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Fair Value of Financial Instruments (Tables)

3 Months Ended

Mar. 31, 2025

Fair Value Disclosures [Abstract]

Schedule of Carrying Amount and Estimated Fair Value of Assets and Liabilities on Recurring Basis

The estimated fair values of our financial instruments for which the disclosure of fair values is required, including financial assets and liabilities measured and carried at fair value on a recurring basis, with the exception of investment contracts, portions of other long-term investments and debt, which are disclosed later within this footnote, was summarized according to the hierarchy previously described, as follows:

			March 31, 2025
			Level 1						Level 2						Level 3						NAV						Fair Value
Assets			(In millions)
Cash and cash equivalents			$	4,484					$	—					$	—					$	—					$	4,484
Fixed maturity securities, available-for-sale:
Asset-backed securities ("ABS")			—						7,420						8,848						—						16,268
Commercial mortgage-backed securities			—						5,142						—						—						5,142
Corporates			40						19,702						3,006						—						22,748
Hybrids			35						471						6						—						512
Municipals			—						1,406						4						—						1,410
Residential mortgage-backed securities			—						2,745						3						—						2,748
U.S. Government			666						6						—						—						672
Foreign Governments			—						301						23						—						324
Preferred securities			179						242						8						—						429
Equity securities			515						—						10						22						547
Derivative investments			1						703						1						—						705
Investment in unconsolidated affiliates			—						—						272						—						272
Other long-term investments			—						—						32						—						32
Short term investments			1,106						15						40						—						1,161
Loan receivable, included in Prepaid expenses and other assets			—						—						11						—						11
Market risk benefits asset			—						—						187						—						187
Other assets			—						—						67						—						67
Total financial assets at fair value			$	7,026					$	38,153					$	12,518					$	22					$	57,719
Liabilities
Derivatives:
Indexed annuities/indexed universal life insurance ("IUL") embedded derivatives, included in Contractholder funds			$	—					$	—					$	5,316					$	—					$	5,316
Interest rate swaps			—						—						1						—						1
Equity options			1						—						—						—						1
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities			—						(78)						—						—						(78)
Contingent consideration obligation, included in Accounts payable and accrued liabilities			—						—						64						—						64
Market risk benefits liability			—						—						635						—						635
Total financial liabilities at fair value			$	1					$	(78)					$	6,016					$	—					$	5,939

			December 31, 2024
			Level 1						Level 2						Level 3						NAV						Fair Value
Assets			(In millions)
Cash and cash equivalents			$	3,479					$	—					$	—					$	—					$	3,479
Fixed maturity securities, available-for-sale:
Asset-backed securities			—						7,513						8,143						—						15,656
Commercial mortgage-backed securities			—						5,182						—						—						5,182
Corporates			41						18,698						2,957						—						21,696
Hybrids			35						546						—						—						581
Municipals			—						1,386						—						—						1,386
Residential mortgage-backed securities			—						2,793						3						—						2,796
U.S. Government			631						6						—						—						637
Foreign Governments			—						280						4						—						284
Preferred securities			189						246						8						—						443
Equity securities			575						—						10						57						642
Derivative investments			—						791						3						—						794
Investment in unconsolidated affiliates			—						—						272						—						272
Other long-term investments			—						—						32						—						32
Short term investments			2,995						18						37						—						3,050
Loan receivable, included in Prepaid expenses and other assets			—						—						11						—						11
Market risk benefits asset			—						—						189						—						189
Other assets			—						—						65						—						65
Total financial assets at fair value			$	7,945					$	37,459					$	11,734					$	57					$	57,195
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in Contractholder funds			$	—					$	—					$	5,220					$	—					$	5,220
Interest rate swaps, included in Accounts payable and accrued liabilities			—						10						—						—						10
Equity options			1						—						—						—						1
Reinsurance related embedded derivatives, included in Funds withheld for reinsurance liabilities			—						(109)						—						—						(109)
Contingent consideration obligation, included in Accounts payable and accrued liabilities			—						—						74						—						74
Market risk benefits liability			—						—						549						—						549
Total financial liabilities at fair value			$	1					$	(99)					$	5,843					$	—					$	5,745

The following tables provide the carrying value and estimated fair value of our financial instruments that are carried on the unaudited Condensed Consolidated Balance Sheets at amounts other than fair value, summarized according to the fair value hierarchy previously described.

			March 31, 2025
			Level 1						Level 2						Level 3						NAV						Total Estimated Fair Value						Carrying Amount
Assets			(In millions)
FHLB common stock			$	—					$	156					$	—					$	—					$	156					$	156
Commercial mortgage loans			—						—						2,534						—						2,534						2,788
Residential mortgage loans			—						—						3,338						—						3,338						3,578
Investments in unconsolidated affiliates			—						—						4						3,851						3,855						3,855
Policy loans			—						—						115						—						115						115
Other invested assets			45						—						—						50						95						95
Company-owned life insurance			—						—						436						—						436						436
Trade and notes receivables, net of allowance			—						—						421						—						421						421
Total			$	45					$	156					$	6,848					$	3,901					$	10,950					$	11,444
Liabilities
Investment contracts, included in contractholder funds			$	—					$	—					$	47,722					$	—					$	47,722					$	52,507
Debt			—						4,110						—						—						4,110						4,394
Total			$	—					$	4,110					$	47,722					$	—					$	51,832					$	56,901

			December 31, 2024
			Level 1						Level 2						Level 3						NAV						Total Estimated Fair Value						Carrying Amount
Assets			(In millions)
FHLB common stock			$	—					$	153					$	—					$	—					$	153					$	153
Commercial mortgage loans			—						—						2,404						—						2,404						2,705
Residential mortgage loans			—						—						2,916						—						2,916						3,221
Investments in unconsolidated affiliates			—						—						5						3,288						3,293						3,293
Policy loans			—						—						104						—						104						104
Other invested assets			42						—						—						48						90						90
Company-owned life insurance			—						—						431						—						431						431
Trade and notes receivables, net of allowance			—						—						471						—						471						471
Total			$	42					$	153					$	6,331					$	3,336					$	9,862					$	10,468
Liabilities
Investment contracts, included in contractholder funds			$	—					$	—					$	46,339					$	—					$	46,339					$	51,184
Debt			—						3,781						—						—						3,781						4,321
Total			$	—					$	3,781					$	46,339					$	—					$	50,120					$	55,505

Schedule of Quantitative Information Regarding Significant Unobservable Inputs Used for Recurring Level Three Fair Value Measurements of Financial Instruments

Quantitative information regarding significant unobservable inputs used for recurring Level 3 fair value measurements of financial instruments carried at fair value as of March 31, 2025 and December 31, 2024, excluding assets and liabilities for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services), are as follows:

Fair Value as of

Valuation Technique

Unobservable Input(s)

Range (Weighted average)

March 31, 2025

(In millions)

March 31, 2025

Assets

Asset-backed securities

$

112

Third-Party Valuation

Discount Rate

5.02% - 7.29% (6.28%)

Corporates

11

Discounted Cash Flow

Discount Rate

13.33% - 100.00% (97.01%)

Corporates

688

Third-Party Valuation

Discount Rate

2.09% - 24.33% (6.55%)

Municipals

4

Third-Party Valuation

Discount Rate

5.63% - 5.63% (5.63%)

Residential mortgage-backed securities

3

Third-Party Valuation

Discount Rate

5.65% - 5.65% (5.65%)

Foreign Governments

4

Third-Party Valuation

Discount Rate

10.86% - 10.86% (10.86%)

Preferred securities

1

Discounted Cash Flow

Discount rate

100.00% - 100.00% (100.00%)

Equity securities

4

Discounted Cash Flow

Discount rate

8.40% - 8.40% (8.40%)

Market Comparable Company Analysis

EBITDA multiple

5.4x - 5.4x (5.4x)

Investment in unconsolidated affiliates

272

Market Comparable Company Analysis

EBITDA Multiple

9.7x - 14.1x (11.8x)

Other long-term investments:

Available-for-sale embedded derivative

32

Black Scholes Model

Market Value of AnchorPath Fund

100.00%

Prepaid expenses and other assets:

Loan receivable

11

Discounted Cash Flow

Risk-Adjusted Discount Rate

6.94% - 6.94% (6.94%)

Collateral Volatility

35.00% - 35.00% (35.00%)

Other assets

67

Discounted Cash Flow

Discount Rate

9.36% - 15.27% (12.32%)

Conditional Prepayment Rate

6.33% -11.65% (8.99%)

Market risk benefits asset

187

Discounted Cash Flow

Mortality

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 30.00% (5.01%)

Partial Withdrawal Rates

2.00% - 24.39% (2.48%)

Non-Performance Spread

0.48% - 0.95% (0.75%)

GMWB Utilization

50.00% - 75.00% (62.06%)

Total financial assets at fair value (a)

$

1,396

Liabilities

Derivatives:

Indexed annuities/ IUL embedded derivatives, included in Contractholder funds

$

5,316

Discounted Cash Flow

Market Value of Option

0.00% - 19.44% (1.98%)

Mortality Multiplier

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 50.00% (6.70%)

Partial Withdrawals

2.00% - 37.04% (2.71%)

Non-Performance Spread

0.48% - 0.95% (0.75%)

Option Cost

0.07% - 5.70% (2.72%)

Accounts payable and accrued liabilities:

Contingent consideration

64

Discounted Cash Flow

Risk-Adjusted Discount Rate

13.00% - 13.00% (13.00%)

EBITDA Volatility

35.00% - 35.00% (35.00%)

Counterparty Discount Rate

6.50% - 6.50% (6.50%)

Market risk benefits liability

635

Discounted Cash Flow

Mortality

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 30.00% (5.01%)

Partial Withdrawal Rates

2.00% - 24.39% (2.48%)

Non-Performance Spread

0.48% - 0.95% (0.75%)

GMWB Utilization

50.00% - 75.00% (62.06%)

Total financial liabilities at fair value

$

6,015

(a) Assets of $11,122 million and liabilities of $1 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

Fair Value as of

Valuation Technique

Unobservable Input(s)

Range (Weighted average)

December 31, 2024

(In millions)

December 31, 2024

Assets

Asset-backed securities

$

95

Third-Party Valuation

Discount Rate

4.83% - 7.15%% (6.33%)

Corporates

750

Third-Party Valuation

Discount Rate

2.00% - 22.53% (6.76%)

Corporates

7

Discounted Cash Flow

Discount Rate

13.33% - 100.00% (96.45%)

Residential mortgage-backed securities

3

Third-Party Valuation

Discount Rate

5.89% - 5.89% (5.89%)

Foreign Governments

4

Third-Party Valuation

Discount Rate

12.14% - 12.14% (12.14%)

Preferred securities

1

Discounted Cash Flow

Discount rate

100.00% - 100.00% (100.00%)

Equity securities

4

Discounted Cash Flow

Discount rate

4.80% - 14.10% (9.40%)

Market Comparable Company Analysis

EBITDA multiple

5.8x - 7.5x (7.0x)

Investment in unconsolidated affiliates

272

Market Comparable Company Analysis

EBITDA Multiple

8.7x - 23.6x (14.6x)

Other assets

65

Discounted Cash Flow

Discount Rate

10.60% - 12.00% (11.30%)

Conditional Prepayment Rate

6.24% - 11.99% (9.12%)

Other long-term investments:

Available-for-sale embedded derivative

32

Black Scholes Model

Market Value of AnchorPath Fund

100.00%

Prepaid expenses and other assets:

Loan receivable

11

Discounted Cash Flow

Risk-Adjusted Discount Rate

7.22% - 7.22% (7.22%)

Collateral Volatility

35.00% - 35.00% (35.00%)

Market risk benefits asset

189

Discounted Cash Flow

Mortality

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 30.00% (5.05%)

Partial Withdrawal Rates

2.00% -24.39% (2.48%)

Non-Performance Spread

0.48% - 0.95% (0.75%)

GMWB Utilization

50.00% -75.00% (61.77%)

Total financial assets at fair value (a)

$

1,433

Liabilities

Derivatives:

Indexed annuities/ IUL embedded derivatives, included in Contractholder funds

$

5,220

Discounted Cash Flow

Market Value of Option

0.00% - 20.81% (2.92%)

Mortality Multiplier

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 50.00% (6.94%)

Partial Withdrawals

2.00% - 35.71% (2.72%)

Non-Performance Spread

0.48% - 0.95% 0.75%)

Option Cost

0.07% - 5.70% (2.68%)

Accounts payable and accrued liabilities:

Contingent consideration

74

Discounted Cash Flow

Risk-Adjusted Discount Rate

13.50% - 13.50% (13.50%)

EBITDA Volatility

35.00% - 35.00% (35.00%)

Counterparty Discount Rate

6.50% - 6.50% (6.50%)

Market risk benefits liability

549

Discounted Cash Flow

Mortality

80.00% - 115.00% (100.00%)

Surrender Rates

0.25% - 30.00% (5.05%)

Partial Withdrawal Rates

2.00% - 24.39% (2.48%)

Non-Performance Spread

0.48% - 0.95% (0.75%)

GMWB Utilization

50.00% - 75.00% (61.77%)

Total financial liabilities at fair value

$

5,843

(a) Assets of $10,301 million for which significant quantitative unobservable inputs are not developed internally and not readily available to the Company (primarily those valued using broker quotes and certain third-party pricing services) are excluded from the respective totals in the table above.

Schedule of Changes in Fair Value of Financial Instruments - Assets

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2025 and 2024. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

			Three months ended March 31, 2025
			Balance at Beginning of Period												Total (Losses) Gains												Purchases						Sales						Settlements						Net Transfer Out of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
												Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	8,143											$	1					$	3					$	1,029					$	(143)					$	(185)					$	—					$	8,848					$	2
Commercial mortgage-backed securities			—												—						—						—						—						—						—						—						—
Corporates			2,957												(13)						34						353						(314)						(11)						—						3,006						33
Hybrids			—												—						—						6						—						—						—						6						—
Municipals			—												—						—						4						—						—						—						4						—
Residential mortgage-backed securities			3												—						—						—						—						—						—						3						—
Foreign Governments			4												—						—						19						—						—						—						23						—
Preferred securities			8												(1)						1						—						—						—						—						8						—
Equity securities			10												—						—						—						—						—						—						10						—
Interest rate swaps			3												—						(2)						—						—						—						—						1						(2)
Investment in unconsolidated affiliates			272												—						—						—						—						—						—						272						—
Short term investments			37												—						—						3						—						—						—						40						—
Other long-term investments:
Available-for-sale embedded derivative			32												—						—						—						—						—						—						32						—
Credit linked note			—												—						—						—						—						—						—						—						—
Prepaid expenses and other assets:
Loan receivable			11												—						—						—						—						—						—						11						—
Other assets			65												—						—						2						—						—						—						67						—
Subtotal Level 3 assets at fair value			$	11,545											$	(13)					$	36					$	1,416					$	(457)					$	(196)					$	—					$	12,331					$	33
Market risk benefits asset (b)			189																																																187
Total Level 3 assets at fair value			$	11,734																																															$	12,518
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds			5,220												(67)						—						256						—						(93)						—						5,316						—
Interest rate swaps			—												—						1						—						—						—						—						1						(1)
Accounts payable and accrued liabilities:
Contingent consideration			74												2						—						—						—						(12)						—						64						—
Subtotal Level 3 liabilities at fair value			$	5,294											$	(65)					$	1					$	256					$	—					$	(105)					$	—					$	5,381					$	(1)
Market risk benefits liability (b)			549																																																635
Total Level 3 liabilities at fair value			$	5,843																																															$	6,016

(a) The net transfers out of Level 3 during the three months ended March 31, 2025 were exclusively to Level 2.

(b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

			Three months ended March 31, 2024
			Balance at Beginning of Period						Total (Losses) Gains												Purchases						Sales						Settlements						Net Transfer Out of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
									Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	7,122					$	(12)					$	104					$	762					$	(19)					$	(202)					$	(19)					$	7,736					$	104
Commercial mortgage-backed securities			18						—						—						1						—						—						(7)						12						—
Corporates			1,979						—						13						217						(3)						(22)						—						2,184						13
Municipals			49						—						1						—						(32)						—						—						18						1
Residential mortgage-backed securities			3						—						—						1						—						—						—						4						—
Foreign Governments			16						—						—						—						—						(11)						—						5						—
Investment in unconsolidated affiliates			285						58						—						—						—						—						—						343						—
Short term investments			—						—						—						9						—						—						—						9						—
Preferred securities			8						—						—						—						—						—						—						8						—
Equity securities			15						(1)						—						—						—						—						—						14						—
Interest Rate Swaps			57						(48)						—						—						—						—						—						9						—
Other long-term investments:
Available-for-sale embedded derivative			27						—						3						—						—						—						—						30						3
Credit linked note			10						—						—						—						—						(1)						—						9						—
Subtotal Level 3 assets at fair value			$	9,589					$	(3)					$	121					$	990					$	(54)					$	(236)					$	(26)					$	10,381					$	121
Market risk benefits asset (b)			88																																										95
Total Level 3 assets at fair value			$	9,677																																									$	10,476
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in contractholder funds			$	4,258					$	200					$	—					$	288					$	—					$	(67)					$	—					$	4,679					$	—
Interest rate swaps			—						19						—						—						—						—						—						19
Accounts payable and accrued liabilities:
Contingent consideration (c)			—						9						—						48						—						—						—						57						—
Subtotal Level 3 liabilities at fair value			$	4,258					$	228					$	—					$	336					$	—					$	(67)					$	—					$	4,755					$	—
Market risk benefits liability (b)			403																																										425
Total Level 3 liabilities at fair value			$	4,661																																									$	5,180

(a) The net transfers out of Level 3 during the three months ended March 31, 2024 were exclusively to Level 2.

(b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

(c) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above.

Schedule of Changes in Fair Value of Financial Instruments - Liabilities

The following tables summarize changes to the Company’s financial instruments carried at fair value and classified within Level 3 of the fair value hierarchy for the three months ended March 31, 2025 and 2024. The gains and losses below may include changes in fair value due in part to observable inputs that are a component of the valuation methodology.

			Three months ended March 31, 2025
			Balance at Beginning of Period												Total (Losses) Gains												Purchases						Sales						Settlements						Net Transfer Out of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
												Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	8,143											$	1					$	3					$	1,029					$	(143)					$	(185)					$	—					$	8,848					$	2
Commercial mortgage-backed securities			—												—						—						—						—						—						—						—						—
Corporates			2,957												(13)						34						353						(314)						(11)						—						3,006						33
Hybrids			—												—						—						6						—						—						—						6						—
Municipals			—												—						—						4						—						—						—						4						—
Residential mortgage-backed securities			3												—						—						—						—						—						—						3						—
Foreign Governments			4												—						—						19						—						—						—						23						—
Preferred securities			8												(1)						1						—						—						—						—						8						—
Equity securities			10												—						—						—						—						—						—						10						—
Interest rate swaps			3												—						(2)						—						—						—						—						1						(2)
Investment in unconsolidated affiliates			272												—						—						—						—						—						—						272						—
Short term investments			37												—						—						3						—						—						—						40						—
Other long-term investments:
Available-for-sale embedded derivative			32												—						—						—						—						—						—						32						—
Credit linked note			—												—						—						—						—						—						—						—						—
Prepaid expenses and other assets:
Loan receivable			11												—						—						—						—						—						—						11						—
Other assets			65												—						—						2						—						—						—						67						—
Subtotal Level 3 assets at fair value			$	11,545											$	(13)					$	36					$	1,416					$	(457)					$	(196)					$	—					$	12,331					$	33
Market risk benefits asset (b)			189																																																187
Total Level 3 assets at fair value			$	11,734																																															$	12,518
Liabilities
Derivatives:
Indexed annuities/ IUL embedded derivatives, included in Contractholder funds			5,220												(67)						—						256						—						(93)						—						5,316						—
Interest rate swaps			—												—						1						—						—						—						—						1						(1)
Accounts payable and accrued liabilities:
Contingent consideration			74												2						—						—						—						(12)						—						64						—
Subtotal Level 3 liabilities at fair value			$	5,294											$	(65)					$	1					$	256					$	—					$	(105)					$	—					$	5,381					$	(1)
Market risk benefits liability (b)			549																																																635
Total Level 3 liabilities at fair value			$	5,843																																															$	6,016

(a) The net transfers out of Level 3 during the three months ended March 31, 2025 were exclusively to Level 2.

(b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market Risk Benefits Asset and Liability.

			Three months ended March 31, 2024
			Balance at Beginning of Period						Total (Losses) Gains												Purchases						Sales						Settlements						Net Transfer Out of Level 3 (a)						Balance at End of Period						Change in Unrealized Included in OCI
									Included in Earnings						Included in AOCI
Assets			(In millions)
Fixed maturity securities available-for-sale:
Asset-backed securities			$	7,122					$	(12)					$	104					$	762					$	(19)					$	(202)					$	(19)					$	7,736					$	104
Commercial mortgage-backed securities			18						—						—						1						—						—						(7)						12						—
Corporates			1,979						—						13						217						(3)						(22)						—						2,184						13
Municipals			49						—						1						—						(32)						—						—						18						1
Residential mortgage-backed securities			3						—						—						1						—						—						—						4						—
Foreign Governments			16						—						—						—						—						(11)						—						5						—
Investment in unconsolidated affiliates			285						58						—						—						—						—						—						343						—
Short term investments			—						—						—						9						—						—						—						9						—
Preferred securities			8						—						—						—						—						—						—						8						—
Equity securities			15						(1)						—						—						—						—						—						14						—
Interest Rate Swaps			57						(48)						—						—						—						—						—						9						—
Other long-term investments:
Available-for-sale embedded derivative			27						—						3						—						—						—						—						30						3
Credit linked note			10						—						—						—						—						(1)						—						9						—
Subtotal Level 3 assets at fair value			$	9,589					$	(3)					$	121					$	990					$	(54)					$	(236)					$	(26)					$	10,381					$	121
Market risk benefits asset (b)			88																																										95
Total Level 3 assets at fair value			$	9,677																																									$	10,476
Liabilities
Derivatives:
Indexed annuities/IUL embedded derivatives, included in contractholder funds			$	4,258					$	200					$	—					$	288					$	—					$	(67)					$	—					$	4,679					$	—
Interest rate swaps			—						19						—						—						—						—						—						19
Accounts payable and accrued liabilities:
Contingent consideration (c)			—						9						—						48						—						—						—						57						—
Subtotal Level 3 liabilities at fair value			$	4,258					$	228					$	—					$	336					$	—					$	(67)					$	—					$	4,755					$	—
Market risk benefits liability (b)			403																																										425
Total Level 3 liabilities at fair value			$	4,661																																									$	5,180

(a) The net transfers out of Level 3 during the three months ended March 31, 2024 were exclusively to Level 2.

(b) Refer to Note O Market Risk Benefits for roll forward activity of the net Market risk benefits asset and liability.

(c) The initial contingent consideration recorded in the Roar transaction is included in purchases in the table above.

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