RECENT ACCOUNTING PRONOUNCEMENTS

12 Months Ended

Dec. 31, 2024

Accounting Changes and Error Corrections [Abstract]

RECENT ACCOUNTING PRONOUNCEMENTS

RECENT ACCOUNTING PRONOUNCEMENTS

Recently Adopted Accounting Pronouncements

Segment Reporting (Topic 280) - In November 2023, the FASB issued ASU No. 2023-07, "Improvements to Reportable Segment Disclosures," which requires the disclosure of significant segment expenses and other segment items on an annual and interim basis. The Company adopted the new standard on December 31, 2024. The adoption of the standard did not have a material impact to the Consolidated Financial Statements. See Note 22, Segment Information, to the Consolidated Financial Statements for further information.

Recently Issued Accounting Pronouncements Not Yet Adopted

Income Taxes (Topic 740) - In December 2023, the FASB issued ASU No. 2023-09, "Improvements to Income Tax Disclosures," which requires enhanced disclosures in the effective tax rate reconciliation and the disclosure of income taxes paid by jurisdiction. The guidance is effective for annual periods beginning in fiscal year 2025. The Company is currently evaluating the impact of this new standard on its disclosures to the Consolidated Financial Statements.

Income Statement (Topic 220) - In November 2024, the FASB issued ASU No. 2024-03, "Reporting Comprehensive Income -Expense Disaggregation Disclosures," which requires enhanced disclosures regarding certain expenses in the financial statements. The guidance is effective for annual periods beginning in fiscal year 2027 and interim periods within fiscal years beginning in fiscal year 2028. The Company is currently evaluating the impact of this new standard on its disclosures to the Consolidated Financial Statements.