XML 60 R46.htm IDEA: XBRL DOCUMENT v3.5.0.2
Acquisitions - Assets and Liabilities Assumed (Details) - CIFG Holding Inc. [Member]
$ in Millions
Jul. 01, 2016
USD ($)
Business Acquisition [Line Items]  
Cash purchase price $ 443 [1]
Total purchase price 270
Identifiable assets acquired:  
Investments 770
Cash 8
Premiums receivable, net of commissions payable 18
Ceded unearned premium reserve, fair value of net assets acquired, before settlement of pre-existing relationships 173
Ceded unearned premium reserve, net effect of settlement of pre-existing relationships (173)
Deferred acquisition costs, fair value of net assets acquired before settlement of pre-existing relationships 1
Deferred acquisition costs, net effect of settlement of pre-existing relationships (1)
Salvage and subrogation recoverable 23
Credit derivative assets 1
Deferred tax asset, net, fair value of net assets acquired 194
Deferred tax asset, net, settlement of pre-existing relationships 34
Deferred tax asset, net 228
Other assets 4
Total assets, fair value of net assets acquired 1,192
Total assets, settlement of pre-existing relationships (140)
Total assets 1,052
Liabilities assumed:  
Unearned premium reserves, fair value of net liabilities assumed 306
Unearned premium reserves, settlement of pre-existing relationship (10)
Unearned premium reserves 296
Loss and loss adjustment expense reserve, fair value of liabilities assumed 1
Loss and loss adjustment expense reserve, settlement of pre-existing relationships (66)
Loss and loss adjustment expense reserve (65)
Credit derivative liabilities 68
Other liabilities 17
Total liabilities, fair value of net assets acquired 392
Total liabilities, settlement of pre-existing relationships (76)
Total liabilities 316
Net assets resulting from acquisition, fair value of net assets acquired 800
Net assets resulting from acquisition, settlement of pre-existing relationships (64)
Net asset effect 736
Bargain purchase gain and settlement of pre-existing relationships resulting from CIFG Acquisition, after tax, fair value of net assets acquired 357
Bargain purchase gain and settlement of pre-existing relationships resulting from CIFG Acquisition, after-tax, settlement of pre-existing relationships (64)
Bargain purchase gain and settlement of pre-existing relationships resulting from CIFG Acquisition, after-tax 293
Deferred tax, settlement of pre-existing relationships (34)
Deferred tax (34)
Bargain purchase gain and settlement of pre-existing relationships resulting from CIFG Acquisitions, pre-tax, fair value of net assets acquired 357
Bargain purchase gain and settlement of pre-existing relationships resulting from CIFG Acquisition, pre-tax, settlement of pre-existing relationships (98)
Bargain purchase gain and settlement of pre-existing relationships resulting from CIFG Acquisition, pre-tax 259
Assumed assets including pre-existing relationship 627
Settlement of pre-existing relationship $ 173
[1] The cash purchase price of $443 million was the cash transferred for the acquisition which was allocated as follows: (1) $270 million for the purchase of net assets of $627 million, and (2) the settlement of pre-existing relationships between CIFG and Assured Guaranty at a fair value of $173 million.