v3.21.2

Variable Interest Entities (Notes) | 9 Months Ended
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Sep. 30, 2021
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
Variable Interest Entities | Variable Interest Entities Topic 810 requires a reporting entity to consolidate a variable interest entity (“VIE”) when the reporting entity has a variable interest or combination of variable interests that provide the entity with a controlling financial interest in the VIE. The Company continually assesses whether it has a controlling financial interest in each of its VIEs to determine if it is the primary beneficiary of the VIE and should, therefore, consolidate each of the VIEs. A reporting entity is considered to have a controlling financial interest in a VIE if it has (i) the power to direct the activities of a VIE that most significantly impact the VIE’s economic performance, and (ii) the obligation to absorb the losses of, or the right to receive benefits from, the VIE that could potentially be significant to the VIE. The Company determined that it is the primary beneficiary of its VIEs, which, at September 30, 2021 and December 31, 2020, include Laureate Insurance Partners, LLC (“Laureate”), BKS Smith, LLC (“Smith”), BKS MS, LLC (“Saunders”) and BKS Partners Galati Marine Solutions, LLC (“Galati”). The Company has consolidated its VIEs into the consolidated financial statements. Total revenues and expenses of the Company’s consolidated VIEs included in the condensed consolidated statements of comprehensive loss were $285,000 and $140,000, respectively, for the three months ended September 30, 2021 and $180,000 and $159,000, respectively, for the three months ended September 30, 2020. Total revenues and expenses of the Company’s consolidated VIEs included in the condensed consolidated statements of comprehensive loss were $748,000 and $457,000, respectively, for the nine months ended September 30, 2021 and $583,000 and $498,000, respectively, for the nine months ended September 30, 2020. The assets of the consolidated VIEs can only be used to settle the obligations of the consolidated VIEs and the creditors of the liabilities of the consolidated VIEs do not have recourse to the Company. The following tables provide a summary of the carrying amounts of the assets and liabilities of the Company’s consolidated VIEs at each of the balance sheet dates:
|  | At September 30, 2021
(in thousands) |  | Laureate |  | Smith |  | Saunders |  | Total
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 231 |  |  | $ | 9 |  |  | $ | 26 |  |  | $ | 266 |
Premiums, commissions and fees receivable, net |  | — |  |  | 102 |  |  | 114 |  |  | 216 |
Total current assets |  | 231 |  |  | 111 |  |  | 140 |  |  | 482 |
Property and equipment, net |  | 17 |  |  | — |  |  | — |  |  | 17 |
Other assets |  | 5 |  |  | — |  |  | — |  |  | 5 |
Total assets |  | $ | 253 |  |  | $ | 111 |  |  | $ | 140 |  |  | $ | 504 |
Liabilities |  |  |  |  |  |  |  |
Premiums payable to insurance companies |  | $ | 14 |  |  | $ | — |  |  | $ | — |  |  | $ | 14 |
Producer commissions payable |  | 1 |  |  | — |  |  | 11 |  |  | 12 |
Accrued expenses and other current liabilities |  | 12 |  |  | — |  |  | — |  |  | 12 |
Total liabilities |  | $ | 27 |  |  | $ | — |  |  | $ | 11 |  |  | $ | 38 |
|  | At December 31, 2020
(in thousands) |  | Laureate |  | Smith |  | Saunders |  | Total
Assets |  |  |  |  |  |  |  |
Cash and cash equivalents |  | $ | 120 |  |  | $ | 5 |  |  | $ | 18 |  |  | $ | 143 |
Premiums, commissions and fees receivable, net |  | 3 |  |  | 52 |  |  | 75 |  |  | 130 |
Total current assets |  | 123 |  |  | 57 |  |  | 93 |  |  | 273 |
Property and equipment, net |  | 21 |  |  | — |  |  | — |  |  | 21 |
Other assets |  | 5 |  |  | — |  |  | — |  |  | 5 |
Total assets |  | $ | 149 |  |  | $ | 57 |  |  | $ | 93 |  |  | $ | 299 |
Liabilities |  |  |  |  |  |  |  |
Premiums payable to insurance companies |  | $ | 4 |  |  | $ | — |  |  | $ | 1 |  |  | $ | 5 |
Producer commissions payable |  | — |  |  | 4 |  |  | 13 |  |  | 17 |
Accrued expenses and other current liabilities |  | 10 |  |  | — |  |  | — |  |  | 10 |
Total liabilities |  | $ | 14 |  |  | $ | 4 |  |  | $ | 14 |  |  | $ | 32 |

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- References No definition available. + Details
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- Definition The entire disclosure for a variable interest entity (VIE), including but not limited to, judgments and assumptions in determining whether to consolidate and in identifying the primary beneficiary, gain (loss) recognized on the initial consolidation of the VIE, terms of arrangements, amounts and classification of the VIE's assets and liabilities, and the entity's maximum exposure to loss. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 810 -URI http://asc.fasb.org/topic&trid=2197479 + Details
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