New Accounting Standards

12 Months Ended

Dec. 31, 2022

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Standards

New Accounting Standards

In November 2022, we adopted Accounting Standards Update (“ASU”) 2020-04 and 2021-01, which provide optional expedients and exceptions to contracts, hedging relationships and other transactions that reference LIBOR or another reference rate expected to be discontinued. The ASUs were effective upon issuance and could be applied prospectively through December 31, 2022. During the fourth quarter, we amended our finance lease on our Houston office and the related interest rate swaps used to hedge variations in associated cash flows to replace LIBOR with 1-Month Term SOFR. As the modifications met the criteria for the optional expedients and exceptions, we did not remeasure our finance lease obligation and there were no changes to hedge accounting for the related interest rate swaps. Consequently, the adoption of the ASUs did not have a material impact on our consolidated financial statements.

There are no issued but pending ASUs expected to have a material impact on our consolidated financial statements.