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Subsequent Events
6 Months Ended
Jun. 30, 2026
Subsequent Events [Abstract]  
Subsequent Events Subsequent Events
Business Divestitures
During the second quarter of 2026, management formally committed to a plan to sell CACH Media Guarantors Insurance Solutions, LLC ("Media Guarantors"), an indirect subsidiary of Baldwin and provider of completion guaranty products for film and television production, whose operations are reported within the Insurance Advisory Solutions operating group. The Company was in active negotiations to sell Media Guarantors as of June 30, 2026, and the Company concluded that the disposal group met the criteria for held-for-sale classification under ASC Topic 360, Property, Plant, and Equipment. Accordingly, the assets and liabilities of Media Guarantors have been classified as held for sale at their carrying value, which was determined to be lower than the fair value of the net assets less costs to sell. As a result, no impairment loss was recorded in conjunction with the reclassification of the disposal group.
As of June 30, 2026, the Company recognized assets held for sale of $5.0 million, which included $3.3 million of fiduciary cash and $1.3 million of goodwill, and liabilities held for sale of $3.6 million, which included $3.3 million of fiduciary liabilities. However, management has concluded that the relative size of the assets and liabilities held for sale, and of the potential proceeds from the disposal, are immaterial to the Company’s financial position, results of operations and cash flows as a whole and, accordingly, the associated assets and liabilities have not been presented separately on the face of the condensed consolidated balance sheets.
The Company determined that the disposal group does not qualify for discontinued operations presentation under ASC Subtopic 205-20, Presentation of Financial Statements—Discontinued Operations. Accordingly, the results of Media Guarantors continue to be reported within continuing operations in the condensed consolidated statements of comprehensive income (loss) for all periods presented.
On July 2, 2026, subsequent to the reporting date, the Company entered into a definitive agreement to sell 100% of the equity interests of Media Guarantors for total cash consideration of $4.0 million, of which approximately $2.1 million is subject to escrow as a contingent liability. The Company expects to recognize a nominal pre-tax gain on the sale of Media Guarantors in the third quarter of 2026.