Impact of New Accounting Standard

12 Months Ended

Dec. 31, 2024

Accounting Changes and Error Corrections [Abstract]

Accounting Standards Update and Change in Accounting Principle

NEW ACCOUNTING STANDARDS

Changes to the general accounting principles are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates to the FASB Accounting Standards CodificationTM. Accounting standards updates not listed below were assessed and determined to be either not applicable or are expected to have minimal impact on the Company’s consolidated financial statements.

Description	Date of Adoption	Effect on the Consolidated Financial Statements
Standards adopted:
Segment Reporting This standard improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. In addition, the amendments enhance interim disclosure requirements, clarify circumstances in which an entity can disclose multiple segment measures of profit or loss, provide new segment disclosure requirements for entities with a single reportable segment and contain other disclosure requirements. Early adoption is permitted.	December 31, 2024	The adoption of the new standard was applied retrospectively to all periods presented in the year of adoption. The adoption of the new standard expanded the Company’s disclosures but had no impact on its results of operations or financial position.
Description	Anticipated Date of Adoption	Effect on the Consolidated Financial Statements
Standards not yet adopted:
Income Taxes This standard improves income tax disclosure requirements, which requires disaggregated information about a reporting entity’s effective tax rate reconciliation, information on income taxes paid and other disclosure requirements. Early adoption is permitted.	December 31, 2025	The adoption of the new standard will be applied prospectively. Retrospective application is permitted. The adoption of the new standard will expand the Company’s disclosures but will have no impact on its results of operations or financial position.
Disaggregation of Income Statement Expenses This standard requires disclosure, in the notes to the financial statements, of specific information about certain costs and expenses. Early adoption is permitted.	December 31, 2027	The adoption of the new standard will be applied retrospectively to all periods presented in the year of adoption. The adoption of the new standard will expand the Company’s disclosures but will have no impact on its results of operations or financial position.