v3.26.1
Note I - New Accounting Standards and Changes in Accounting Principles
 3 Months Ended
Mar. 31, 2026
Notes to Financial Statements  
Accounting Standards Update and Change in Accounting Principle [Text Block]

Note I – New Accounting Standards and Changes in Accounting Principles

 

With the exception of that discussed below, there have been no recent accounting pronouncements or changes in accounting pronouncements during the three months ended March 31, 2026, as compared to the recent accounting pronouncements described in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025, that are of significance, or potential significance to the Company.

 

In July 2025, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2025-05, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses for Accounts Receivable and Contract Assets. The amendments clarify the application of the current expected credit losses (CECL) model to trade receivable and contract assets and are intended to improve consistency in the measurement of expected credit losses. The guidance is effective for fiscal years beginning after December 15, 2025, including interim periods within those fiscal years. The Company adopted ASU 2025-05 effective January 1, 2026. The adoption of ASU 2025-05 did not have a material impact on the Company’s condensed consolidated financial statements, financial condition, or results of operations.