Annual report [Section 13 and 15(d), not S-K Item 405]

Sale of Business

v3.25.1
Sale of Business
 12 Months Ended
Dec. 31, 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"), to its former owner. The Disposal Group had been, included in the Company's Corporate and Other Services segment. The aggregate sales price was $15.0 million, excluding closing adjustments, of which approximately (i) $7.4 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 the 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 approximately $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