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Recent Accounting Pronouncements (Policies)
6 Months Ended
Dec. 31, 2022
Accounting Pronouncement Recently Adopted  
Accounting Pronouncement Recently Adopted

Accounting Pronouncement Recently Adopted

 

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. This accounting standard update was effective upon issuance and must be applied prospectively by December 31, 2022. The Company’s Term Loan Facility and Revolving Credit Facility previously applied the Eurodollar rate London Interbank Offer Rate ("LIBOR") to the variable component of the interest rate, but has moved away from the Eurodollar rate LIBOR in connection with reference rate reform. In October 2022, the Company began using the Secured Overnight Financing Rate ("SOFR") to calculate the variable component of the interest rate for its Term Loan and Revolving Credit Facility. The change to using SOFR did not have a material impact on the Company's financial statements.