RECENT ACCOUNTING PRONOUNCEMENTS |
3 Months Ended |
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Mar. 31, 2026 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| RECENT ACCOUNTING PRONOUNCEMENTS | RECENT ACCOUNTING PRONOUNCEMENTS Recently Issued Pronouncements Disaggregation of Income Statement Expenses In November 2024, the FASB issued authoritative guidance requiring public entities to, on an annual and interim basis, disaggregate certain income statement expense captions into specified categories within the footnotes to the financial statements. This update is intended to provide investors with more detailed information about the types of expenses in commonly presented expense captions such as cost of sales, selling, general and administrative expenses and research and development. The guidance requires disclosure which disaggregates, in a tabular presentation, each relevant expense caption on the face of the income statement that includes any of the following expenses: purchases of inventory; employee compensation; depreciation; intangible asset amortization; and depreciation, depletion and amortization recognized as part of oil- and gas-producing activities or other types of depletion expenses. The tabular disclosure would also include amounts that are already required to be disclosed under current GAAP, as applicable. The guidance also requires the disclosure of a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively and the total amount of an entity’s selling expenses. The guidance is effective for fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027, on a prospective basis, with retrospective application and early adoption permitted. We are evaluating the impact of the new guidance on our disclosures. Targeted Improvements to the Accounting for Internal-Use Software In September 2025, the FASB issued authoritative guidance which amends certain aspects of the accounting for and disclosure of software costs. This update is intended to modernize the guidance to reflect the software development approaches currently used. The guidance revises criteria for capitalizing internal software development costs by removing development stage guidance, introducing a probable-to-complete recognition threshold and requiring the resolution of significant development uncertainty before capitalization. The guidance is effective for fiscal years beginning after December 15, 2027 and interim periods within those annual reporting periods. Adoption is permitted on a prospective basis, a modified transition approach based on the status of in-process projects, or with retrospective application. Early adoption is permitted. We are evaluating the impact of the new guidance on our accounting and disclosures.
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