Company: DRH-PA
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0001298946-25-000015
Chunk: 123

Company: DiamondRock Hospitality Co
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 123
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able segment's profit or loss and assets on an annual and interim basis. We adopted ASU 2023-07 during the year ended December 31, 2024. See Note 14 for the additional disclosures related to this adoption. Recently Issued Accounting Pronouncements Not Yet AdoptedIn November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, requiring public entities to disclose additional information about specific expense categories in the notes to the financial statements on an interim and annual basis. ASU 2024-03 is effective for fiscal years beginning after December 15, 2026, and for interim periods beginning after December 15, 2027, with early adoption permitted. We are currently evaluating the impact of adopting ASU 2024-03. In December 2023, the FASB issued ASU No. 2023-09 ("ASU 2023-09"), Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires, among other things, entities to disclose additional information with respect to the effective tax rate reconciliation and to disclose the disaggregation by jurisdiction of income tax expense and income taxes paid. ASU 2023-09 is effective for fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the impact of ASU 2023-09.

3.Property and Equipment

Property and equipment consists of the following (in thousands):As of December 31,20242023Land$570,386 $590,824 Land improvements2,400 7,994 Buildings2,812,461 2,878,508 Furniture, fixtures and equipment200,415 561,484 Construction in progress24,969 21,175  3,610,631 4,059,985 Less: accumulated depreciation(979,410)(1,304,790) $2,631,221 $2,755,195 As of December 31, 2024 and 2023, we had accrued capital expenditures of $5.4 million and $4.7 million, respectively.On December 20, 2024, we entered into a purchase and sale agreement to sell the Westin Washington D.C. City Center to an unaffiliated third party for a contractual purchase