Company: CRD-A
Filing Date: 2025-03-03
Form Type: 10-K
Source: 0000950170-25-030894
Chunk: 121

Company: CRAWFORD & CO
Filing Date: 2025-03-03
Form: 10-K
Item: Item 1B
Chunk 121
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ated Statements of Comprehensive Income (Loss), and the accumulated translation adjustment is reported as a component of "Accumulated other comprehensive loss" in the Company's Consolidated Balance Sheets.Foreign currency transactions for the years ended December 31, 2024, 2023 and 2022 resulted in net losses of $65,000, $691,000 and $1,259,000, respectively. Advertising CostsAdvertising costs are expensed in the period in which the costs are incurred. Advertising expenses were $2,132,000, $2,143,000, and $1,939,000, respectively, for the years ended December 31, 2024, 2023 and 2022. Adoption of New Accounting StandardsAccounting for Contract Assets and Contract Liabilities from Contracts with Customers (ASU 2021-08)In October 2021, the FASB issued ASU 2021-08, Business Combinations (Topic 805): Accounting for Contract Assets and Contract Liabilities from Contracts with Customers, which requires an acquirer in a business combination to recognize and measure contract assets and contract liabilities in accordance with Accounting Standards Codification Topic 606. ASU 2021-08 is effective for fiscal years beginning after December 15, 2022. The adoption of this guidance did not impact the Company's results of operations, financial condition, or cash flows.Improvements to Reportable Segment Disclosures (ASU 2023-07)In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which requires more detailed information about a reportable segment’s expenses. The new standard is effective for fiscal years beginning after December 15, 2023 and interim periods beginning after December 15, 2024, with retrospective application required. The Company adopted this guidance as of December 31, 2024. Refer to Note 13, "Segment and Geographic Information," for updated segment disclosures. Pending Adoption of Recently Issued Accounting StandardsImprovements to Income Tax Disclosures (ASU 2023-09)In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, a new accounting standard to enhance the transparency and decision usefulness of income tax disclosures. The new standard is effective for fiscal years beginning after December 15, 2024, with retrospective