XML 20 R9.htm IDEA: XBRL DOCUMENT
v3.19.2

Acquisition | 6 Months Ended
--- | ---
Jun. 30, 2019
Acquisition [Abstract] |
Acquisition | 3. Acquisition On May 1, 2018, we completed the acquisition of 100% of the capital stock of Liberty Life, which operates a group benefits business (“Liberty Group Business”) and individual life and individual and group annuity business (the “Liberty Life Business”), from Liberty Mutual Insurance Company in a transaction accounted for under the acquisition method of accounting pursuant to Business Combinations Topic 805 (“Topic 805”). The acquisition expanded the scale and capabilities of the Group Protection business while further diversifying the Company’s sources of earnings. In connection with the acquisition and pursuant to the Master Transaction Agreement (“MTA”), dated January 18, 2018, which was attached as Exhibit 2.1 to the Company’s Current Report on Form 8-K filed on January 22, 2018, Liberty Life sold the Liberty Life Business on May 1, 2018, by entering into reinsurance agreements and related ancillary documents (including administrative services agreements and transition services agreements) with Protective Life Insurance Company and its wholly-owned subsidiary, Protective Life and Annuity Insurance Company (together with Protective Life Insurance Company, “Protective”), providing for the reinsurance and administration of the Liberty Life Business. Since the May 1, 2018 acquisition date, we have adjusted assets acquired by $(5) million and liabilities acquired by $23 million for an increase in goodwill of $28 million. Under the terms of the MTA, a final balance sheet will be agreed upon at a later date. The following table presents the adjusted fair values (in millions) of the net assets acquired related to the Liberty Group Business:
| Adjusted |
| Fair Value |
Assets |  |  |
Investments | $ | 2,493 |
Mortgage loans on real estate |  | 658 |
Cash and invested cash |  | 107 |
Reinsurance recoverables |  | 76 |
Premiums and fees receivable |  | 83 |
Accrued investment income |  | 24 |
Other intangible assets acquired |  | 640 |
Other assets acquired |  | 142 |
Separate account assets |  | 99 |
Total assets acquired | $ | 4,322 |
Liabilities |  |  |
Future contract benefits | $ | 2,930 |
Other contract holder funds |  | 46 |
Other liabilities acquired |  | 140 |
Separate account liabilities |  | 99 |
Total liabilities assumed | $ | 3,215 |
Net identifiable assets acquired | $ | 1,107 |
Goodwill |  | 410 |
Net assets acquired | $ | 1,517 |

X
- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
Name: | us-gaap_BusinessCombinationDisclosureTextBlock
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