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New Accounting Standards Not Yet Adopted | 12 Months Ended
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Dec. 31, 2023
Accounting Policies [Abstract] |
New Accounting Standards Not Yet Adopted | NEW ACCOUNTING STANDARDS NOT YET ADOPTED 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 Codification TM. See “New Accounting Pronouncements” in Note 1 – “Business and Basis of Presentation” and Note 3 – “Impact of New Accounting Standard” for information on new accounting standards adopted. 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 | Anticipated Date of Adoption | Effect on the Consolidated Financial Statements
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 will be applied retrospectively to all periods presented in the year of adoption. The adoption of the new standard will not be material to the Company’s results of operations or financial position.
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 not be material to the Company’s results of operations or financial position.

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