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Divestitures Divestitures - Schedule of assets and liabilities held for sale (Tables)
 9 Months Ended
Jun. 30, 2016
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]  
Disposal Groups, Including Discontinued Operations [Table Text Block]
Below is a summary of the impact of such intercompany balances in the accompanying Condensed Consolidated Balance Sheets:
 
June 30,
2016
 
September 30,
2015
Assets
 
 
 
Funds withheld receivable
$
1,011.2

 
$
1,058.0

Other assets
15.4

 
15.9

Assets of business held for sale
1,531.2

 
1,769.8

Total assets
$
2,557.8

 
$
2,843.7

Liabilities
 
 
 
Insurance reserves
$
1,143.2

 
$
1,226.8

Debt
198.9

 
330.7

Accounts payable and other current liabilities
0.3

 
1.6

Other liabilities
9.6

 
11.0

Liabilities of business held for sale
1,205.8

 
1,273.6

Total liabilities
$
2,557.8

 
$
2,843.7

The following table summarizes the major categories of assets and liabilities classified as held for sale in the accompanying Condensed Consolidated Balance Sheets at June 30, 2016 and September 30, 2015:
 
June 30,
2016
 
September 30,
2015
Assets
 
 
 
Investments, including loans and receivables from affiliates
$
20,665.6

 
$
19,206.7

Cash and cash equivalents
719.5

 
501.8

Accrued investment income
191.6

 
191.2

Reinsurance recoverable
3,475.9

 
3,578.7

Deferred tax assets
52.7

 
194.7

Properties
17.1

 
14.4

Deferred acquisition costs and value of business acquired, net
1,101.1

 
1,048.6

Other assets
182.1

 
248.4

Write-down of assets of business held for sale to fair value less cost to sell
(240.7
)
 
—

Total assets held for sale
$
26,164.9

 
$
24,984.5

Liabilities
 
 
 
Insurance reserves
$
23,575.8

 
$
22,560.1

Debt
300.0

 
298.3

Accounts payable and other current liabilities
39.3

 
43.7

Other liabilities
641.0

 
518.8

Total liabilities held for sale
$
24,556.1

 
$
23,420.9

The following table summarizes the components of “Net (loss) income from discontinued operations” in the accompanying Condensed Consolidated Statements of Operations for the three and nine months ended June 30, 2016 and 2015:
 
Three months ended June 30,
 
Nine months ended June 30,
 
2016
 
2015
 
2016
 
2015
Revenues:
 
 
 
 
 
 
 
Insurance premiums
$
20.8

 
$
17.2

 
$
52.4

 
$
43.0

Net investment income (a)
236.3

 
212.1

 
685.2

 
628.1

Net investment (losses) gains (b)
(21.0
)
 
76.8

 
3.5

 
101.9

Insurance and investment product fees and other
33.0

 
23.2

 
93.5

 
65.1

Total revenues
269.1

 
329.3

 
834.6

 
838.1

Operating costs and expenses:
 
 
 
 
 
 
 
Benefits and other changes in policy reserves
216.3

 
78.5

 
585.3

 
474.1

Selling, acquisition, operating and general expenses
25.6

 
27.2

 
82.2

 
84.8

Amortization of intangibles
7.4

 
77.4

 
41.3

 
85.7

Total operating costs and expenses
249.3

 
183.1

 
708.8

 
644.6

Operating income
19.8

 
146.2

 
125.8

 
193.5

Interest expense
(5.1
)
 
(5.9
)
 
(16.9
)
 
(17.7
)
Other income (expense), net
1.9

 
2.1

 
4.4

 
(2.9
)
Write-down of assets of business held for sale to fair value less cost to sell
(217.2
)
 
—

 
(240.7
)
 
—

Net (loss) income before income taxes
(200.6
)
 
142.4

 
(127.4
)
 
172.9

Income tax expense (c)
7.8

 
39.5

 
129.7

 
47.2

Net (loss) income
(208.4
)
 
102.9

 
(257.1
)
 
125.7

Less: net income attributable to noncontrolling interest
1.9

 
16.6

 
13.1

 
17.1

Net (loss) income - attributable to controlling interest
$
(210.3
)
 
$
86.3

 
$
(270.2
)
 
$
108.6

(a) Included in the net investment income attributable to FGL is interest income of $1.1 for the three months ended June 30, 2016 and 2015 and $3.4 for the nine months ended June 30, 2016 and 2015 on debt instruments issued by entities consolidated by HRG as they will continue to exist following the closing of the FGL Merger. The corresponding interest expense is recorded in continuing operations in the accompanying Condensed Consolidated Statements of Operations.
(b) Included in “Net investments (losses) gains” are charges related to the change in expected recovery rates of asset-based loans. Such charges are presented as “Impairments and bad debt expense” on the Company’s accompanying Condensed Consolidated Statements of Operations.
(c) Included in the income tax expense for the nine months ended June 30, 2016 was a $90.9 of net income tax expense related to the establishment of a deferred tax liability of $253.0 at June 30, 2016 as a result of classifying the Company’s ownership interest in FGL as held for sale. The deferred tax liability was partially offset by a $162.1 reduction of valuation allowance on HRG’s net operating and capital loss carryforwards expected to offset the FGL taxable gain at June 30, 2016. The remaining liability is expected to be offset by current year losses recognized in continuing operations except for $15.0 of estimated alternative minimum taxes.