Company: LGN
Filing Date: 2025-07-15
Form Type: DRS/A
Source: 0000950123-25-006399
Chunk: 322

Company: Legence Corp.
Filing Date: 2025-07-15
Form: DRS/A
Chunk 322
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 issued Accounting Standards Update (“ASU”) 2025-03, “Determining the Accounting Acquirer in the Acquisition of a Variable Interest Entity” (“Update 2025-03”). This update revises current guidance for determining the accounting acquirer for a transaction effected primarily by
exchanging equity interests in which the legal acquiree is a variable interest entity (“VIE”) that meets the definition of a business. It requires that an entity consider the same factors that are currently required for determining which
entity is the accounting acquirer in other acquisition transactions. Update 2025-03 is effective for fiscal years beginning after December 15, 2026 and interim reporting periods within those annual
reporting periods, with early adoption permitted. Update 2025-03 requires that an entity apply the new guidance prospectively to any acquisition that occurs after the initial application date. The Company is
currently evaluating the impact that the adoption of Update 2025-03 will have on its Consolidated Financial Statements.

F-69

Confidential Treatment Requested by Legence Corp.

Pursuant to 17 C.F.R. Section 200.83

Legence Holdings LLC and Subsidiaries

Notes to Condensed Consolidated Financial Statements—(Continued)

(Unaudited)

Income Statement—Expense Disaggregation- In November 2024, the FASB issued ASU 2024-03, “Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures” (“Update 2024-03”). This update requires
disclosure, in the notes to the financial statements, of disaggregated information about certain income statement costs and expenses on an interim and annual basis. Update 2024-03 is effective for fiscal years
beginning after December 15, 2026, and interim periods beginning after December 15, 2027, with early adoption permitted. The Company is currently evaluating the impact that the adoption of Update
2024-03 will have on its Consolidated Financial Statements

Income Taxes- In December 2023, the FASB
issued ASU 2023-09, “Income Taxes (Topic 740): Improvements to Income Tax Disclosures” (“Update 2023-09”). The amendments in this update
provide more transparency about income tax disclosures primarily related to the rate reconciliation and income taxes paid information. Update 2023-09 is effective for fiscal years beginning after
December 15, 2024 and is not relevant for interim periods. While