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Business Combinations and Asset Acquisitions (Tables) | 6 Months Ended
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Jun. 30, 2021
Business Combination and Asset Acquisition [Abstract] |
Schedule of Initial Purchase Price | The purchase price is as follows (in millions):
Cash paid for outstanding F&G shares | $ | 1,903 |
Less: Cash Acquired | 827 |
Net cash paid for F&G | 1,076 |
Value of FNF share consideration | 806 |
Value of outstanding converted equity awards attributed to services already rendered | 28 |
Total net consideration paid | $ | 1,910 |
Schedule of Assets Acquired and Liabilities Assumed | The final purchase price allocation is as follows (dollars in millions):
| Fair Value
Fixed maturity securities | $ | 22,389 |
Preferred securities | 876 |
Equity securities | 52 |
Derivative instruments | 313 |
Mortgage loans | 1,755 |
Investments in unconsolidated affiliates | 1,049 |
Other long-term investments | 430 |
Short-term investments | 37 |
Trade and notes receivable | 1 |
Reinsurance recoverable | 2,998 |
Goodwill | 1,756 |
Prepaid expenses and other assets | 379 |
Lease assets | 8 |
Other intangible assets | 2,107 |
Deferred tax asset | 269 |
Assets of discontinued operations | 2,392 |
Total assets acquired | 36,811 |
Contractholder funds | 26,451 |
Future policy benefits | 3,871 |
Accounts payable and accrued liabilities | 897 |
Notes payable | 589 |
Funds withheld for reinsurance liabilities | 816 |
Lease liabilities | 9 |
Liabilities of discontinued operations | 2,268 |
Total liabilities assumed | 34,901 |
Net assets acquired | $ | 1,910 |
Gross Carrying Value and Weighted Average Useful Lives of Property and Equipment and Other Intangible Assets Acquired | The gross carrying value and weighted average estimated useful lives of Other intangible assets acquired in the F&G acquisition consist of the following (dollars in millions):
| Gross Carrying Value |  | Weighted Average Estimated Useful Life (in years)
Other intangible assets: |  |  |
Value of business acquired | $ | 1,908 |  |  | Various
Value of distribution network acquired | 140 |  |  | 15
Trademarks and licenses | 38 |  |  | 10
Software | 21 |  |  | 2
Total Other intangible assets | 2,107 |  |  |

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- Definition Tabular disclosure of a material business combination completed during the period, including background, timing, and recognized assets and liabilities. This table does not include leveraged buyouts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1486-128463 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of finite-lived intangible assets acquired as part of a business combination or through an asset purchase, by major class and in total, including the value of the asset acquired, any significant residual value (the expected value of the asset at the end of its useful life) and the weighted-average amortization period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 350 -SubTopic 30 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=66006027&loc=d3e16265-109275 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=123413009&loc=d3e4845-128472 + Details
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