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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Corporate and Other Segment
Presented below is a table that summarizes the results of operations of our Corporate and Other segment and compares the amount of the change between the fiscal periods (in millions):
 
Fiscal
 
Increase / (Decrease)
 
2016
 
2015
 
2014
 
2016 compared to 2015
 
2015 compared to 2014
Corporate and Other segment revenues
$
8.9

 
$
63.4

 
$
53.5

 
$
(54.5
)
 
$
9.9

 
 
 
 
 
 
 
 
 
 
Cost of consumer products and other goods sold
—

 
30.9

 
15.3

 
(30.9
)
 
15.6

Selling, acquisition, operating and general expenses
69.4

 
181.1

 
163.0

 
(111.7
)
 
18.1

Impairments and bad debt expense
23.5

 
148.1

 
2.3

 
(124.6
)
 
145.8

Total Corporate and Other segment operating costs and expenses
92.9

 
360.1

 
180.6

 
(267.2
)
 
179.5

Operating loss - Corporate and Other segment
$
(84.0
)
 
$
(296.7
)
 
$
(127.1
)
 
$
212.7

 
$
(169.6
)
Corporate and Other segment revenues. Presented below is a table that summarizes the Corporate and Other segment revenues by product line and compares the amount of the change between the fiscal periods (in millions):
 
Fiscal
 
Increase / (Decrease)
Corporate and Other segment revenues
2016
 
2015
 
2014
 
2016 compared to 2015
 
2015 compared to 2014
Asset management
$
8.9

 
$
22.2

 
$
34.2

 
$
(13.3
)
 
$
(12.0
)
Women’s apparel and related products
—

 
42.7

 
20.1

 
(42.7
)
 
22.6

Inter-company eliminations
—

 
(1.5
)
 
(0.8
)
 
1.5

 
(0.7
)
Corporate and Other segment revenues
$
8.9

 
$
63.4

 
$
53.5

 
$
(54.5
)
 
$
9.9

Asset Management
Revenues decreased $13.3 million to $8.9 million from $22.2 million for Fiscal 2015, primarily driven by lower revenue generated by Salus as a result of the continued run-off of the remaining outstanding amount of Salus loans primarily attributable to paydowns on existing loans and a lack of new loan originations by Salus.
Revenues decreased $12.0 million to $22.2 million from $34.2 million for Fiscal 2014, primarily due to lower interest revenue on Salus’ retained interest in the RadioShack loan for Fiscal 2015 as compared to Fiscal 2014, as well as the continued run-off and paydowns of Salus loans as discussed above. Partially offsetting these decreases was an increase in asset management revenues from CorAmerica and EIC driven by loan origination.
Women’s apparel and related products
Revenues from Women’s apparel and related products reported within the “Net consumer and other product sales” caption for Fiscal 2015 and 2014 represent sales from FOH. FOH was deconsolidated in the third quarter of Fiscal 2015 following the declaration of bankruptcy by FOHG, FOH and their subsidiaries in April 2015. Following the completion of the bankruptcy of FOHG, FOH and their subsidiaries, such entities ceased to be subsidiaries of HRG.
Cost of consumer products and other goods sold . Cost of consumer products and other goods sold for Fiscal 2015 and 2014 represents FOH cost of consumer products and other goods sold for Fiscal 2015 and 2014.
Selling, acquisition, operating and general expenses. Presented below is a table that summarizes the Selling, acquisition, operating and general expenses of our Corporate and Other segment by product line, and compares the amount of the change between the fiscal periods (in millions):
 
Fiscal
 
Increase / (Decrease)
Selling, acquisition, operating and general expenses
2016
 
2015
 
2014
 
2016 compared to 2015
 
2015 compared to 2014
Corporate (a)
$
52.2

 
$
103.9

 
$
116.4

 
$
(51.7
)
 
$
(12.5
)
Asset management
17.2

 
37.4

 
31.2

 
(20.2
)
 
6.2

Women’s apparel and related products
—

 
39.8

 
15.4

 
(39.8
)
 
24.4

Selling, acquisition, operating and general expenses - Corporate and Other segment
$
69.4

 
$
181.1

 
$
163.0

 
$
(111.7
)
 
$
18.1

(a) Fiscal 2016, 2015 and 2014 include $0.5 million, $1.2 million and $0.5 million, respectively, of selling, acquisition, operating and general expenses previously reported under the Insurance and Energy segments.

91
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