Recent Accounting Pronouncements

12 Months Ended

Dec. 31, 2021

Accounting Changes and Error Corrections [Abstract]

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Pronouncements

Income Taxes (Topic 740) - In December 2019, the Financial Accounting Standards Board issued ASU No. 2019-12, "Simplifying the Accounting for Income Taxes," which removes certain exceptions related to the approach for intraperiod tax allocation, the recognition of deferred tax liabilities for outside basis differences and clarifies the accounting for transactions that result in a step-up in the tax basis of goodwill. The Company adopted the new standard on January 1, 2021. The adoption of the standard did not have a material impact to the Consolidated Financial Statements.