Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.1
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Schedule of Impact of Adoption on Results of Operations
On January 1, 2018, we adopted Accounting Standards Codification ("ASC") 606, "Revenue from Contracts with
Customers," and all the related amendments. The impact of the standard is limited to our accounting for warranties and returns. We adopted the standard using the modified retrospective transition method and we recorded a cumulative catch up adjustment to increase accumulated deficit in the amount of $4.1 million, increase prepaid expenses and other current assets by $0.4 million and decrease accounts receivable, net by $4.5 million. The adoption of the standard did not have a material impact on our results of operations or cash flows, but did result in new disclosures.

On January 1, 2019, we adopted ASU 2016-02, "Leases." The guidance, and subsequent amendments issued, requires a lessee to recognize the assets and liabilities that arise from a lease agreement. Specifically, this new guidance requires lessees to recognize a liability to make lease payments and a right-of-use asset representing its right to use the underlying asset for the lease term, with limited exceptions.

Adoption of the new standard resulted in the recording of lease assets and lease liabilities of $9.2 million as of January 1, 2019.

 
December 31, 2018
 
Impact of Adoption
 
January 1, 2019
Assets
 
 
 
 
 
Operating lease assets
$

 
$
8.6

 
$
8.6

Finance lease assets

 
0.6

 
0.6

Total lease assets
$

 
$
9.2

 
$
9.2

 
 
 
 
 
 
Liabilities
 
 
 
 
 
Current
 
 
 
 
 
     Operating
$

 
$
3.5

 
$
3.5

Noncurrent
 
 
 
 
 
     Operating

 
5.1

 
5.1

     Finance

 
0.6

 
0.6

Total lease liabilities
$

 
$
9.2

 
$
9.2




See Note 6 to the Consolidated Financial Statements