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Note 28: Subsequent Event - Interest Rate Swap Termination | 12 Months Ended
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Dec. 31, 2019
Notes |
Note 28: Subsequent Event - Interest Rate Swap Termination | Note 28: Subsequent Event – Interest Rate Swap Termination As discussed in Note 16, in October 2018, the Company entered into an interest rate swap transaction with a notional amount of $400 million. The swap’s contractual termination date was October 6, 2025. On March 2, 2020, the Company and its swap counterparty mutually agreed to terminate the swap, effective immediately. The Company received a payment of $45.9 million, including accrued but unpaid interest, from its swap counterparty as a result of this termination. This $45.9 million, less the accrued interest portion and net of deferred income taxes, will be reflected in the Company’s equity as Accumulated Other Comprehensive Income and a portion of it will be accreted to interest income monthly through the original contractual termination date of October 6, 2025. This will have the effect of reducing Accumulated Other Comprehensive Income and increasing Net Interest Income and Retained Earnings over the period.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI http://asc.fasb.org/topic&trid=2122774 + Details
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