XML 33 R24.htm IDEA: XBRL DOCUMENT
v3.24.2.u1

Sale of Business | 6 Months Ended
--- | ---
Jun. 30, 2024
Discontinued Operations and Disposal Groups [Abstract] |
Sale of Business | Sale of Business On May 3, 2024, the Company completed the sale of its Dagley Insurance Agency operations (the "Disposal Group"), which was included in the Company's Corporate and Other Services segment, back to the former owner. The aggregate selling price was $15.0 million, excluding closing adjustments, of which approximately (i) $7.8 million, net of closing adjustments, was received by the Company in cash at closing, (ii) $4.0 million will be received in cash on the first anniversary of the closing date (a short-term receivable), and (iii) $3.0 million will be received in cash on t he second anniversary of the closing date (a long-term receivable). The total gain on the transaction was approximately $3.0 million, which is recorded in the Gain on sale of business in the consolidated statements of earnings. The Disposal Group did not meet the requirements to be classified as discontinued operations as the sale did not materially affect the Company's operations and did not represent a strategic shift for the Company. Our consolidated earnings from operations for the first four months of 2024 included net loss of $0.3 million from Dagley Insurance Agency. The major classes of divested assets and liabilities were as follows (in thousands):
|  | As of May 3, 2024
Assets divested |  |
Cash and cash equivalents |  | $ | 396 |
Restricted cash |  | 1 |
Accounts receivable, net |  | 91 |
Property and equipment, net |  | 114 |
Lease right of use assets |  | 333 |
Intangible assets, net |  | 5,107 |
Goodwill |  | 6,393 |
Other assets |  | 68 |
Total assets divested |  | 12,503 |
Liabilities divested |  |
Accounts payable |  | 172 |
Accrued and other current liabilities |  | 125 |
Lease liability |  | 333 |
Total liabilities divested |  | 630 |
Disposal group, net |  | $ | 11,873 |

X
- References No definition available. + Details
Name: | us-gaap_DiscontinuedOperationsAndDisposalGroupsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure related to a disposal group. Includes, but is not limited to, a discontinued operation, disposal classified as held-for-sale or disposed of by means other than sale or disposal of an individually significant component. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/205-20/tableOfContent Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 360 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/360/tableOfContent + Details
Name: | us-gaap_DisposalGroupsIncludingDiscontinuedOperationsDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration