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Significant Accounting Policies

9 Months Ended

Sep. 30, 2023

Accounting Policies [Abstract]

Significant Accounting Policies

Significant Accounting PoliciesThe Company's significant accounting policies are described in Note 2 to the consolidated financial statements included in Item 8 of the Company's 2022 Form 10-K. Changes to the Company's significant accounting policies are included herein.

Recently issued accounting pronouncements

In March 2020, the FASB issued Accounting Standards Update ("ASU") No. 2020-04, Reference Rate Reform, establishing ASC Topic 848, and amended the standard thereafter through ASU No. 2021-01 and ASU No. 2022-06 (collectively, "ASC 848"). ASC 848 provides optional practical expedients and exceptions related to the impacts of reference rate reform that affect certain debt, leases, derivatives and other contracts if certain criteria are met. The amendments apply only to contracts and hedging relationships that reference London Interbank Offered Rate ("LIBOR") or another reference rate expected to be discontinued due to reference rate reform. These amendments are effective immediately and may be applied prospectively to contract modifications made and hedging relationships entered into or evaluated on or before December 31, 2024. The Company adopted ASU 2020-04 during the second quarter of 2023 after modifying certain debt to update the reference rate from LIBOR to the Secured Overnight Financing Rate ("SOFR"). The Company will continue to assess the impact of the guidance and may apply other elections as applicable going forward but does not expect the application will have a material effect on its financial position or results of operations.

Interest and other income (expense), net

Interest and other income (expense), net for the three and nine months ended September 30, 2023 and 2022, included the following (in millions):

						Three Months Ended September 30,												Nine Months Ended September 30,
						2023						2022						2023						2022
Interest income						$	0.1					$	0.0					$	0.3					$	0.2
Pension and post-retirement benefit (expense)						0.1						(0.1)						(0.2)						(0.6)
Other income (expense), net						(0.1)						(0.1)						(0.1)						0.5
Interest and other income (expense), net						$	0.1					$	(0.2)					$	0.0					$	0.1

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- References

No definition available.

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- Definition

The entire disclosure for all significant accounting policies of the reporting entity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-1

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 235
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//235/tableOfContent

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