Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 329

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 329
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78

New Accounting Standards Adopted in the Current Year.  

        Accounting standard
        Adoption date
        Description
        Effects on the financial statements

        Segment Reporting (Topic 280)— Improvements to Reportable Segment DisclosuresASU 2023-07
        Annual periods beginning after December 15, 2023 and interim periods thereafter. Early adoption is permitted. Retrospective transition for all periods presented.
        In November 2023, the FASB issued the accounting standard update (“ASU”) to enhance segment disclosures. The amendments (1) require disclosure of significant segment expenses that are regularly provided to the chief operating decision maker (“CODM”) and included within each reported measure of segment profit or loss; (2) require disclosure of “other segment items” by reportable segment, which is the difference between segment revenue and significant segment expenses; (3) require annual segment disclosures to be included in interim financial statements; (4) clarify that if the CODM uses more than one measure of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources, an entity may report one or more of those additional measures; and (5) require disclosure of the title and position of the CODM and an explanation of how the CODM uses the reported measure(s) of segment profit or loss in assessing segment performance and deciding how to allocate resources. 
        The Company adopted this ASU on a retrospective basis. The adoption of the ASU did not have a material impact on our consolidated financial statements. The Company’s revised disclosures in accordance with the new standard are primarily included in Note 4 (Segment and Geographical Information).
       
       New Accounting Standards Not Yet Adopted. 

        Accounting standard
        Adoption date
        Description
        Effects on the financial statements

        Income Taxes (Topic 740)—Improvements to Income Tax DisclosuresASU 2023-09
        Annual periods beginning after December 15, 2024. Early adoption is permitted. Prospective transition, although retrospective transition is permitted.
        In December 2023, the FASB issued the ASU to increase income tax transparency through improvements primarily related to the existing rate reconciliation and income taxes paid disclosures. The amendments require (1) consistent categories and greater disaggregation of information in the rate reconciliation; and (2) income taxes paid disaggregated by jurisdiction.  The ASU also removes certain disclosure requirements, such as reasonably possible significant changes in the total amount of unrecognized tax