Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented

Newly Adopted Accounting Standards and Accounting Standards Not Yet Implemented

Accounting Standards Not Yet Implemented

Joint Ventures. In August 2023, Accounting Standards Update 2023-05 was issued, which requires joint ventures to recognize and measure the initial contributions of monetary and nonmonetary assets and its net assets at fair value. The Company is required to apply the amendments for joint ventures with a formation date on or after January 1, 2025. A joint venture that was formed before January 1, 2025 may apply the amendments retrospectively. The Company does not expect the guidance to have a material impact on its consolidated financial statements or disclosures.