MetLife 2006 Annual Report Download - page 107

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As of July 1, 2005
(In millions)
Sources:
Cash ................................................................ $ 4,312
Debt................................................................. 2,716
Juniorsubordinateddebtsecuritiesassociatedwithcommonequityunits.................... 2,134
Preferredstock.......................................................... 2,100
Commonstock.......................................................... 1,010
Total sources of funds ................................................... $12,272
Uses:
Debtandequityissuancecosts............................................... $ 128
InvestmentinMetLifeCapitalTrustsIIandIII ....................................... 64
Acquisitioncosts......................................................... 112
PurchasepricepaidtoCitigroup............................................... 11,968
Total purchase price ..................................................... 12,080
Total uses of funds ...................................................... $12,272
Total purchase price ...................................................... $12,080
Net assets acquired from Travelers ........................................... $ 9,412
Adjustments to reflect assets acquired at fair value:
Fixedmaturitysecuritiesavailable-for-sale......................................... (7)
Mortgageandconsumerloans................................................ 72
Realestateandrealestatejointventuresheld-for-investment............................ 17
Realestateheld-for-sale.................................................... 22
Otherlimitedpartnershipinterests.............................................. 51
Otherinvestedassets ..................................................... 201
Premiumsandotherreceivables............................................... 1,008
Eliminationofhistoricaldeferredpolicyacquisitioncosts ............................... (3,210)
Valueofbusinessacquired .................................................. 3,780
Valueofdistributionagreementacquired ......................................... 645
Valueofcustomerrelationshipsacquired ......................................... 17
Eliminationofhistoricalgoodwill............................................... (197)
Netdeferredincometaxassets ............................................... 2,099
Otherassets ........................................................... (89)
Adjustments to reflect liabilities assumed at fair value:
Futurepolicybenefits...................................................... (4,089)
Policyholderaccountbalances................................................ (1,905)
Otherliabilities .......................................................... (17)
Net fair value of assets and liabilities assumed ................................... 7,810
Goodwill resulting from the acquisition ........................................ $ 4,270
Goodwill resulting from the acquisition has been allocated to the Company’s segments, as well as Corporate & Other, that are expected
to benefit from the acquisition as follows: As of July 1, 2005
(In millions)
Institutional................................................................. $ 911
Individual .................................................................. 2,752
International ................................................................ 201
Corporate&Other ............................................................ 406
Total ................................................................... $4,270
Of the goodwill of $4.3 billion, $1.6 billion is estimated to be deductible for income tax purposes.
F-24 MetLife, Inc.
METLIFE, INC.
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS — (Continued)