New Accounting Standards (Notes) |
3 Months Ended |
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Mar. 31, 2025 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| NEW ACCOUNTING STANDARDS | NEW ACCOUNTING STANDARDS Adoption of New Accounting Standards Accounting Standards Updates (“ASUs”) adopted during 2025 did not have a material impact to our consolidated financial statements or financial statement disclosures. Accounting Standards Issued But Not Yet Adopted ASU 2023-09, Improvements to Income Tax Disclosures. In December 2023, the Financial Accounting Standards Board (“FASB”) issued a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for our 2025 annual financial statements, and the new disclosure requirements will be reflected in our annual financial statement disclosures, primarily related to the effective tax rate reconciliation and cash paid for income taxes. There will be no impact to our consolidated balance sheets or income statements. ASU 2024-03, Disaggregation of Income Statement Expenses (“DISE”). In November 2024, the FASB issued a new accounting standard to improve the disclosures about an entity’s expenses and address requests from investors for more detailed information about the types of expenses included in commonly presented expense captions. The new standard is effective for annual reporting periods beginning after December 15, 2026, and interim reporting periods beginning after December 15, 2027, with retrospective application permitted. We are assessing the effect on our consolidated financial statement disclosures; however, adoption will not impact our consolidated balance sheets or income statements. All other ASUs issued but not yet adopted were assessed and determined to be not applicable or are not expected to have a material impact on our consolidated financial statements or financial statement disclosures.
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