Consolidated Balance Sheet caption | As of December 31, 2017 | ASU 2014-09 Adjustment | As of January 1, 2018 | |||||||||
Inventories, net | $224.0 | ($3.3 | ) | $220.7 | ||||||||
Other current liabilities | $27.6 | ($4.0 | ) | $23.6 | ||||||||
Retained deficit | ($238.0 | ) | $0.7 | ($237.3 | ) |
Standard Pending Adoption | Description | Effective Date | Anticipated Impact |
ASU 2018-15, Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40) | The standard aligns the requirements for capitalizing implementation costs in cloud computing software arrangements with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software. | January 1, 2020 | The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition. |
ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Subtopic 715-20) | The standard eliminates, modifies and adds disclosure requirements for employers that sponsor defined benefit pension or other postretirement plans. | January 1, 2021 | The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition. |
ASU 2018-13, Fair Value Measurement (Topic 820) | The standard eliminates, modifies and adds disclosure requirements for fair value measurements. | January 1, 2020 | The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition. |
ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting | The standard provides an expanded scope of Topic 718, to include share-based payment transactions for acquiring goods and services from nonemployees. | January 1, 2019 | The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition. |
ASU 2018-02, Reporting Comprehensive Income: Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income | The standard permits entities to reclassify tax effects stranded in accumulated other comprehensive income as a result of tax reform to retained earnings. | January 1, 2019 | The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition. |
ASU 2018-01, Leases - Land Easement Practical Expedient for Transition to Topic 842 | The standard provides an optional transition practical expedient for land easements that allows an entity to continue applying its current accounting policy for certain land easements that exist or expire before the standard’s effective date. | January 1, 2019 | The Company plans to elect this transition practical expedient in connection with the adoption of ASU 2016-02, Leases on January 1, 2019. |
ASU 2017-11, Distinguishing Liabilities from Equity; Derivatives and Hedging | The standard eliminates the requirement to consider “down round” features when determining whether certain equity-linked financial instruments or embedded features are indexed to an entity’s own stock. | January 1, 2019 | The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition. |
ASU 2016-13, Measurement of Credit Losses on Financial Instruments | The standard changes how entities will measure credit losses for most financial assets, including trade and other receivables and replaces the current incurred loss approach with an expected loss model. | January 1, 2020 | The Company is currently evaluating the impact of the adoption of this ASU on its results of operations and financial condition. |
Standard Pending Adoption | Description | Effective Date | Anticipated Impact |
ASU 2016-02, Leases | The standard requires lessees to recognize lease liabilities and right-of-use assets on the balance sheet for operating leases, and requires additional quantitative and qualitative disclosures and must be adopted using a modified retrospective approach. | January 1, 2019 | The Company is finalizing its review of lease contracts, related systems and internal controls as it continues to evaluate the impact of the adoption of this ASU on its results of operations and financial condition. The Company plans to adopt this ASU 2014-09 as of January 1, 2019, using the transition approach as of the beginning of the period of adoption, without recasting prior periods. |