Recently Issued Accounting Standards |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Accounting Changes and Error Corrections [Abstract] | |
| Recently Issued Accounting Standards | 2. Recently Issued Accounting Standards Disaggregation of Income Statement Expenses (ASU 2024-01) In November 2024, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update ("ASU") 2024-01, Disaggregation of Income Statement Expenses (Topic 220): Reporting Comprehensive Income - Expense Disaggregation Disclosures, which requires disclosures of disaggregated information about certain income statement expense line items, such as inventory purchases, employee compensation, and depreciation. The new standard is effective for fiscal years beginning after December 15, 2026 and interim periods beginning after December 15, 2027, with retrospective application permitted. The Company is currently evaluating the impact of this guidance on its consolidated financial statements. Measurement of Credit Losses for Accounts Receivable and Contract Assets (ASU 2025-05) In July 2025, the FASB issued ASU 2025-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets, which provided a practical expedient that permits entities to assume that current conditions as of the balance sheet date do not change over the remaining life of the accounts receivable and contract assets when estimating expected credit losses. The guidance is required to be applied prospectively and is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. The adoption did not have an impact on the Company's consolidated financial statements. Targeted Improvements to the Accounting for Internal-Use Software (ASU 2025-06) In September 2025, the FASB issued ASU 2025-06, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software, which provides guidance that simplifies the accounting for internal-use software by replacing stage-based rules with a principles-based approach. Under the new guidance, capitalization of internal-use software costs is permitted once management authorizes funding, commits to use the software, and it is probable the project will be completed. The ASU is effective for fiscal years beginning after December 15, 2027. Entities may elect to apply the guidance retrospectively, prospectively to software costs incurred after the adoption date (including costs related to existing, in-process projects and new projects) or using a modified prospective basis. The Company is currently evaluating this ASU to determine the impact the adoption will have on its consolidated financial statements. Interim Reporting Narrow Scope Improvements (ASU 2025-11) In December 2025, the FASB issued ASU 2025‑11, Interim Reporting (Topic 270): Narrow‑Scope Improvements, which clarifies the applicability of interim reporting guidance and improves the navigability of interim disclosure requirements. The amendments add a disclosure principle requiring entities to disclose events since the end of the most recent annual reporting period that have a material impact on the entity and incorporate a comprehensive list of disclosures required in interim reporting periods. The guidance is effective for interim reporting periods within fiscal years beginning after December 15, 2027, with early adoption permitted. The amendments may be applied retrospectively or prospectively. The amendments are not expected to have a material impact on the Company's consolidated financial statements, as the amendments primarily clarify and reorganize existing interim disclosure requirements. Codification Improvements (ASU 2025-12) In December 2025, the FASB issued ASU 2025‑12, Codification Improvements, which includes targeted amendments intended to clarify and improve the application of existing accounting guidance. Certain amendments relate to earnings per share, lease disclosures, treasury stock retirements, and transfers of receivables. The amendments are effective for fiscal years beginning after December 15, 2026, including interim periods therein, with early adoption permitted. The Company does not expect adoption of this guidance to have a material impact on its consolidated financial statements. |