Pronouncement. In November 2023, the FASB issued Accounting Standards Update No. 2023-07, “Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures” (“ASU 2023-07”), which is
intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant
segment expenses. The guidance is effective for fiscal years beginning after December 15, 2023, and interim periods within
fiscal years beginning after December 15, 2024, with retrospective application required for all prior periods presented. We
adopted ASU 2023-07 for 2025 and included the related disclosures in Note 2 – Segment Information. The adoption of this
guidance, which is related to disclosures only, had no impact on our consolidated financial statements.
Recent Accounting Pronouncements Not Yet Adopted. In December 2023, the FASB issued Accounting Standards Update
No. 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“ASU 2023-09”), which modifies the
rules on income tax disclosures to require entities to disclose (1) specific categories in the rate reconciliation, (2) the income or
loss from continuing operations before income tax expense or benefit (separated between domestic and foreign) and (3) income
tax expense or benefit from continuing operations (separated by federal, state and foreign). ASU 2023-09 also requires entities
to disclose their income tax payments to international, federal, state and local jurisdictions, among other changes. The guidance
is effective for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements
that have not yet been issued or made available for issuance. ASU 2023-09 should be applied on a prospective basis, but
retrospective application is permitted. We are currently evaluating the potential impact of adopting this new guidance on our
consolidated financial statements and related disclosures.
In November 2024, the FASB issued Accounting Standards Update No. 2024-03, “Income Statement — Reporting
Comprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement
Expenses” (“ASU 2024-03”), which requires disclosure of certain costs and expenses on an interim and annual basis in the
notes to the consolidated financial statements. The guidance is effective for annual reporting periods beginning after December
15, 2026 and interim periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted.
The guidance is to be applied either (1) prospectively to financial statements issued for reporting periods after the effective date
or (2) retrospectively to any or all prior periods presented in the financial statements. We are currently evaluating the potential
impact of adopting this new guidance on our consolidated financial statements and related disclosures.
In September 2025, the FASB issued Accounting Standards Update No. 2025-06, “Intangibles-Goodwill and Other-
Internal-Use Software (Subtopic 350-40): Targeted Improvements to the Accounting for Internal-Use Software” (“ASU
2025-06”), which modernizes the accounting for costs related to internal-use software by removing all references to project
stages and clarifying the threshold entities apply to begin capitalizing costs. The guidance is effective for annual reporting
periods beginning after December 15, 2027, and interim reporting periods within those annual reporting periods, and may be
applied using a prospective, retrospective or modified transition approach. Early adoption is permitted as of the beginning of an
annual reporting period. We are currently evaluating the potential impact of adopting this new guidance on our consolidated
financial statements and related disclosures.