Recent Accounting Pronouncements

9 Months Ended

Mar. 31, 2023

Accounting Standards Update and Change in Accounting Principle [Abstract]

Recent Accounting Pronouncements

Recent Accounting Pronouncements

Recently Issued Accounting Pronouncements

In March 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2020-04 Reference Rate Reform (Topic 848). The guidance in ASU 2020-04 provides optional expedients and exceptions for applying U.S. GAAP to contracts, hedging relationships, and other transactions affected by reference rate reform, if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference LIBOR or another reference rate expected to be discontinued due to reference rate reform. These amendments became effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2022. In December 2022, the FASB issued ASU 2022-06 for Topic 848 which extended the application of optional expedients and exceptions from ASU 2020-04 to June 30, 2023. Through March 31, 2023, the Company has not experienced any unintended outcomes or consequences of reference rate reform that would require the adoption of this guidance. The Company’s Credit Facility, in place as of March 31, 2023, referenced LIBOR in certain borrowing situations. The Credit Facility was amended in April 2023 and replaced LIBOR with the Secured Oversight Financing Rate (SOFR). The adoption of ASU 2022-06 did not materially impact the consolidated financial statements.