RECENTLY ADOPTED ACCOUNTING PRONOUNCEMENTSIncome Taxes
In December 2023, the FASB issued ASU 2023-09, "Income Taxes (Topic 740): Improvements to Income Tax
Disclosures." This guidance requires companies to enhance income tax disclosures, particularly around rate
reconciliations and income taxes paid information. This guidance is effective for annual reporting periods beginning
after December 15, 2024. The Company adopted this guidance on a prospective basis effective January 1, 2025 -
RECENTLY ISSUED ACCOUNTING PRONOUNCEMENTS NOT YET ADOPTED
Government Grants
In December 2025, the FASB issued ASU 2025-10, "Government Grants (Topic 832): Accounting for Government
Grants Received by Business Entities." This guidance establishes accounting for government grants received by a
business including guidance for grants related to assets and grants related to income. This guidance is effective for
annual reporting periods beginning after December 15, 2028 and interim periods within that fiscal year. Early
adoption is permitted. The Company is currently evaluating the provisions of this guidance.
Derivatives and Hedging
In November 2025, the FASB issued ASU 2025-09, "Derivatives and Hedging (Topic 815): Hedge Accounting
Improvements." This guidance includes changes to more closely align hedge accounting with the economics of an
entity's risk management activities. This guidance is effective for annual reporting periods beginning after December
15, 2026 and interim periods within that fiscal year. Early adoption is permitted. The Company is currently
evaluating the provisions of this guidance.
Intangible Assets
In September 2025, the FASB issued ASU 2025-06, "Intangibles - Goodwill and Other - Internal-Use Software
(Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software." This guidance provides
criteria that must be met for entities to capitalize software development costs and factors to consider if there is
significant uncertainty associated with the development activities of the software. This guidance is effective for
annual reporting periods beginning after December 15, 2027 and interim periods within that fiscal year. Early
adoption is permitted. The Company is currently evaluating the provisions of this guidance.
Disaggregation of Income Statement Expenses
In November 2024, the FASB issued ASU 2024-03, "Income Statement - Reporting Comprehensive Income -
Expense Disaggregation Disclosures (Subtopic 220-40)." This guidance requires companies to provide more
detailed information of certain income statement expenses within the footnotes to the financial statements. This
guidance is effective for annual reporting periods beginning after December 15, 2026 and interim periods within
fiscal years beginning after December 15, 2027. Early adoption is permitted. The Company is currently evaluating
the provisions of this guidance.