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Subsequent Events | 6 Months Ended
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Jun. 30, 2022
Subsequent Events [Abstract] |
Subsequent Events | Note 16 – Subsequent Event The Company has a qualified, defined benefit pension plan (the "Plan") that was established to provide benefits to certain employees. Effective July 19, 2022, the Company entered into a commitment agreement (the "OneAmerica Agreement") with OneAmerica Financial Partners, Inc. ("OneAmerica"). Under the OneAmerica Agreement, the Company will purchase a non-participating group annuity contract (the "Annuity Contract") from OneAmerica and transfer to OneAmerica about 67.7% of its future benefit obligations under the Plan. Upon payment of the premium to OneAmerica and the closing of the transactions contemplated by the OneAmeria Agreement, the applicable pension benefit obligations will be irrevocably transferred from the Plan to OneAmerica. By transferring the future benefit obligations and annuity administration to OneAmerica, the Company has reduced its gross Plan liabilities by approximately $27.6 million. The purchase of the Annuity Contract will be funded directly by the assets of the Plan. As a result of the transactions contemplated by the OneAmerica Agreement, the Company expects to recognize a non-cash pre-tax pension settlement charge of $8.1 million in the third quarter of 2022, as a result of the application of pension settlement accounting rules, which require the Company to remeasure the Plan as of July 19, 2022.

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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://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -URI https://asc.fasb.org/topic&trid=2122774 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 855 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -URI https://asc.fasb.org/extlink&oid=6842918&loc=SL6314017-165662 + Details
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