XML 47 R30.htm IDEA: XBRL DOCUMENT
v3.19.2

Acquisitions (Tables) | 6 Months Ended
--- | ---
Jun. 30, 2019
Business Combinations [Abstract] |
Schedule of Assets Acquired and Liabilities Assumed | The final allocation of the purchase price to the acquired assets and liabilities is as follows:
Final Estimated Fair Value of Net Assets Acquired: |
Cash and cash equivalents | $ | 166 |
Restricted cash | 430 |
Mortgage servicing rights | 3,422 |
Advances and other receivables | 1,262 |
Reverse mortgage interests | 9,189 |
Mortgage loans held for sale | 1,514 |
Mortgage loans held for investment | 125 |
Property and equipment | 96 |
Other assets | 610 |
Fair value of assets acquired | 16,814 |
Unsecured senior notes | 1,830 |
Advance facilities | 551 |
Warehouse facilities | 2,701 |
Payables and other liabilities | 1,352 |
MSR related liabilities—nonrecourse | 1,065 |
Mortgage servicing liabilities | 123 |
Other nonrecourse debt | 7,583 |
Fair value of liabilities assumed | 15,205 |
Total fair value of net tangible assets acquired | 1,609 |
Intangible assets(1) | 103 |
Goodwill | 65 |
Purchase price | $ | 1,777 |
(1) | The following intangible assets were acquired in the Nationstar acquisition.
| Useful Life (Years) |  | Fair Value
Customer relationships(i) | 6 |  | $ | 61 |
Tradename(ii) | 5 |  | 8 |
Technology(ii) | 3-5 |  | 11 |
Internally developed software(iii) | 2 |  | 23 |
Total |  |  | $ | 103 |
(i) | The estimated fair values for customer relationships were measured using the excess earnings method.
(ii) | The estimated fair values for tradename and technology were measured using the relief-from-royalty method. This method assumes the tradename and technology have value to the extent the owner is relieved of the obligation to pay royalties for the benefits received from these assets.
(iii) | The estimated fair values for internally developed software were measured using the replacement cost method.
Estimated Fair Value of Net Assets Acquired (1): |
Cash and cash equivalents | $ | 37 |
Restricted cash | 2 |
Mortgage servicing rights | 271 |
Advances and other receivables | 84 |
Mortgage loans held for sale | 536 |
Mortgage loans held for investment | 1 |
Property and equipment | 8 |
Other assets | 483 |
Fair value of assets acquired | 1,422 |
Notes payable(2) | 294 |
Advance facilities | 13 |
Warehouse facilities | 393 |
Payables and other liabilities | 530 |
Other nonrecourse debt | 129 |
Fair value of liabilities assumed | 1,359 |
Total fair value of net tangible assets acquired | 63 |
Intangible assets: |
Customer relationships(3) | 13 |
Goodwill | 40 |
Preliminary purchase price | $ | 116 |
(1) | Estimated Fair Value of Net Assets Acquired is subject to change due to dispute of purchase price.
(2) | Notes payable was subsequently paid off in February 2019 after the consummation of the acquisition.
(3) | The estimated fair values for customer relationships were measured using the excess earnings method and were determined to have a remaining useful life of 10 years.
Pro Forma Information | The following unaudited pro forma financial information presents the combined results of operations for the three and six months ended June 30, 2019, as if the acquisition had occurred on January 1
Schedule of Business Acquisitions | The table below presents the calculation of aggregate purchase price.
Purchase Price: |
Converted WMIH common shares (prior to reverse stock split) in millions | 394 |
Price per share, based on price of $1.398 for WMIH stock on July 31, 2018 | $ | 1.398 |
Purchase price from common stock issued | 551 |
Purchase price from cash payment | 1,226 |
Total purchase price | $ | 1,777 |

X
- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(3) -URI http://asc.fasb.org/extlink&oid=79982066&loc=d3e1392-128463 + Details
Name: | us-gaap_BusinessAcquisitionProFormaInformationTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- References No definition available. + Details
Name: | us-gaap_BusinessCombinationsAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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=116869197&loc=d3e4845-128472 + Details
Name: | us-gaap_ScheduleOfRecognizedIdentifiedAssetsAcquiredAndLiabilitiesAssumedTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration