Subsequent Events |
12 Months Ended |
|---|---|
Dec. 31, 2025 | |
| Subsequent Events [Abstract] | |
| Subsequent Events | Subsequent Events The Company evaluated its consolidated financial statements for the year ended December 31, 2025 for subsequent events through the date the consolidated financial statements were issued. The following subsequent events are noted: •In December 2025, the Company entered into three related purchase agreements pursuant to which it sold its membership interests in Air Wisconsin and all of its other remaining aviation assets. The three agreements were interdependent and the closing of the transactions contemplated thereby occurred simultaneously on January 9, 2026. The aggregate consideration received in connection with these three agreements was $111,100, subject to certain customary purchase price adjustments and the impact of required federal and state income tax obligations which the Company estimates to be approximately $(203) and $9,933, respectively. Based on its preliminary calculations, the Company estimates that net assets disposed of were approximately $42,707, consisting of the carrying values at December 31, 2025 of approximately $57,795 of assets and $15,088 of liabilities. The Company currently expects to recognize a pre-tax gain in the first quarter of 2026 in the range of approximately $66,000 to $71,000. These amounts remain subject to change as the Company finalizes its financial statements for the period ended March 31, 2026. Including the other sales during 2025, for which the Company received approximately $14,800 in aggregate consideration, the aggregate consideration received for the Aviation Disposition was approximately $125,900. After giving effect to the Aviation Disposition, the Company no longer has any material operating assets, is not engaged in any operating business, and does not have any source of revenue from operations. •In connection with the Aviation Disposition, on December 19, 2025, the Board of Managers of Air Wisconsin approved the termination of the SESP, which terminated on January 9, 2026. •In connection with the Aviation Disposition, Harbor's board of directors approved bonuses for certain of its officers and employees totaling, in the aggregate approximately $4,300. The Company had accrued $2,748 for bonuses as of December 31, 2025. •In connection with the Aviation Disposition, on January 9, 2026, Gregg Garvey was appointed to serve as Executive Vice President, Chief Financial Officer, and Treasurer of Harbor and Chad Schimmelpfenning was appointed to serve as Executive Vice President and Chief Legal Counsel of Harbor.
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