Annual report pursuant to Section 13 and 15(d)

Summary of Significant Accounting Policies (Tables)

v3.20.4
Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2020
Summary of Significant Accounting Policies  
Estimated useful lives

Asset Class

Estimated Useful Life

Buildings and land improvements

2040 years

Software

36 years

Company vehicles

38 years

Equipment

610 years

Summary of award types and accounting policies

Award Type:

Fair Value Determination

Vesting

Expense
Recognition‡

Expense
Measurement

Restricted Share Awards

Service Condition

Closing stock price on date of grant

Ratably;
3 or 5 years

Straight-line

Fair value at grant date

Performance Condition

Closing stock price on date of grant

Cliff;
3 years

Straight-line;
Adjusted based on meeting or exceeding performance targets

Evaluated quarterly;
0 - 200% of fair value at grant date depending on performance

Market Condition

Monte-Carlo Simulation

Cliff;
3 years

Straight-line;
Recognized even if condition is not met

Fair value at grant date

Stock Options†

Black-Scholes Options Pricing Model

Ratably;
3 or 5 years

Straight-line

Fair value at grant date

†Stock options expire no later than 10 years after the grant date.

‡Expense is reversed if award is forfeited prior to vesting.

Summary of additional ASUs adopted in fiscal 2020

ASU

Description

ASU 2017-04

Simplifying the Test for Goodwill Impairment

ASU 2018-13

Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement