Company: PRSU
Filing Date: 2025-03-17
Form Type: 10-K
Source: 0000950170-25-040127
Chunk: 150

Company: Pursuit Attractions & Hospitality, Inc.
Filing Date: 2025-03-17
Form: 10-K
Item: Item 8
Chunk 150
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 Update (“ASU”) 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures
           
          Amendment expands the disclosure requirements for income taxes, specifically related to the rate reconciliation and income taxes paid.
           
          1/1/2025
           
          This new guidance will expand our footnote disclosures within the scope of this new standard with no impacts to our consolidated financial statements.

          ASU 2024-03, Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses
           
          Amendment requires additional disclosure in the notes to the financial statements about specified expense categories including purchases of inventory, employee compensation, depreciation, and intangible asset amortization.
           
          1/1/2027
           
          This new guidance will expand our footnote disclosures within the scope of this new standard with no impacts to our consolidated financial statements.

40

PURSUIT ATTRACTIONS AND HOSPITALITY, INC.NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (CONTINUED)

          Standard
           
          Description
           
          Date of adoption
           
          Effect on the financial statements

          Standards Recently Adopted

          ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures
           
          Amendment expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses.
           
          1/1/2024
           
          We adopted this new guidance in this 2024 Form 10-K. This new standard only impacts disclosures and did not have a material impact on our financial statements. Refer to Note 25 - Segment Information.

      NOTE 2. REVENUE AND RELATED CONTRACT LIABILITIES
     
    Contract LiabilitiesA contract liability represents an entity’s obligation to transfer goods or services to a customer for which the entity has received consideration from the customer before transferring control of those goods or services. Our performance obligations are short-term in nature. They include the provision of a hotel room, an attraction admission, and a chartered or ticketed bus or van ride. We recognize revenue when the service has been provided or the product has been delivered. When we extend credit, payment terms are generally within 30 days and contain no significant financing components. We periodically receive customer deposits prior to transferring the related product or service to the customer. We record these deposits as a contract liability, which