Recently Issued Accounting Pronouncements (Policies)

9 Months Ended

Sep. 30, 2022

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recently Issued Accounting Pronouncements

New Accounting Pronouncements - Not Yet Adopted

In March 2020, the FASB issued ASU 2020-04, Reference Rate Reform (Topic 848): Facilitation of the Effects of Reference Rate Reform on Financial Reporting, and a subsequent amendment to the guidance, ASU 2021-01 in January 2021. The ASU provides optional guidance to companies to ease the potential burden associated with reference rate reform. Specifically, the guidance provides optional expedients and exceptions to apply generally accepted accounting principles to contract modifications and hedging relationships, subject to certain criteria, that reference LIBOR or other reference rates that will be discontinued. This ASU may currently be adopted and may be applied prospectively to contract modifications made on or before December 31, 2022, however the FASB is currently working on a project to extend the date to December 31, 2024. We have LIBOR-based borrowings and interest rate swaps that reference LIBOR, and we are currently working with our counterparties to amend our agreements in order to transition to the Secured Overnight Financing Rate (SOFR) for all instruments effective the first quarter of 2023. We do not expect a significant impact to our financial results, financial position or cash flows from the transition from LIBOR, but we will continue to monitor the impact of this transition until it is completed.