Basis of Presentation and Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2020

Schedule of Recently Issued Accounting Pronouncements Adopted/Not Yet Adopted

Recently Issued Accounting Pronouncements Adopted

Standard

Description

Date of adoption

Effect on the financial statements or other significant matters

ASU No. 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement

ASU No. 2018-13 is intended to improve the

effectiveness of the disclosures required by

Topic 820, Fair Value Measurement by

eliminating, amending, or adding certain

disclosures. Certain amendments require a

prospective transition method, while others

require a retrospective transition method.

January 2020

The Company adopted the amendments of ASU
No. 2018-13 on the applicable basis required,
either prospective or retrospective. The standard
only impacts fair value measurement disclosures,
and therefore did not have an impact on the
Company's consolidated financial
position, results of operations, or cash flows.

ASU No. 2020-04,

Reference Rate

Reform (Topic 848):

Facilitation of the

Effects of Reference

Rate Reform on

Financial Reporting and related updates

ASU 2020-04 is intended to provide optional guidance for a limited period of time to ease the potential burden in accounting for (or recognizing the effects of) reference rate reform on financial reporting.

Topic 848 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. Application of these expedients, which may be elected over time as reference rate reform activities occur, preserves the presentation of derivatives consistent with past presentation.

January 2020

The Company adopted ASU No. 2020-04 and the related updates. The relevant guidance and practical expedients of Topic 848 have been elected as of January 1, 2020. Most prominently, the Company has elected the hedge accounting expedients related to probability and the assessments of effectiveness for future LIBOR-indexed cash flows to assume that the index upon which future hedged transactions will be based matches the index on the corresponding derivatives.

The Company is continuing to evaluate this guidance and may apply other elections as applicable as additional changes in the market occur. The Company expects the application of Topic 848 to assist in preserving the Company's presentation of derivatives as cash flow hedges.