Adoption of New Accounting Standards:

None.

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Pending Accounting Standards:

ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures

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Issued: December 2023

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Summary: The amendments in this Update enhance the transparency and decision usefulness of income tax disclosures. This Update requires public business entities disclose specific categories in the rate reconciliation and provide additional information for reconciling items that meet a quantitate threshold. All entities will be required to disclose 1) the amount of income taxes paid (net of refunds received) disaggregated by federal, state and foreign taxes and 2) the amount of income taxes paid (net of refunds received) disaggregated by individual jurisdictions in which income taxes paid (net of refunds received) is equal to or greater than five percent of total income taxes paid (net of refunds received). The amendments also require entities to disclose 1) income (or loss) from continuing operations before income tax expense (or benefit) disaggregated between domestic and foreign and 2) income tax expense (or benefit) from continuing operations disaggregated by federal, state and foreign. The adoption of this standard is not expected to have a material effect on the Company’s operating results or financial condition.

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Effective Date: The amendments in the Update are effective for public business entities for annual periods beginning after December 15, 2024. For all other entities, the amendments are effective for annual periods beginning after December 15, 2025. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. This standard should be applied on a prospective basis, but retrospective application is permitted.