition of right-of-use (ROU) assets and lease liabilities for certain leases. Entities will now be required to recognize operating leases alongside finance leases (formerly referred to as capital leases), with the distinction affecting the classification of expense recognition. The new standard also calls for disclosures regarding leasing arrangements and costs, to provide a more comprehensive insight into an entity’s leasing activities. The new standard is effective for financial statements issued for annual periods beginning after December 15, 2018 and interim periods within those annual periods. Early adoption is permitted for all entities. The Company adopted this guidance in the first quarter of 2019 effective as of January 1, 2019. A modified retrospective transition approach is required upon adoption, with the new standard being applied to all leases at the date of initial application. We expect to take certain practical expedients that allow our initial date of application to coincide with the effective date, such that the new standard is applied prospectively on January 1, 2019 (relief option). Therefore, financial information and disclosures related to prior periods will neither be updated nor recast and will not reflect the new requirements. Further, the new standard also provides other practical expedients that an entity may elect, at its option, to facilitate a more efficient transition. We expect to elect the main ‘package of practical expedients,’ allowing entities not to reassess lease conclusions made under previous GAAP (primarily related to lease identification and classification). We currently expect to elect the short-term lease recognition exemption for all leases that qualify. We expect the new standard will have a material effect on our financial statements. Reviews indicate the impact will be generated primarily from ROU assets and lease liabilities related to an operating lease of a gas processing plant and floating, platform, storage, and off-take vessels. As required by the standard, previously deferred gains related to a sale-leaseback transaction will be transferred to equity upon transition, lowering liabilities but increasing retained earnings by approximately $160 million (see Note G). For all asset classes, preliminary estimates suggest operating leases could add approximately $800 million, representing the present value of remaining minimum lease payments. These estimates are provisional. Additional changes may arise due to the finalization of policies and elections made to the volume of leases recognized and revisions made to anticipated lease terms. We do not expect the standard to have an impact on our underlying liquidity or our debt-covenant compliance under our existing agreements. Note B – New Accounting Principles and Recent Accounting Pronouncements (Contd.) Recent Accounting Pronouncements (Contd.) Compensation – Stock Compensation. In June 2018, the FASB issued ASU 2018-07 which supersedes existing guidance for equity-based payments to nonemployees and expands the scope of guidance for stock compensation to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. As a result, the same guidance that provides for employee share-based payments, including most of its requirements related to classification and measurement, applies to nonemployee share-based payment arrangements. The ASU is effective for financial statements issued for annual periods beginning after December 15, 2018 and interim periods within those annual periods. Early adoption is permitted. The Company adopted this guidance for the first quarter of 2019 and it is not expected to have a material impact on its consolidated financial statements. Fair Value Measurement. In August 2018, the FASB issued ASU 2018-13 which modifies disclosure requirements related to fair value measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. Early adoption is permitted. The standard also allows for early adoption of any removed or modified disclosures upon issuance of this ASU while delaying adoption of the additional disclosures until their effective date. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements. Compensation-Retirement Benefits-Defined Benefit Plans-General. In August 2018, the FASB issued ASU 2018-14 that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public companies, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and is to be applied on a retrospective basis to all periods presented. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements.

Note B – New Accounting Principles and Recent Accounting Pronouncements

Accounting Principles Adopted

Revenue from Contracts with Customers. In May 2014, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2014-09, which established a comprehensive model of accounting for revenue arising from contracts with customers that superseded most revenue recognition requirements and industry-specific guidance. Under the new standard, the Company recognizes revenue when it transfers control of the commodity to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for the commodity. Additional disclosures are required to describe the nature, amount, timing and uncertainty of revenue and cash flows from contracts with customers. The Company adopted the new standard in the first quarter of 2018 using the modified retrospective method. The Company performed a review of contracts in each of its revenue streams and implemented accounting policies and internal controls to address the requirements of the ASU. Prior to January 1, 2018, the Company followed the sales method of revenue recognition under Accounting Standards Codification (ASC) Topic 605 and recorded revenue when deliveries occurred, and legal ownership of the commodity transferred to the customer.

There was no adjustment to the opening balance of stockholders’ equity as at January 1, 2018, resulting from the application of the new ASU promulgated in ASC Topic 606 using the modified retrospective method. The comparative information has not been adjusted and continues to be reported under ASC Topic 605 – Revenue Recognition. See also Note C for further discussion of Revenue Recognition.

Statement of Cash Flows. In August 2016, the FASB issued ASU 2016-15 to reduce diversity in practice in how certain transactions are classified in the statement of cash flows. The amendment provides guidance on specific cash flow issues including debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instrument with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate-owned life insurance policies, and distributions received from equity method investees. The amendments in this ASU were effective for annual and interim periods beginning after December 15, 2017. The Company adopted this guidance in the first quarter of 2018 and it did not have a material impact on its consolidated financial statements.

Compensation – Retirement Benefits. In March 2017, the FASB issued ASU 2017-07 requiring that the service cost component of pension and postretirement benefit costs be presented in the same line item as other current employee compensation costs and other components of those benefit costs be presented separately from the service cost component outside a subtotal of income from operations, if presented. The update also requires that only the service cost component of pension and postretirement benefit cost is eligible for capitalization. The update is effective for annual and interim periods beginning after December 15, 2017. The Company elected to apply the practical expedient, which allows us to reclassify amounts disclosed previously in the retirement benefits note as the basis for applying retrospective presentation for comparative periods. The Company adopted the standard in the first quarter of 2018 and it did not have a material impact on its consolidated financial statements.

Compensation – Stock Compensation. In May 2017, the FASB issued ASU 2017-09 which amends the scope of modification accounting for share-based payment arrangements and provides guidance on the type of changes to the terms and conditions of share-based payment awards to which an entity would be required to apply modification accounting. The update is effective for annual periods beginning after December 15, 2017 and interim periods within the annual period. The Company adopted this accounting standard in the first quarter of 2018 and it did not have a material impact on its consolidated financial statements.

Statement of Operations – Reporting Comprehensive Income. In February 2018, the FASB issued ASU 2018-02, which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act. The Company elected to early adopt this accounting standard during the first quarter of 2018 and recorded discrete adjustments from accumulated other comprehensive income to retained earnings of $28.4 million related to retirement and postretirement obligations and $1.8 million related to the deferred loss on interest rate derivative hedges. The adoption of this ASU will have no future impact.

Note B – New Accounting Principles and Recent Accounting Pronouncements (Contd).

Accounting Principles Adopted (Contd).

In August 2018, the U.S. Securities and Exchange Commission (SEC) adopted the final rule under SEC Release No. 33-10532 Disclosure Update and Simplification, to eliminate or modify certain disclosure rules that are redundant, outdated, or duplicative of U.S. GAAP or other regulatory requirements. Among other changes, the amendments eliminated the annual requirement to disclose the high and low trading prices of our common stock and the ratio of earnings to fixed charges. In addition, the amendments provide that disclosure requirements related to the analysis of shareholders' equity are expanded for interim financial statements. An analysis of the changes in each caption of shareholders' equity presented in the balance sheet must be provided in a note or separate statement, as well as the amount of dividends per share for each class of shares. This rule was effective on November 5, 2018; and the expanded interim disclosure requirements for changes in shareholders' equity will be effective for the Company for our quarterly reporting beginning March 31, 2019.

Recent Accounting Pronouncements

Leases. In February 2016, the FASB established Topic 842 (the new standard) by issuing ASU 2016-02 to increase transparency and comparability among companies. The new standard requires lease benefits and corresponding lease liabilities to be recorded on the balance sheet and requires disclosing key information about leasing arrangements. The main difference between previous Generally Accepted Accounting Principles (GAAP) and the requirements of the new standard, is the recognition of right-of-use (ROU) assets and lease liabilities for certain leases. Entities will now be required to recognize operating leases alongside finance leases (formerly referred to as capital leases), with the distinction affecting the classification of expense recognition. The new standard also calls for disclosures regarding leasing arrangements and costs, to provide a more comprehensive insight into an entity’s leasing activities.

The new standard is effective for financial statements issued for annual periods beginning after December 15, 2018 and interim periods within those annual periods. Early adoption is permitted for all entities. The Company adopted this guidance in the first quarter of 2019 effective as of January 1, 2019. A modified retrospective transition approach is required upon adoption, with the new standard being applied to all leases at the date of initial application. We expect to take certain practical expedients that allow our initial date of application to coincide with the effective date, such that the new standard is applied prospectively on January 1, 2019 (relief option). Therefore, financial information and disclosures related to prior periods will neither be updated nor recast and will not reflect the new requirements.

Further, the new standard also provides other practical expedients that an entity may elect, at its option, to facilitate a more efficient transition. We expect to elect the main ‘package of practical expedients,’ allowing entities not to reassess lease conclusions made under previous GAAP (primarily related to lease identification and classification). We currently expect to elect the short-term lease recognition exemption for all leases that qualify.

We expect the new standard will have a material effect on our financial statements. Reviews indicate the impact will be generated primarily from ROU assets and lease liabilities related to an operating lease of a gas processing plant and floating, platform, storage, and off-take vessels. As required by the standard, previously deferred gains related to a sale-leaseback transaction will be transferred to equity upon transition, lowering liabilities but increasing retained earnings by approximately $160 million (see Note G). For all asset classes, preliminary estimates suggest operating leases could add approximately $800 million, representing the present value of remaining minimum lease payments. These estimates are provisional. Additional changes may arise due to the finalization of policies and elections made to the volume of leases recognized and revisions made to anticipated lease terms. We do not expect the standard to have an impact on our underlying liquidity or our debt-covenant compliance under our existing agreements.

Note B – New Accounting Principles and Recent Accounting Pronouncements (Contd.)

Recent Accounting Pronouncements (Contd.)

Compensation – Stock Compensation. In June 2018, the FASB issued ASU 2018-07 which supersedes existing guidance for equity-based payments to nonemployees and expands the scope of guidance for stock compensation to include all share-based payment arrangements related to the acquisition of goods and services from both nonemployees and employees. As a result, the same guidance that provides for employee share-based payments, including most of its requirements related to classification and measurement, applies to nonemployee share-based payment arrangements. The ASU is effective for financial statements issued for annual periods beginning after December 15, 2018 and interim periods within those annual periods. Early adoption is permitted. The Company adopted this guidance for the first quarter of 2019 and it is not expected to have a material impact on its consolidated financial statements.

Fair Value Measurement. In August 2018, the FASB issued ASU 2018-13 which modifies disclosure requirements related to fair value measurement. The amendments in this ASU are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Implementation on a prospective or retrospective basis varies by specific disclosure requirement. Early adoption is permitted. The standard also allows for early adoption of any removed or modified disclosures upon issuance of this ASU while delaying adoption of the additional disclosures until their effective date. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements.

Compensation-Retirement Benefits-Defined Benefit Plans-General. In August 2018, the FASB issued ASU 2018-14 that modifies the disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. For public companies, the amendments in this ASU are effective for fiscal years beginning after December 15, 2020, with early adoption permitted, and is to be applied on a retrospective basis to all periods presented. The Company is currently assessing the potential impact of this ASU to its consolidated financial statements.