|
| | | | | | | | | | | | |
| Historical Condensed Consolidated | | | | Pro Forma Condensed Combined |
| | FGL Merger Agreement | |
Revenues: | | | | | | |
Net consumer and other product sales | $ | 4,449.2 |
| | $ | — |
| | | $ | 4,449.2 |
|
Oil and natural gas | 147.0 |
| | — |
| | | 147.0 |
|
Insurance premiums | 56.6 |
| | (55.6 | ) | 3(b) | | 1.0 |
|
Net investment income | 842.2 |
| | (753.2 | ) | 3(b) | | 89.0 |
|
Net investment gains (losses) | 395.3 |
| | (306.7 | ) | 3(b) | | 88.6 |
|
Insurance and investment product fees and other | 72.7 |
| | (67.5 | ) | 3(b) | | 5.2 |
|
Total revenues | 5,963.0 |
| | (1,183.0 | ) | | | 4,780.0 |
|
Operating costs and expenses: | | | | | | |
Cost of consumer products and other goods sold | 2,875.6 |
| | — |
| | | 2,875.6 |
|
Oil and natural gas direct operating costs | 69.6 |
| | — |
| | | 69.6 |
|
Benefits and other changes in policy reserves | 852.7 |
| | (787.5 | ) | 3(b) | | 65.2 |
|
Selling, acquisition, operating and general expenses | 1,332.5 |
| | (101.7 | ) | 3(b) | | 1,230.8 |
|
Impairments and bad debt expense | 83.9 |
| | (0.6 | ) | 3(b) | | 83.3 |
|
Amortization of intangibles | 179.2 |
| | (97.5 | ) | 3(b) | | 81.7 |
|
Total operating costs and expenses | 5,393.5 |
| | (987.3 | ) | | | 4,406.2 |
|
Operating income (loss) | 569.5 |
| | (195.7 | ) | | | 373.8 |
|
Interest expense | (321.9 | ) | | 15.5 |
| 3(b) | | (306.4 | ) |
Loss from the change in the fair value of the equity conversion feature of preferred stock | (12.7 | ) | | — |
| | | (12.7 | ) |
Other expense, net | (21.7 | ) | | (0.8 | ) | 3(b) | | (22.5 | ) |
Income (loss) from continuing operations before income taxes | 213.2 |
| | (181.0 | ) | | | 32.2 |
|
Income tax expense (benefit) | 111.5 |
| | (23.4 | ) | 3(b) | | 88.1 |
|
Net income (loss) from continuing operations | 101.7 |
| | (157.6 | ) | | | (55.9 | ) |
Income from discontinued operations, net of tax | — |
| | 157.6 |
| 3(b) | | 157.6 |
|
Net income | 101.7 |
| | — |
| | | 101.7 |
|
Less: Net income attributable to noncontrolling interest | 112.0 |
| | — |
|
| | 112.0 |
|
Net loss income attributable to controlling interest | (10.3 | ) | | — |
| | | (10.3 | ) |
Less: Preferred stock dividends, accretion and loss on conversion | 73.6 |
| | — |
| | | 73.6 |
|
Net loss attributable to common and participating preferred stockholders | $ | (83.9 | ) | | $ | — |
| | | $ | (83.9 | ) |
| | | | | | |
Amounts attributable to common and participating preferred stockholders: | | | | | | |
Net loss from continuing operations, net of tax | $ | (83.9 | ) | | $ | (131.4 | ) | 3(c) | | $ | (215.3 | ) |
Net income from discontinued operations, net of tax | — |
| | 131.4 |
| 3(c) | | 131.4 |
|
Net (loss) income attributable to common and participating preferred stockholders | $ | (83.9 | ) | | $ | — |
| | | $ | (83.9 | ) |
| | | | | | |
Net loss per common share attributable to controlling interest: | | | | | | |
Basic loss from continuing operations | $ | (0.51 | ) | | $ | (0.81 | ) | 3(d) | | $ | (1.32 | ) |
Basic income from discontinued operations | — |
| | 0.81 |
| 3(d) | | 0.81 |
|
Basic | $ | (0.51 | ) | | $ | — |
| | | $ | (0.51 | ) |
| | | | | | |
Diluted loss from continuing operations | $ | (0.51 | ) | | $ | (0.81 | ) | 3(d) | | $ | (1.32 | ) |
Diluted income from discontinued operations | — |
| | 0.81 |
| 3(d) | | 0.81 |
|
Diluted | $ | (0.51 | ) | | $ | — |
| | | $ | (0.51 | ) |