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Organization, Description of the Business and Summary of Significant Accounting Policies (Policies)
3 Months Ended
Mar. 31, 2024
Accounting Policies [Abstract]  
Accounting Standards Not Yet Adopted Accounting Standards Not Yet Adopted
Income Taxes—In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740) Improvements to Income Tax Disclosures. This ASU:
Establishes new income tax disclosure requirements in addition to modifying and eliminating certain existing requirements.
Requires disaggregated information about a reporting entity’s effective tax rate reconciliation.
Requires disaggregated information about a reporting entity’s information on income taxes paid.
Requires all entities to disclose annually income taxes paid (net of refunds received) disaggregated by federal (national), state and foreign taxes and to disaggregate the information by jurisdiction based on a quantitative threshold.
Is effective for fiscal years beginning after December 15, 2024. Early adoption is permitted.
We believe, the adoption of this ASU will not materially impact our Condensed Consolidated Financial Statements, however will require additional disclosures in future Annual Reports.
Segment—In November 2023, the Financial Account Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment. This ASU:
Introduces a new requirement to disclose significant segment expenses regularly provided to the Chief Operating Decision Maker (“CODM”),
Extends certain annual disclosures to interim periods,
Permits more than one measure of segment profit or loss to be reported under certain conditions, and
Requires disclosure of the title and position of the CODM. However, but does not change how the CODM is identified.
This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is permitted.
We believe, the adoption of this ASU will not materially impact our Condensed Consolidated Financial Statements, however will require additional segment disclosures in Note K. Financial Information by Segment.