New Accounting Pronouncements

3 Months Ended

Mar. 31, 2023

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Pronouncements

New Accounting Pronouncements

A.Adoption of New Accounting Standards

We consider the applicability and impact of all Accounting Standards Updates (ASUs). Effective January 1, 2023, we adopted ASU 2022-02, Financial Instruments-Credit Losses (Topic 326), Troubled Debt Restructurings and Vintage Disclosures prospectively. The ASU eliminates accounting guidance for troubled debt restructurings (TDRs), enhances disclosures for certain receivable modifications related to borrowers experiencing financial difficulty, and requires disclosure of current period gross write-offs by year of origination. See Note 3 for additional information.

B.Accounting Standards Issued But Not Yet Adopted

We consider the applicability and impact of all ASUs. We have assessed the ASUs and determined that they either were not applicable or were not expected to have a material impact on our financial statements.