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| Standard | | Description | | Date of Adoption | | Application | | Effect on the Consolidated Financial Statements |
| Income Statement Disaggregation | | The guidance in this standard 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. | | Annual periods beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027 | | Prospective, with retrospective application also permitted | | The Company is evaluating the impact on its Consolidated Financial Statements and the timing of adoption. |
| Accounting for Internal-Use Software | | The guidance in this standard removes all reference to prescriptive and sequential software development stages, requiring an entity to start capitalizing software costs when the following criteria are both met: (i) management has authorized and committed to funding the software project and (ii) it is probable that the project will be completed and the software will be used to perform the function intended. Further, the standard requires disclosure for all capitalized internal-use software costs and removes the requirement for intangibles disclosures for capitalized internal-use software. | | Annual periods beginning after December 15, 2027 and interim reporting periods within those annual reporting periods | | Prospective, with a modified transition or retrospective application also permitted | | The Company is evaluating the impact on its Consolidated Financial Statements and the timing of adoption. |
| Accounting for Government Grants Received by Business Entities | | Introduces authoritative GAAP guidance for accounting and disclosure of government grants received by business entities, addressing the previous lack of specific guidance and reducing diversity in practice. The standard requires grants to be recognized when compliance with conditions is probable and receipt is likely, and allows presentation either as deferred income or as a reduction of related costs. | | Annual periods beginning after December 15, 2028 and interim reporting periods within those annual reporting periods | | Modified prospective, modified retrospective, or retrospective applications are permitted | | The Company is evaluating the impact on its Consolidated Financial Statements and the timing of adoption. |
| Environmental Credits and Environmental Credit Obligations | | Establishes a comprehensive and consistent accounting model for environmental credits and related compliance obligations, an area that previously relied on diverse GAAP analogies. The standard requires entities to recognize environmental credits as assets (measured at cost by default) and to recognize environmental credit obligations as liabilities when incurred based on regulatory or contractual requirements. The standard also clarifies that credits and obligations are accounted for separately, even if they economically offset, and introduces enhanced disclosure requirements about the nature, measurement, and activity of these balances. | | Annual periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods | | Retrospective | | The Company is evaluating the impact on its Consolidated Financial Statements and the timing of adoption. |