New Accounting Standards

12 Months Ended

Dec. 31, 2024

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 standard was issued that modifies segment reporting disclosure requirements. The disclosure changes include information about a reportable segment’s significant expenses, details relating to the entity’s chief operating decision maker, and other disclosures. We adopted this standard on December 31, 2024, using a retrospective approach. The adoption of the new standard results in changes to our reportable segment disclosures, but does not impact how we identify reportable segments or our financial statement results. See Note 1.

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 expanded disclosures include a tabular income tax rate reconciliation, disclosure of specific reconciliation categories and reconciling items, the amount of income taxes paid by jurisdiction, and other disclosures. We will adopt this standard on December 31, 2025, using a prospective approach. The adoption of the new standard will result in changes to our income tax disclosures, but will not impact our accounting for income taxes or our financial statement results.

ASU 2024-03, Income Statement: Expense Disaggregation Disclosures

In November 2024, a new accounting standard was issued that requires specific disclosures related to certain costs and expenses. Companies will be required to disclose the amounts of certain cost and expense categories, such as: purchases of inventory, employee compensation, depreciation, and amortization, among other disclosures. The new disclosures may be provided in the notes to the financial statements, and will not require changes to the face of the income statement. The standard is effective for us on December 31, 2027, using either a prospective or retrospective approach, with early adoption permitted. The adoption of the new standard will result in disclosure changes, but will not impact our accounting for such costs and expenses or our financial statement results.