New Accounting Standards

12 Months Ended

Dec. 31, 2023

Accounting Standards Update and Change in Accounting Principle [Abstract]

New Accounting Standards

New Accounting Standards

ASU 2023-07, Segment Reporting: Improvements to Reportable Segment Disclosures

In November 2023, a new accounting standard was issued that changes disclosures relating to reportable segments. The new guidance expands the disclosure requirements relating to reportable segments, including requiring entities to disclose information about a reportable segment’s significant expenses, among other changes. The amended guidance does not change how an entity identifies reportable segments or the accounting for segments. The new standard is effective for us, using a retrospective approach, on December 31, 2024, with early adoption permitted. The adoption of the new guidance may result in changes to our reportable segment disclosures, but will not impact our segment accounting or financial statement results.

ASU 2023-09, Income Taxes: Improvements to Income Tax Disclosures

In December 2023, a new accounting standard was issued that expands disclosures relating to income taxes. The changes require entities to include a tabular income tax rate reconciliation, disclose details on specific reconciliation categories and reconciling items, and disclose the amount of income taxes paid by jurisdiction, among other disclosure changes. The standard is effective for us on December 31, 2025, using a prospective approach, and may be early adopted. The adoption of the new guidance may result in changes to our income tax disclosures, but will not impact our accounting for income taxes or our financial statement results.