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Summary of Significant Accounting Policies | Mar. 31, 2024 | Jan. 08, 2024
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Accounting Policies [Abstract] |  |
Summary of Significant Accounting Policies | (2) Summary of Significant Accounting Policies (a) Estimates The preparation of the balance sheet, in accordance with GAAP, requires management to make estimates and assumptions that affect the amounts reported in the balance sheet and accompanying notes. Actual results could differ from those estimates. (b) Income Taxes New Calumet is a corporation and is subject to U.S. federal and state income taxes. Income taxes are accounted for under the asset and liability method. New Calumet recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for the taxing jurisdiction in which New Calumet operates for the year in which those temporary differences are expected to be recovered or settled. New Calumet recognizes the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if New Calumet believes it is more-likely-than-not such net deferred tax assets will not be realized. As of March 31, 2024, there are no income tax related balances reflected in our balance sheet. | (2) Summary of Significant Accounting Policies (a) Estimates The preparation of the balance sheet, in accordance with GAAP, requires management to make estimates and assumptions that affect the amounts reported in the balance sheet and accompanying notes. Actual results could differ from those estimates. (b) Income Taxes New Calumet is a corporation and is subject to U.S. federal and state income taxes. Income taxes are accounted for under the asset and liability method. New Calumet recognizes deferred tax assets and liabilities for the future tax consequences attributable to differences between the financial statement carrying amounts and income tax basis of assets and liabilities and the expected benefits of utilizing net operating loss and tax credit carryforwards, using enacted tax rates in effect for the taxing jurisdiction in which New Calumet operates for the year in which those temporary differences are expected to be recovered or settled. New Calumet recognizes the financial statement effects of a tax position when it is more-likely-than-not, based on technical merits, that the position will be sustained upon examination. Net deferred tax assets are then reduced by a valuation allowance if New Calumet believes it is more-likely-than-not such net deferred tax assets will not be realized. As of January 8, 2024, there are no income tax related balances reflected in our balance sheet.

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- Definition The entire disclosure for all significant accounting policies of the reporting entity. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-1 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//235/tableOfContent + Details
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