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Commitments and Contingencies (Details)
$ in Thousands
12 Months Ended
Dec. 31, 2017
USD ($)
surplus_note
Dec. 31, 2016
USD ($)
Dec. 31, 2015
USD ($)
Commitments      
Less than one year $ 312,152 $ 438,458  
One to three years 1,090 0  
Total $ 313,242 438,458  
Total      
Number of long-term surplus notes | surplus_note 3    
Unfunded commitments related to cost basis limited partnership interests, due in one year $ 114,726 93,440  
Rent expense, net of sublease income 13,433 $ 12,575 $ 12,050
Minimum reimbursement amount due in the future 5,938    
GWL&A Financial      
Related party long-term debt - principal      
More than five years 540,400    
Total [1] 540,400    
Related party long-term debt - interest      
Less than one year [2] 26,796    
One to three years [2] 53,591    
Three to five years [2] 53,591    
More than five years 468,942    
Total [2] 602,920    
Investment purchase obligations      
Less than one year [3] 312,152    
One to three years [3] 1,090    
Total [3] 313,242    
Operating leases      
Less than one year [4] 15,467    
One to three years [4] 23,703    
Three to five years [4] 7,000    
More than five years [4] 13    
Total [4] 46,183    
Commitments      
Less than one year [5] 39,499    
One to three years [5] 33,261    
Three to five years [5] 40,487    
More than five years [5] 19,644    
Total [5] 132,891    
Total      
Less than one year 393,914    
One to three years 111,645    
Three to five years 101,078    
More than five years 1,028,999    
Total $ 1,635,636    
[1] Related party long-term debt principal - Represents contractual maturities of principal due to the Company’s parent, GWL&A Financial, under the terms of three long-term surplus notes. The amounts shown in this table differ from the amounts included in the Company’s consolidated balance sheet because the amounts shown above do not consider the discount upon the issuance of one of the surplus notes.
[2] Related party long-term debt interest - One long-term surplus note bears interest at a fixed rate through maturity. The second surplus note bears a variable interest rate plus the then-current three-month London Interbank Offering Rate (“LIBOR”). The third long-term surplus note bears interest at a fixed rate through maturity. The interest payments shown in this table are calculated based upon the contractual rates in effect on December 31, 2017 and do not consider the impact of future interest rate changes.
[3] Investment purchase obligations - The Company makes commitments to fund partnership interests, mortgage loans on real estate, and other investments in the normal course of its business. As the timing of the fulfillment of the commitment to fund partnership interests cannot be predicted, such obligations are presented in the less than one year category. The timing of the funding of mortgage loans on real estate is based on the expiration date of the commitment. The amounts of these unfunded commitments at December 31, 2017, and 2016, were as follows: December 31, 2017 December 31, 2016Due in less than one year$312,152 $438,458Due within one to three years1,090 —Total$313,242 $438,458Included in the total unfunded commitments at December 31, 2017, and 2016, is $114,726 and $93,440, respectively, related to cost basis limited partnership interests, all of which is due within one year from the dates indicated.
[4] Operating leases - The Company is obligated to make payments under various non-cancelable operating leases, primarily for office space. Contractual provisions exist that could increase the lease obligations presented, including operating expense escalation clauses. Management does not consider the impact of any such clauses to be material to the Company’s operating lease obligations. The Company incurred rent expense, net of sublease income, of $13,433, $12,575, and $12,050 for the years ended December 31, 2017, 2016, and 2015, respectively and is recorded in general insurance expense. The Company’s total future operating lease obligation will be reduced by minimum reimbursement of $5,938 due in the future under non-cancelable agreements. From time to time, the Company enters into agreements or contracts, including capital leases, to purchase goods or services in the normal course of its business. However, these agreements and contracts are not material and are excluded from the table above.
[5] Other liabilities - Other liabilities include those other liabilities which represent contractual obligations not included elsewhere in the table above. If the timing of the payment of any other liabilities was sufficiently uncertain, the amounts were included in the less than one year category. Other liabilities presented in the table above include: · Expected contributions to the Company’s defined benefit pension plan and benefit payments for the Post-Retirement Medical Plan and Supplemental Executive Retirement Plan.· Miscellaneous purchase obligations to acquire goods and services.· Unrecognized tax benefits