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Recently Adopted and New Accounting Standards
12 Months Ended
Dec. 31, 2022
Accounting Standards Update and Change in Accounting Principle [Abstract]  
New Accounting Pronouncements, Policy Recently Adopted and New Accounting Standards
RECENTLY ADOPTED
In November 2021, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2021-10, Disclosures by Business Entities About Government Assistance (Topic 832), which requires disclosures about certain types of government assistance including the nature of the assistance, related accounting policies, and the effect on an entity's financial statements. The new standard is effective for annual periods beginning after December 15, 2021 with prospective or retrospective adoption permitted. This ASU was adopted prospectively as of January 1, 2022 and did not have a material impact on our consolidated financial statements.
NEW ACCOUNTING STANDARDS
In September 2022, the FASB issued ASU No. 2022-04, Liabilities—Supplier Finance Programs (Subtopic 405-50). This standard requires disclosure of the key terms of outstanding supplier finance programs and a roll forward of the related obligations. The new standard does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. This ASU is effective for annual periods beginning after December 15, 2022, except for the roll forward requirement, which is effective for annual periods beginning after December 15, 2023. Upon adoption, we will be required to include additional disclosures to the extent we have material supplier finance program obligations.