New Accounting Standards |
6 Months Ended |
|---|---|
Jun. 30, 2026 | |
| Accounting Changes and Error Corrections [Abstract] | |
| New Accounting Standards | 2. NEW ACCOUNTING STANDARDS
Recently Issued Accounting Standards
In November 2024, the FASB issued ASU No. 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures. The standard requires disclosure of certain prescribed costs and expenses within the notes to consolidated financial statements. ASU No. 2024-03 becomes effective for the Company’s 2027 Annual Report on Form 10-K. The standard only impacts required disclosures and will not impact the Company’s financial position, results of operations, or cash flows. The Company is currently evaluating the impact of ASU No. 2024-03 on its disclosures.
In July 2025, the FASB issued – Financial Instruments—Credit Losses. This update provides all entities with a practical expedient in developing reasonable and supportable forecasts as part of estimating expected credit losses. Under the practical expedient, an entity may assume that current conditions as of the balance sheet date do not change for the remaining life of the financial asset. The Company adopted the provisions of ASU No. 2025-05 in its Quarterly Report on Form 10-Q for the period ended March 31, 2026, and was applied using a prospective approach. The Company adopted the practical expedient when evaluating our Accounts Receivable to establish our allowance for credit losses. The standard only impacts our evaluation of our allowance for credit losses and did not impact the Company’s financial position, results of operations, or cash flows. |