New Accounting Standards |
9 Months Ended |
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Sep. 30, 2025 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| New Accounting Standards | New Accounting Standards Accounting Standards Update 2025-05 “Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets” (“ASU 2025-05”) provides certain entities with an additional practical expedient and an accounting policy election for estimating expected credit losses on current accounts receivable and current contract assets arising from revenue transactions accounted for under Topic 606, Revenue from Contracts with Customers. ASU 2025-05 will be effective for the Company beginning January 1, 2026 for the Company’s interim and annual financial statements on Forms 10-Q and 10-K, respectively, with early adoption permitted and is not expected to have a significant impact on the Company’s financial statements. Accounting Standards Update 2025-06 “Intangibles - Goodwill and Other - Internal-Use Software (Subtopic 350-40): (“ASU 2025-06”) removes all references to prescriptive and sequential software development stages and clarifies that the threshold for when an entity is required to start capitalizing software costs is when (1) management has authorized and committed to funding the software project and (2) it is probable that the project will be completed and the software will be used to perform the function intended. ASU 2025-06 will be effective for the Company beginning January 1, 2028 for the Company’s interim and annual financial statements on Forms 10Q and 10-K, respectively, with early adoption permitted and is not expected to have a significant impact on the Company’s financial statements. Accounting Standards Update 2025-07 “Derivatives and Hedging (Topic 815) and Revenue from Contracts with Customers (Topic 606): Derivatives Scope Refinements and Scope Clarification for Share-Based Noncash Consideration from a Customer in a Revenue Contract” (“ASU 2025-07”) refines the scope of Topic 815 to clarify which contracts are subject to derivative accounting. ASU 2025-07 also clarifies the guidance on share-based payments from a customer in a revenue contract under Topic 606. ASU 2025-07 will be effective for the Company beginning January 1, 2027 for the Company’s interim and annual financial statements on Forms 10-Q and 10-K, respectively, with early adoption permitted and is not expected to have a significant impact on the Company’s financial statements.
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