Harbinger Group Inc.
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SEC Filings

10-K
HRG GROUP, INC. filed this Form 10-K on 11/23/2016
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Fiscal 2014
 
 
Balance at
Beginning
of Period
 
Total Gains (Losses)
 
Purchases
 
Sales
 

Settlements
 
Net
Transfer
In (Out) of
Level 3
 
Balance at
End of
Period
 
 
Included
in
Earnings
 
Included
in
AOCI
 
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate fixed maturity securities
 
$
—

 
$
—

 
$
—

 
$
16.3

 
$
—

 
$
—

 
$
—

 
$
16.3

Funds withheld receivables
 
34.6

 
1.5

 
—

 
23.5

 
(0.7
)
 
—

 
—

 
58.9

Total assets at fair value
 
$
34.6

 
$
1.5

 
$
—

 
$
39.8

 
$
(0.7
)
 
$
—

 
$
—

 
$
75.2

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at Beginning
of Period
 
Total (Gains) Losses
 
 
 
 
 
 
 
Net transfer In (Out) of
Level 3
 
Balance at End of
Period
 
 
 
Included in
Earnings
 
Included in
AOCI
 
Purchases
 
Sales
 
Settlements
 
 
Liabilities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Front Street future policyholder benefit liability
 
$
—

 
$
7.0

 
$
—

 
$
150.6

 
$
—

 
$
(6.3
)
 
$
—

 
$
151.3

Embedded derivatives in Front Street's assumed FIA business
 
140.5

 
10.3

 
—

 
—

 
—

 
—

 
—

 
150.8

Total liabilities at fair value
 
$
140.5

 
$
17.3

 
$
—

 
$
150.6

 
$
—

 
$
(6.3
)
 
$
—

 
$
302.1

The Company reviews the fair value hierarchy classifications each reporting period. Changes in the observability of the valuation attributes may result in a reclassification of certain financial assets or liabilities. Such reclassifications are reported as transfers in and out of Level 3, or between other levels, at the beginning fair value for the reporting period in which the changes occur. There were no transfers between Level 1 and Level 2 for Fiscal 2016, 2015 and 2014.
Non-Recurring Fair Value Measurements
Goodwill, intangible assets and other long-lived assets are tested annually or if an event occurs that indicates an impairment loss may have been incurred using fair value measurements with unobservable inputs (Level 3).
Financial Assets and Liabilities Not Measured at Fair Value
The carrying amount, estimated fair value and the level of the fair value hierarchy of the Company’s financial instrument assets and liabilities which are not measured at fair value in the accompanying Consolidated Balance Sheets are summarized as follows:
 
September 30, 2016
 
Level 1
 
Level 2
 
Level 3
 
Fair Value
 
Carrying Amount
Assets (a)
 
 
 
 
 
 
 
 
 
Asset-based loans, included in other assets
$
—

 
$
—

 
$
35.0

 
$
35.0

 
$
35.0

Policy loans, included in funds withheld receivables
—

 
—

 
8.5

 
8.5

 
8.5

Related party loans
—

 
—

 
92.1

 
92.1

 
92.1

Total financial assets
$
—

 
$
—

 
$
135.6

 
$
135.6

 
$
135.6

 
 
 
 
 
 
 
 
 
 
Liabilities (a)
 
 
 
 
 
 
 
 
 
Investment contracts, included in contractholder funds and other insurance reserves
$
—

 
$
—

 
$
922.9

 
$
922.9

 
$
988.3

Total debt (b)
—

 
2.0

 
29.1

 
31.1

 
99.5

Total financial liabilities
$
—

 
$
2.0

 
$
29.1

 
$
31.1

 
$
99.5


S-79
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