Subsequent Events

9 Months Ended

Sep. 30, 2015

Subsequent Events [Abstract]

Subsequent Events

(16)     Subsequent Event

As described more fully in the Brightwater Matter discussion in Note 7. Contingencies and Commitments, on November 9, 2015, the Company received notice of an adverse appellate court decision, filed that day, regarding a long-standing litigation matter involving a joint venture in which Frontier-Kemper, a wholly-owned subsidiary of the Company, was a 20% minority partner. The adverse decision upheld a trial court’s jury verdict from May 2013 and resulted in a non-cash, pre-tax charge of approximately $23.9 million, which was recorded as a subsequent event in the third quarter of 2015. As part of the appellate court’s decision, the joint venture must pay reasonable attorney fees and appellate costs, which were not known and were not estimable at the time of the filing of this Form 10-Q. Since Frontier-Kemper contributed its 20% minority share of funds to satisfy the trial court’s earlier verdict, the decision is not expected to have a significant impact on future cash flows.

Frontier-Kemper is a wholly owned subsidiary of the Company that was acquired in June 2011. The Brightwater joint venture project had been completed and the dispute was in litigation at the time of the acquisition. As a minority partner, Frontier-Kemper did not lead the litigation effort, nor did the Company.

As a result of receiving notice of the adverse appellate court decision on November 9, 2015, the Company filed a Notification of Late Filing on Form 12b-25 with the Securities and Exchange Commission on November 10, 2015, disclosing that the Company was unable to timely file this Form 10-Q for the quarter ended September 30, 2015.