Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Apr. 02, 2016 | Apr. 22, 2016 | |
Document and Entity Information [Abstract] | ||
Entity Registrant Name | STANLEY FURNITURE CO INC. | |
Document Type | 10-Q | |
Current Fiscal Year End Date | --12-31 | |
Entity Common Stock, Shares Outstanding | 14,699,677 | |
Amendment Flag | false | |
Entity Central Index Key | 797,465 | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Filer Category | Smaller Reporting Company | |
Entity Well-known Seasoned Issuer | No | |
Document Period End Date | Apr. 2, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 |
CONSOLIDATED BALANCE SHEEETS
CONSOLIDATED BALANCE SHEEETS - USD ($) $ in Thousands | Apr. 02, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash | $ 25,900 | $ 6,497 |
Restricted cash | 663 | 663 |
Accounts receivable, less allowances of $341 and $404, on each respective date | 6,195 | 6,925 |
Inventory | 20,888 | 20,934 |
Prepaid expenses and other current assets | 573 | 959 |
Total current assets | 54,219 | 35,978 |
Property, plant and equipment, net | $ 1,743 | 1,787 |
Cash surrender value of life insurance policies, net | 22,253 | |
Other assets | $ 3,085 | 3,128 |
Total assets | 59,047 | 63,146 |
Current liabilities: | ||
Accounts payable | 3,690 | 5,883 |
Accrued salaries, wages and benefits | 1,363 | 1,367 |
Other accrued expenses | 874 | 334 |
Total current liabilities | 5,927 | 7,584 |
Deferred compensation | 3,888 | 4,301 |
Supplemental retirement plan | 1,776 | 1,797 |
Other long-term liabilities | 2,162 | 1,812 |
Total liabilities | 13,753 | 15,494 |
STOCKHOLDERS’ EQUITY | ||
Common stock, $0.02 par value, 25,000,000 shares authorized, 14,699,677 and 14,906,831 shares issued and outstanding on each respective date | 275 | 283 |
Capital in excess of par value | 16,633 | 17,521 |
Retained earnings | 30,538 | 32,023 |
Accumulated other comprehensive loss | (2,152) | (2,175) |
Total stockholders’ equity | 45,294 | 47,652 |
Total liabilities and stockholders’ equity | $ 59,047 | $ 63,146 |
CONSOLIDATED BALANCE SHEEETS (P
CONSOLIDATED BALANCE SHEEETS (Parentheticals) - USD ($) $ in Thousands | Apr. 02, 2016 | Dec. 31, 2015 |
Allowances (in Dollars) | $ 341 | $ 404 |
Common stock par value (in Dollars per share) | $ 0.02 | $ 0.02 |
Common stock, shares authorized | 25,000,000 | 25,000,000 |
Common stock, shares issued | 14,699,677 | 14,906,831 |
Common stock, shares outstanding | 14,699,677 | 14,906,831 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Net sales | $ 11,683 | $ 14,672 |
Cost of sales | 9,142 | 11,689 |
Gross profit | 2,541 | 2,983 |
Selling, general and administrative expenses | 3,311 | 3,646 |
Operating loss | $ (770) | (663) |
Income from Continued Dumping and Subsidy Offset Act, net | 3,820 | |
Other income, net | $ 5 | 11 |
Interest expense, net | 109 | 330 |
(Loss) income from continuing operations before income taxes | (874) | 2,838 |
Income tax expense | 611 | 65 |
Net (loss) income from continuing operations | $ (1,485) | 2,773 |
Net loss from discontinued operations | (118) | |
Net (loss) income | $ (1,485) | $ 2,655 |
Basic (loss) income per share: | ||
(Loss) income from continuing operations (in Dollars per share) | $ (0.10) | $ 0.20 |
Loss from discontinued operations (in Dollars per share) | (0.01) | |
Net (loss) income (in Dollars per share) | $ (0.10) | 0.19 |
Diluted (loss) income per share: | ||
(Loss) income from continuing operations (in Dollars per share) | $ (0.10) | 0.19 |
Loss from discontinued operations (in Dollars per share) | (0.01) | |
Net (loss) income (in Dollars per share) | $ (0.10) | $ 0.18 |
Weighted average shares outstanding: | ||
Basic (in Shares) | 14,222 | 14,236 |
Diluted (in Shares) | 14,222 | 14,464 |
CONSOLIDATED STATEMENTS OF COMP
CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Net (loss) income | $ (1,485) | $ 2,655 |
Other comprehensive (loss) income: | ||
Amortization of prior service cost | 23 | |
Amortization of actuarial loss | $ (23) | (30) |
Adjustments to net periodic postretirement benefit cost | (23) | (7) |
Comprehensive (loss) income | $ (1,462) | $ 2,662 |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Cash flows from operating activities: | ||
Cash received from customers | $ 12,261 | $ 13,876 |
Cash paid to suppliers and employees | $ (14,259) | (16,562) |
Cash from Continued Dumping and Subsidy Offset Act | 3,820 | |
Interest paid, net | $ (199) | (398) |
Net cash (used) provided by operating activities | (2,197) | $ 736 |
Cash flows from investing activities: | ||
Proceeds from surrender of corporate-owned life insurance policies | 28,139 | |
Purchase of other assets | (14) | |
Net cash provided by investing activities | 28,125 | |
Cash flows from financing activities: | ||
Payments on insurance policy loans | (5,495) | $ (1,400) |
Repurchase and retirement of common stock | (1,012) | |
Stock purchase and retirement for tax withholdings on vesting of restricted awards | (14) | |
Net cash used by financing activities | (6,521) | $ (1,400) |
Cash flows from discontinued operations: | ||
Cash (used) provided by operating activities | (4) | 873 |
Net cash (used) provided by discontinued operations | (4) | 873 |
Net increase in cash | 19,403 | 209 |
Cash at beginning of period | 6,497 | 5,584 |
Cash at end of period | 25,900 | 5,793 |
Reconciliation of net (loss) income to net cash (used) provided by operating activities: | ||
Net (loss) income | $ (1,485) | 2,655 |
Loss from discontinued operations | 118 | |
Depreciation and amortization | $ 116 | 116 |
Stock-based compensation | 130 | 226 |
Changes in assets and liabilities: | ||
Accounts receivable | 730 | (815) |
Inventories | 46 | 1,163 |
Prepaid expenses and other assets | (20) | (406) |
Accounts payable | (2,193) | (1,725) |
Accrued salaries, wages and benefits | (171) | (121) |
Other accrued expenses | 544 | (204) |
Other long-term liabilities | 106 | (271) |
Net cash (used) provided by operating activities | $ (2,197) | $ 736 |
Preparation of Interim Unaudite
Preparation of Interim Unaudited Consolidated Financial Statements | 3 Months Ended |
Apr. 02, 2016 | |
Disclosure Text Block [Abstract] | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Preparation of Interim Unaudited Consolidated Financial Statements The consolidated financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission ( “ ” Results of the discontinued operations are excluded from the accompanying notes to the consolidated financial statements for all periods presented, unless otherwise noted. Certain amounts in the 2015 consolidated financial statements have been reclassified to conform to the 2016 presentation. These reclassifications do not have an impact on the consolidated statements of operations or the consolidated statement of comprehensive (loss) income. |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Apr. 02, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment Disclosure [Text Block] | 2. Property, Plant and Equipment (in thousands) April 2, December 31, 2016 2015 Machinery and equipment $ 2,675 $ 2,675 Leasehold improvements 1,833 1,833 Property, plant and equipment, at cost 4,508 4,508 Less accumulated depreciation 2,765 2,721 Property, plant and equipment, net $ 1,743 $ 1,787 |
Income Taxes
Income Taxes | 3 Months Ended |
Apr. 02, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Tax Disclosure [Text Block] | 3. Income Taxes During the first three months of 2016, we utilized $23.4 million of our $40.1 million net operating loss carry-forwards against taxable income resulting primarily from our surrender of corporate-owned life insurance policies. The premiums paid and the growth in surrender value of these policies were excludable from taxable income over the life of these policies when held until death of the covered lives, but this growth, net of premiums paid, became taxable when we surrendered the policies. The aggregate impact of the surrender of these policies in the first quarter of this year was the creation of $24.0 million in taxable income. The income tax expense recognized during the current three month period was largely the result of federal alternative minimum tax which limits our ability to offset income generated during the period with net operating carry-forwards, and, to a lesser extent, the impact of surrendering these policies have on state income taxes. During the first three months of 2016, we reduced our valuation allowance against deferred tax assets from $19.2 million to $11.2 million at April 2, 2016, as a result of the use of a portion of our net operating loss carry-forwards. We maintain a valuation allowance against deferred tax assets that currently exceed our deferred tax liabilities. The primary assets covered by this valuation allowance are net operating loss carry-forwards. The valuation allowance was calculated in accordance with the provisions of ASC 740, Income Taxes Income Taxes Our effective tax rate for the current quarter was a negative 69.9%, driven by the impact of the alternative minimum tax and state related taxes on the surrender of corporate owned life insurance policies. The effective tax rate in the prior year quarter was 2.2%, also driven by the impact of the alternative minimum tax limiting the ability to offset the income received from the Continued Dumping and Subsidy Offset Act during that quarter. The major reconciling items between our effective income tax rate and the federal statutory rate are the change in our valuation allowance and the cash surrender value on life insurance policies. |
Employee Benefit Plans
Employee Benefit Plans | 3 Months Ended |
Apr. 02, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | 4. Employee Benefit Plans Components of other postretirement benefit cost (in thousands): Three Months Ended April 2, March 28, 2016 2015 Interest cost $ 64 $ 70 Amortization of prior service benefit - (23) Amortization of actuarial loss 23 30 Net periodic postretirement benefit cost $ 87 $ 77 |
Stockholders` Equity
Stockholders` Equity | 3 Months Ended |
Apr. 02, 2016 | |
Stockholders' Equity Note [Abstract] | |
Stockholders' Equity Note Disclosure [Text Block] | 5. Stockholders Equity Basic earnings per common share are based upon the weighted average shares outstanding. Outstanding stock options and restricted stock are treated as potential common stock for purposes of computing diluted earnings per share. Basic and diluted earnings per share are calculated using the following share data (in thousands): Three Months Ended April 2, March 28, 2016 2015 Weighted average shares outstanding for basic calculation 14,222 14,236 Add: Effect of dilutive stock options - 228 Weighted average shares outstanding, adjusted for diluted calculation 14,222 14,464 In the three month period ended April 2, 2016, the dilutive effect of stock options is not recognized since we had a net loss. Approximately 1.2 million shares in 2016 were issuable upon the exercise of stock options, which were not included in the diluted per share calculation because they were anti-dilutive. Also, 628,000 shares in 2016 of restricted stock were not included because they were anti-dilutive. In the 2015 first quarter period, approximately 926,000 stock options were excluded from the diluted per share calculation as they would be anti-dilutive. A reconciliation of the activity in Stockholders ’ Common Capital in Retained Accumulated Comprehensive Stock Par Value Earnings Loss Balance at December 31, 2015 $ 283 $ 17,521 $ 32,023 $ (2,175) Net loss - - (1,485) - Purchase and retirement of common stock (8) (1,004) - - Stock purchase and retirement for tax withholdings on vesting of restricted awards - (14) - - Stock-based compensation - 130 - - Adjustment to net periodic benefit cost - - - 23 Balance at April 2, 2016 $ 275 $ 16,633 $ 30,538 $ (2,152) |
Income for Continued Dumping an
Income for Continued Dumping and Subsidy Offset Act (CDSOA) | 3 Months Ended |
Apr. 02, 2016 | |
Income For Continued Dumping And Subsidy Offset Act [Abstract] | |
Income For Continued Dumping And Subsidy Offset Act [Text Block] | 6. Income from Continued Dumping and Subsidy Offset Act (CDSOA) We did not receive any CDSOA distributions in the current year quarter. In the prior year quarter, we recorded income of $3.8 million from CDSOA distributions previously withheld by Customs pending resolution of non-supporting producers ’ |
Discontinued Operations
Discontinued Operations | 3 Months Ended |
Apr. 02, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Disposal Groups, Including Discontinued Operations, Disclosure [Text Block] | 7. Discontinued Operations During the second quarter of 2014, we concluded that revenue on our Young America product line remained below the level needed to reach profitability and that the time frame needed to assure sustainable profitability was longer than we felt was economically justified. Therefore, we made the decision to cease manufacturing operations at our Robbinsville, North Carolina facility and sell the related assets of this facility. Manufacturing operations were ceased in the third quarter of 2014 and as a result this product line was reflected as a discontinued operation pursuant to the provisions of Accounting Standards Update No. 2014-08, Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity There was no loss from discontinued operations in the first quarter of 2016. Loss from discontinued operations, net of taxes, for the three months ended March 28, 2015 comprised the following (in thousands): Net sales $ 207 Cost of sales 393 Selling, general and administrative expenses (68) Loss from discontinued operations before income taxes (118) Income tax - Loss from discontinued operations, net of income taxes $ (118) Loss from discontinued operations included write-down of inventories and other assets, severance and other termination costs and operating losses related to final manufacturing production. |
Corporate-owned Life Insurance
Corporate-owned Life Insurance Policies | 3 Months Ended |
Apr. 02, 2016 | |
Investments, All Other Investments [Abstract] | |
Life Insurance, Corporate or Bank Owned [Text Block] | 8. Corporate-owned Life Insurance Policies In January 2016, we made the decision to liquidate two of our twenty-seven corporate-owned life insurance policies with cash surrender value of $2.6 million. We used $2.5 million of the proceeds to pay down outstanding loans and accrued interest on corporate-owned life insurance policies, lowering our outstanding loan levels to $3.1 million. In March 2016, we made the decision to liquidate the remaining twenty-five life insurance policies with cash surrender value of $25.6 million. We received $22.4 million in proceeds on March 28, 2016, comprised of the cash surrender value net of $3.2 million in remaining outstanding loans and accrued interest. The decision to liquidate was made after continued review of the financial stability of Genworth Life Insurance Company, the issuer of the policies. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment [Table Text Block] | (in thousands) April 2, December 31, 2016 2015 Machinery and equipment $ 2,675 $ 2,675 Leasehold improvements 1,833 1,833 Property, plant and equipment, at cost 4,508 4,508 Less accumulated depreciation 2,765 2,721 Property, plant and equipment, net $ 1,743 $ 1,787 |
Employee Benefit Plans (Tables)
Employee Benefit Plans (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Compensation and Retirement Disclosure [Abstract] | |
Schedule of Net Benefit Costs [Table Text Block] | Three Months Ended April 2, March 28, 2016 2015 Interest cost $ 64 $ 70 Amortization of prior service benefit - (23) Amortization of actuarial loss 23 30 Net periodic postretirement benefit cost $ 87 $ 77 |
Stockholders` Equity (Tables)
Stockholders` Equity (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Stockholders' Equity Note [Abstract] | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended April 2, March 28, 2016 2015 Weighted average shares outstanding for basic calculation 14,222 14,236 Add: Effect of dilutive stock options - 228 Weighted average shares outstanding, adjusted for diluted calculation 14,222 14,464 |
Schedule of Stockholders Equity [Table Text Block] | Common Capital in Retained Accumulated Comprehensive Stock Par Value Earnings Loss Balance at December 31, 2015 $ 283 $ 17,521 $ 32,023 $ (2,175) Net loss - - (1,485) - Purchase and retirement of common stock (8) (1,004) - - Stock purchase and retirement for tax withholdings on vesting of restricted awards - (14) - - Stock-based compensation - 130 - - Adjustment to net periodic benefit cost - - - 23 Balance at April 2, 2016 $ 275 $ 16,633 $ 30,538 $ (2,152) |
Discontinued Operations (Tables
Discontinued Operations (Tables) | 3 Months Ended |
Apr. 02, 2016 | |
Discontinued Operations and Disposal Groups [Abstract] | |
Schedule of Disposal Groups, Including Discontinued Operations, Income Statement [Table Text Block] | Net sales $ 207 Cost of sales 393 Selling, general and administrative expenses (68) Loss from discontinued operations before income taxes (118) Income tax - Loss from discontinued operations, net of income taxes $ (118) |
Property, Plant and Equipment19
Property, Plant and Equipment (Details) - Property, Plant and Equipment - USD ($) $ in Thousands | Apr. 02, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Abstract] | ||
Machinery and equipment | $ 2,675 | $ 2,675 |
Leasehold improvements | 1,833 | 1,833 |
Property, plant and equipment, at cost | 4,508 | 4,508 |
Less accumulated depreciation | 2,765 | 2,721 |
Property, plant and equipment, net | $ 1,743 | $ 1,787 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Millions | 3 Months Ended | ||
Apr. 02, 2016 | Mar. 28, 2015 | Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |||
Operating Loss Carryforwards Utilized During Period | $ 23.4 | ||
Operating Loss Carryforwards | $ 40.1 | ||
Taxable Income from Surrender of Policies | 24 | ||
Deferred Tax Assets, Valuation Allowance | $ 11.2 | $ 19.2 | |
Effective Income Tax Rate Reconciliation, Percent | (69.90%) | 2.20% |
Employee Benefit Plans (Details
Employee Benefit Plans (Details) - Components of other postretirement benefit cost - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Components of other postretirement benefit cost [Abstract] | ||
Interest cost | $ 64 | $ 70 |
Amortization of prior service benefit | (23) | |
Amortization of actuarial loss | $ 23 | 30 |
Net periodic postretirement benefit cost | $ 87 | $ 77 |
Stockholders` Equity (Details)
Stockholders` Equity (Details) - shares | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Employee Stock Option [Member] | ||
Stockholders` Equity (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 1,200,000 | 926,000 |
Restricted Stock [Member] | ||
Stockholders` Equity (Details) [Line Items] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 628,000 |
Stockholders` Equity (Details)
Stockholders` Equity (Details) - Basic and Diluted Earnings Per Share Calculation - shares shares in Thousands | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Basic and Diluted Earnings Per Share Calculation [Abstract] | ||
Weighted average shares outstanding for basic calculation | 14,222 | 14,236 |
Add: Effect of dilutive stock options | 228 | |
Weighted average shares outstanding, adjusted for diluted calculation | 14,222 | 14,464 |
Stockholders` Equity (Details24
Stockholders` Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Stockholders` Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ||
Balance at December 31, 2015 | $ 47,652 | |
Net loss | (1,485) | $ 2,655 |
Adjustment to net periodic benefit cost | (23) | $ (7) |
Balance at April 2, 2016 | 45,294 | |
Common Stock [Member] | ||
Stockholders` Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ||
Balance at December 31, 2015 | $ 283 | |
Net loss | ||
Purchase and retirement of common stock | $ (8) | |
Stock purchase and retirement for tax withholdings on vesting of restricted awards | ||
Stock-based compensation | ||
Adjustment to net periodic benefit cost | ||
Balance at April 2, 2016 | $ 275 | |
Additional Paid-in Capital [Member] | ||
Stockholders` Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ||
Balance at December 31, 2015 | $ 17,521 | |
Net loss | ||
Purchase and retirement of common stock | $ (1,004) | |
Stock purchase and retirement for tax withholdings on vesting of restricted awards | (14) | |
Stock-based compensation | $ 130 | |
Adjustment to net periodic benefit cost | ||
Balance at April 2, 2016 | $ 16,633 | |
Retained Earnings [Member] | ||
Stockholders` Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ||
Balance at December 31, 2015 | 32,023 | |
Net loss | $ (1,485) | |
Purchase and retirement of common stock | ||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | ||
Stock-based compensation | ||
Adjustment to net periodic benefit cost | ||
Balance at April 2, 2016 | $ 30,538 | |
AOCI Attributable to Parent [Member] | ||
Stockholders` Equity (Details) - Reconciliation of the activity in Stockholders` Equity accounts [Line Items] | ||
Balance at December 31, 2015 | $ (2,175) | |
Net loss | ||
Purchase and retirement of common stock | ||
Stock purchase and retirement for tax withholdings on vesting of restricted awards | ||
Stock-based compensation | ||
Adjustment to net periodic benefit cost | $ 23 | |
Balance at April 2, 2016 | $ (2,152) |
Income for Continued Dumping 25
Income for Continued Dumping and Subsidy Offset Act (CDSOA) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Income For Continued Dumping And Subsidy Offset Act [Abstract] | ||
Income from Continued Dumping and Subsidy Offset Act, net | $ 3,820 |
Discontinued Operations (Detail
Discontinued Operations (Details) - Loss from discontinued operations, net of taxes - USD ($) $ in Thousands | 3 Months Ended | |
Apr. 02, 2016 | Mar. 28, 2015 | |
Loss from discontinued operations, net of taxes [Abstract] | ||
Net sales | $ 207 | |
Cost of sales | 393 | |
Selling, general and administrative expenses | (68) | |
Loss from discontinued operations before income taxes | $ (118) | |
Income tax | ||
Loss from discontinued operations, net of income taxes | $ (118) |
Corporate-owned Life Insuranc27
Corporate-owned Life Insurance Policies (Details) $ in Thousands | Mar. 28, 2016USD ($) | Mar. 31, 2016USD ($) | Jan. 31, 2016USD ($) | Apr. 02, 2016USD ($) | Mar. 28, 2016USD ($) | Mar. 28, 2015USD ($) | Dec. 31, 2015USD ($) |
Investments, All Other Investments [Abstract] | |||||||
Liquidated Corporate Owned Life Insurance Policies Numbers | 25 | 2 | |||||
Life Insurance Policy, Numbers Held | 27 | ||||||
Cash Surrender Value of Life Insurance | $ 25,600 | $ 2,600 | $ 22,253 | ||||
Repayments of Secured Debt | 2,500 | $ 3,200 | |||||
Secured Debt | $ 3,100 | ||||||
Proceeds from Life Insurance Policies | $ 22,400 | $ 28,139 |