v3.25.1
Basis of Presentation and Recent Developments (Tables)
 3 Months Ended
Mar. 31, 2025
Basis of Presentation and Recent Developments [Abstract]  
Schedule of Recently Issued Accounting Standards

The recently issued accounting standards that have not yet been adopted by the Company as of March 31, 2025 are as follows:

Standard   Description   Date of Adoption   Application   Effect on the
Condensed
Consolidated
Financial Statements
Accounting Standards Update (“ASU”) ASU 2024-03 “Disaggregation of Income Statement Expenses”   The ASU enhances disclosures related to income statement expenses to further disaggregate expenses in the footnotes to the financial statements. The standard requires disaggregation of any relevant expense caption presented on the face of the income statement that contains the following expense categories: purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion. Further, the standard requires disclosure of the total amount and the entity’s definition of selling expenses.   The ASU is effective for the Company beginning with its annual financial statements for the year ended December 31, 2027.   Prospective, with retrospective application also permitted.   The Company is currently evaluating the requirements of ASU 2024-03.
ASU 2023-09 “Improvements to Income Tax Disclosures”   The ASU amends certain income tax disclosure requirements, including adding requirements to present the reconciliation of income tax expense computed at the statutory rate to actual income tax expense using both percentages and amounts and providing a disaggregation of income taxes paid. Further, certain disclosures are eliminated, including the current requirement to disclose information on changes in unrecognized tax benefits in the next 12 months.   The ASU is effective for the Company beginning with its annual financial statements for the year ending December 31, 2025. Early adoption is permitted.   Prospective, with retrospective application also permitted.   The Company is currently evaluating the requirements of ASU 2023-09.