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SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)

12 Months Ended

Dec. 31, 2023

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Schedules of Accounting Standards Updates

The following ASUs were adopted by the Company during the year ended December 31, 2023:

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​	​	​	​	​	​	​	​	Method of	​	Financial
ASU. No.		Topic		Nature of Update		Date Adopted		Adoption		Statement Impact
2022-02	​	Financial Instruments—Credit Losses (Topic 326): Troubled Debt Restructurings and Vintage Disclosures	​	This ASU eliminates the TDR recognition and measurement guidance and, instead, requires the Company to evaluate (consistent with the accounting for other loan modifications) whether a modification represents a new loan or a continuation of an existing loan. This ASU also enhances existing disclosure requirements and introduces new requirements related to certain modifications of receivables made to borrowers experiencing financial difficulty. This ASU requires the Company to disclose current-period gross write-offs by year of origination for financing receivables and net investment in leases within the scope of Subtopic 326-20. Gross writeoff information must be included in the vintage disclosures required for the Company in accordance with ASC 326-20-50-6, which requires that the Company disclose the amortized cost basis of financing receivables by credit quality indicator and class of financing receivable by year of origination. (see Note 4 in this section of the filing)	​	January 1, 2023	​	Prospectively	​	Disclosures have been updated to reflect adoption.
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2022-06	​	Reference Rate Reform (Topic 848): Deferral of the Sunset Date of Topic 848	​	This ASU extends the period of time preparers can utilize the reference rate reform relief guidance in Topic 848. The objective of the guidance in Topic 848 is to provide relief during the temporary transition period, so the FASB included a sunset provision within Topic 848 based on expectations of when the London Interbank Offered Rate (LIBOR) would cease being published. In 2021, the UK Financial Conduct Authority (FCA) delayed the intended cessation date of certain tenors of USD LIBOR to June 30, 2023.	​	January 1, 2023	​	Prospectively	​	Immaterial. The Company ceased making new loans and renewing loans indexed to LIBOR on January 1, 2022.

The following not-yet-effective ASUs were issued since the Company’s most recently filed Form 10-K and are considered relevant to the Company’s financial statements. Generally, if an issued-but-not-yet-effective ASU with an expected immaterial impact to the Company has been disclosed in prior Company filings, that ASU will not be subsequently redisclosed.

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​	​	​	​	​	​	Date Adoption	​	Adoption	​	Expected
ASU. No.	​	Topic	​	Nature of Update	​	Required	​	Method	​	Financial Impact
2022-03	​	Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions	​	This ASU clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value.	​	January 1, 2024	​	Prospectively	​	Immaterial
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2023-09	​	Income Taxes (Topic 740): Improvements to Income Tax Disclosures	​	Among other things, these amendments require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income [or loss] by the applicable statutory income tax rate).	​	January 1, 2025	​	Prospectively	​	The Company is currently analyzing the impact of this ASU on its financial statements.
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2023-07	​	Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures	​	The amendments in the ASU is intended to improve reportable segment disclosure requirements primarily through enhanced disclosures about significant segment expenses.	​	January 1, 2024	​	Retrospectively	​	The Company is currently analyzing the impact of this ASU on its financial statements.
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2023-06	​	Disclosure Improvements: Codification Amendments in Response to the SEC’s Disclosure Update and Simplification Initiative	​	This ASU incorporates certain SEC disclosure requirements into the FASB Accounting Standards Codification™. The amendments in the ASU are expected to clarify or improve disclosure and presentation requirements of a variety of Codification Topics, allow users to more easily compare entities subject to the SEC’s existing disclosures with those entities that were not previously subject to the requirements, and align the requirements in the Codification with the SEC’s regulations.	​	The date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective.	​	Prospectively	​	Immaterial
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2023-03	​	Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718): Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock (SEC Update)	​	This ASU amends the FASB Accounting Standards Codification™ for SEC paragraphs pursuant to SEC Staff Accounting Bulletin No. 120, SEC Staff Announcement at the March 24, 2022 EITF Meeting, and Staff Accounting Bulletin Topic 6.B, Accounting Series Release 280—General Revision of Regulation S-X: Income or Loss Applicable to Common Stock.	​	Upon addition to the FASB Codification.	​	Prospectively	​	The Company is currently analyzing the impact of this ASU on its financial statements.
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2023-02	​	Investments—Equity Method and Joint Ventures (Topic 323): Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method (a consensus of the Emerging Issues Task Force)	​	This ASU allows reporting entities to elect to account for qualifying tax equity investments using the proportional amortization method, regardless of the program giving rise to the related income tax credits.	​	January 1, 2024	​	Prospectively	​	The Company is currently analyzing the impact of this ASU on its financial statements.
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2023-01	​	Leases (Topic 842): Common Control Arrangements	​	This ASU requires entities to determine whether a related party arrangement between entities under common control is a lease. If the arrangement is determined to be a lease, an entity must classify and account for the lease on the same basis as an arrangement with a related party (on the basis of legally enforceable terms and conditions).	​	January 1, 2024	​	Prospectively	​	The Company is currently analyzing the impact of this ASU on its financial statements.

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- Definition

Tabular disclosure of changes in accounting principles, including adoption of new accounting pronouncements, that describes the new methods, amount and effects on financial statement line items.

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