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Recent Accounting Pronouncements (Policies)
3 Months Ended
Sep. 30, 2022
Accounting Pronouncements Not Yet Effective  
Accounting Pronouncement Not Yet Effective

Accounting Pronouncement Not Yet Effective

 

In March 2020, the FASB issued an update (ASU 2020-04) establishing Accounting Standards Codification (“ASC”) Topic 848, Reference Rate Reform. ASU 2020-04 contains practical expedients for reference rate reform related activities that impact debt, leases, derivatives and other contracts. The guidance in ASU 2020-04 is optional and may be elected over time as reference rate reform activities occur. The Company’s Term Loan Facility and Revolving Credit Facility applies Eurodollar rate LIBOR to the variable component of the interest rate, or if a Benchmark transition event, or an early opt-in election, as applicable occurred a transition to the use of the Secured Overnight Financing Rate ("SOFR") to replace such rate. This accounting standard update was effective upon issuance and may be applied prospectively through December 31, 2022. In October 2022, the Company will begin to use the SOFR to calculate the variable component of the interest rate for its Term Loan Facility and Revolving Credit Facility. The change to SOFR will not have a material impact on the Company's financial statements.