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Impact of Recently Issued Accounting Guidance
 3 Months Ended
Mar. 31, 2021
Impact of Recently Issued Accounting Guidance  
Impact of Recently Issued Accounting Guidance

Note 2.  Impact of Recently Issued Accounting Guidance

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Impact of Recently Issued Accounting Standards—Adopted

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Income Taxes—In December 2019, the Financial Accounting Standards Board (“FASB”) issued accounting changes that simplify the accounting for income taxes as part of the FASB’s overall initiative to reduce complexity in accounting standards. We adopted the new standard on January 1, 2021. The adoption of this accounting change did not have a material impact on our consolidated financial statements.

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Impact of Recently Issued Accounting Standards—Not Yet Adopted

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Reference Rate Reform—In March 2020, the FASB issued accounting changes that provide optional expedients and exceptions for applying generally accepted accounting principles to contract modifications and hedging relationships, subject to meeting certain criteria, that reference LIBOR or another reference rate expected to be discontinued because of reference rate reform. The accounting changes may be applied prospectively through December 31, 2022. The Company expects to adopt this guidance for any contracts that are modified as a result of reference rate reform. We currently do not expect the transition from LIBOR to have a material impact on our consolidated financial statements.

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