RECENT ACCOUNTING GUIDANCE (Notes) |
12 Months Ended |
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Dec. 31, 2022 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| Accounting Standards Update and Change in Accounting Principle | RECENT ACCOUNTING GUIDANCE Recently Adopted Accounting Guidance In the first quarter of 2021, the Corporation adopted Accounting Standards Update ("ASU") 2019-12, "Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes." The amendments simplify the accounting for income taxes by removing certain exceptions to the general principles of Topic 740, "Income Taxes" and improve consistent application by clarifying and amending existing guidance. The adoption of this guidance did not have a material impact on the consolidated financial statements. Accounting Guidance Issued But Not Adopted at December 31, 2022 In September 2022, the Financial Accounting Standards Board issued ASU 2022-04, "Liabilities — Supplier Finance Programs (Subtopic 405-50): Disclosure of Supplier Finance Program Obligations," which requires disclosures intended to enhance the transparency of supplier finance programs. The amendments in this ASU require buyers in a supplier finance program to disclose sufficient information about the program to allow a user of financial statements to understand the program’s nature, activity during the period, changes from period to period, and potential magnitude. The amendments are effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years, except for the disclosure of rollforward information, which is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. The amendments should be applied retrospectively to each period in which a balance sheet is presented, except for disclosure of rollforward information, which should be applied prospectively. The ASU only requires disclosures related to the Corporation's supplier finance programs and does not affect the recognition, measurement or financial statement presentation of supplier finance program obligations. The Corporation expects to adopt the new disclosure requirements in the first quarter of 2023, with the exception of the annual requirement to disclose rollforward information, which the Corporation expects to early adopt and present prospectively beginning in the 2023 annual financial statements.
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