Harbinger Group Inc.
    Print Page | Close Window

SEC Filings

10-Q
HRG GROUP, INC. filed this Form 10-Q on 05/05/2017
Entire Document
 << Previous Page | Next Page >>

 
Three months ended March 31, 2016
 
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
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Funds withheld receivables
$
65.1

 
$
(0.3
)
 
$

 
$
3.1

 
$
(3.4
)
 
$

 
$

 
$
64.5

Total assets at fair value
$
65.1

 
$
(0.3
)
 
$

 
$
3.1

 
$
(3.4
)
 
$

 
$

 
$
64.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
$
629.0

 
$
23.9

 
$

 
$

 
$

 
$
1.1

 
$

 
$
654.0

Embedded derivatives in Front Street's assumed FIA business
139.9

 
(3.4
)
 

 

 

 

 

 
136.5

Total liabilities at fair value
$
768.9

 
$
20.5

 
$

 
$

 
$

 
$
1.1

 
$

 
$
790.5

 
Six months ended March 31, 2016
 
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
 
 
Assets
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Corporate fixed maturity securities AFS
$
14.1

 
$
(0.5
)
 
$

 
$

 
$
(13.6
)
 
$

 
$

 
$

Other invested assets
2.8

 
2.7

 

 

 

 
(5.5
)
 

 

Funds withheld receivables
74.7

 
(1.9
)
 

 
8.1

 
(16.4
)
 

 

 
64.5

Total assets at fair value
$
91.6

 
$
0.3

 
$

 
$
8.1

 
$
(30.0
)
 
$
(5.5
)
 
$

 
$
64.5

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
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
$
629.2

 
$
20.2

 
$

 
$

 
$

 
$
4.6

 
$

 
$
654.0

Embedded derivatives in Front Street's assumed FIA business
142.3

 
(5.8
)
 

 

 

 

 

 
136.5

Total liabilities at fair value
$
771.5

 
$
14.4

 
$

 
$

 
$

 
$
4.6

 
$

 
$
790.5

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 the three and six months ended March 31, 2017 and 2016 and there were no transfers in or out of Level 3 for the three and six months ended March 31, 2016. For the three and six months ended March 31, 2017, the transfers out of Level 3 were related to changes in the primary pricing source and changes in the observability of external information used in determining fair value.
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 Condensed Consolidated Balance Sheets are summarized as follows:

21

 << Previous Page | Next Page >>