SUBSEQUENT EVENT |
6 Months Ended |
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Jun. 30, 2024 | |
| Subsequent Events [Abstract] | |
| SUBSEQUENT EVENT | SUBSEQUENT EVENT Subsequent to June 30, 2024, the Company entered into a policy loan arrangement secured by Company Owned Life Insurance (“COLI”) policies for certain employees and former employees for participant distributions under the Company’s deferred compensation plans. The amount borrowed is limited to a maximum of 90% of the net policy value and reduces the amount of the COLI policy cash surrender value upon payout. The loan incurs net interest expense of 1.0% and can be repaid at the option of the Company with future premium payments, however repayment is not required until benefit proceeds are paid.
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- References No definition available.
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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. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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