Quarterly report pursuant to Section 13 or 15(d)

Organization, Consolidation and Presentation of Financial Statements (Policies)

v3.24.3
Organization, Consolidation and Presentation of Financial Statements (Policies)
 9 Months Ended
Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]  
Recent Accounting Pronouncements/Recently Adopted Accounting Policies
Recently Adopted Accounting Policies
In March 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-02, Accounting for Investments in Tax Credit Structures Using the Proportional Amortization Method, which expands the population of investments for which an investor may elect to apply the proportional amortization method. Under this ASU, an investor in a tax equity investment may elect the proportional amortization method for qualifying investments on a tax credit program-by-program basis. We adopted ASU 2023-02 as of January 1, 2024 using the modified retrospective approach.
Adoption of the new standard resulted in the recording of additional Equity method investments, Related party current liabilities, Other Long-term liabilities, Deferred tax liabilities and a cumulative effect adjustment to opening retained earnings. The effects of the changes made to our unaudited consolidated balance sheet as of January 1, 2024 for the adoption of ASU 2023-02 are included in the table below.
Balance at December 31, 2023 Adjustments Due to ASU 2023-02 Balance at January 1, 2024
Balance Sheet
Equity method investments $ 715  $ 122  $ 837 
Related party current liabilities $ 8  $ 15  $ 23 
Other long-term liabilities $ 428  $ 109  $ 537 
Deferred tax liabilities $ 2,414  $ (3) $ 2,411 
Retained earnings
 $ 15,353  $ 1  $ 15,354