New Accounting Pronouncements

3 Months Ended

Mar. 31, 2020

New Accounting Pronouncements [Abstract]

New Accounting Standards Adopted

In June 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update 2016-13, Measurement of Credit Losses on Financial Instruments (Topic 326) ("ASU 2016-13") which adds to accounting principles generally accepted in the U.S. an impairment model (known as the current expected credit losses model) that is based on expected losses rather than incurred losses. Under ASU 2016-13, an entity recognizes, as an allowance, its estimate of lifetime expected credit losses, which the FASB believes will result in more timely recognition of such losses.

The Company adopted ASU 2016-13 and all related amendments effective January 1, 2020, using the modified retrospective method, which allows for a cumulative-effect adjustment to the statement of financial position as of the beginning of the first reporting period in which the guidance is effective. Periods prior to the adoption date that are presented for comparative purposes are not adjusted. The adoption of this standard did not require an implementation adjustment and did not materially impact the Company's consolidated net income or cash flows.

Changes in the Company's allowance for credit losses by segment follows:


(in millions)	CCM		CIT		CFT		CBF		Corporate		Total
Balance as of January 1, 2020	$	2.2	$	1.6	$	1.1	$	1.2	$	0.5	$	6.6
Current period provision	0.7		0.3		0.1		0.3		—		1.4

Amounts written off	(0.1)		—		—		—		—		(0.1)
Balance as of March 31, 2020	$	2.8	$	1.9	$	1.2	$	1.5	$	0.5	$	7.9

Receivables are stated at amortized cost net of allowance for credit losses. The Company performs ongoing evaluations of its customers’ current creditworthiness, as determined by the review of their credit information to determine if events have occurred subsequent to the recognition of revenue and the related receivable that provides evidence that such receivable will be realized in an amount less than that recognized at the time of sale. Estimates of credit losses are based on historical losses, current economic conditions, geographic considerations, and in some cases, evaluating specific customer accoun