Recently Adopted Accounting Pronouncements

3 Months Ended

Mar. 31, 2021

Accounting Changes And Error Corrections [Abstract]

Recently Adopted Accounting Pronouncements

NOTE K – RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTS

In January 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU” No. 2021-01), Reference Rate Reform (“Topic 848”) to ASU No. 2020-04, Reference Rate Reform (ASU 2021-01) which was effective immediately. The amendments in ASU 2021-01 provide optional expedients and exceptions for applying GAAP to contract modifications and hedging relationships, subject to meeting certain criteria, that reference the London Interbank Offered Rate (“LIBOR”) or another reference rate expected to be discontinued because of the reference rate reform. The provisions must be applied at a Topic, Subtopic, or Industry Subtopic level for all transactions other than derivatives, which may be applied at a hedging relationship level. The Company adopted ASU 2021-01 on January 1, 2021 and is currently evaluating the potential future impact, if any, on its Consolidated Financial Statements.