New Accounting Standards |
6 Months Ended |
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Jun. 30, 2026 | |
| Accounting Standards Update and Change in Accounting Principle [Abstract] | |
| New Accounting Standards | New Accounting Standards Accounting Standards Update 2026-01 “Equity (Topic 505): Initial Measurement of Paid-in-Kind Dividends on Equity-Classified Preferred Stock” (“ASU 2026-01”) improves generally accepted accounting principles by providing authoritative guidance for the initial measurement of paid-in-kind dividends on equity-classified preferred stock. Specifically, the amendments improve the decision usefulness of the financial reporting information provided to investors which helps investors to understand the amount and preference of relative claims on equity. The amendments also provide clear, cost-effective guidance that will reduce complexity. ASU 2026-01 will be effective for the Company beginning January 1, 2027, with early adoption permitted in an interim reporting period, and is not expected to have a significant impact on the Company’s financial statements. Accounting Standards Update 2026-02 “Environmental Credits and Environmental Credit Obligations (Topic 818) (“ASU 2026-02”) establishes guidance on the recognition, measurement, presentation and disclosure of environmental credits and environmental credit obligations. Under the new standard, entities will recognize and measure environmental credit assets based on their intended use as well as how the credits are obtained. Environmental credit obligations will be recognized and measured depending on whether an entity holds and expects to use compliance environmental credits to settle that obligation. ASU 2026-02 will be effective for the Company beginning January 1, 2028, and is not expected to have a significant impact on the Company’s financial statements.
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