2014 Q3 Form 10-Q Financial Statement
#000092262114000037 Filed on October 30, 2014
Income Statement
| Concept | 2014 Q3 | 2013 Q3 |
|---|---|---|
| Revenue | $369.6M | $1.577B |
| YoY Change | -76.56% | 8.01% |
| Cost Of Revenue | $935.0M | $868.0M |
| YoY Change | 7.72% | -4.82% |
| Gross Profit | -$565.4M | $709.0M |
| YoY Change | -179.74% | 29.38% |
| Gross Profit Margin | -152.95% | 44.96% |
| Selling, General & Admin | $341.0M | $311.0M |
| YoY Change | 9.65% | 11.87% |
| % of Gross Profit | 43.86% | |
| Research & Development | ||
| YoY Change | ||
| % of Gross Profit | ||
| Depreciation & Amortization | ||
| YoY Change | ||
| % of Gross Profit | ||
| Operating Expenses | $308.6M | $2.358B |
| YoY Change | -86.91% | 98.15% |
| Operating Profit | -$873.9M | -$1.649B |
| YoY Change | -47.0% | 156.85% |
| Interest Expense | $149.0M | $146.0M |
| YoY Change | 2.05% | |
| % of Operating Profit | ||
| Other Income/Expense, Net | ||
| YoY Change | ||
| Pretax Income | $68.69M | $398.0M |
| YoY Change | -82.74% | 47.41% |
| Income Tax | $42.00M | $131.0M |
| % Of Pretax Income | 61.14% | 32.91% |
| Net Earnings | $46.90M | $46.00M |
| YoY Change | 1.96% | -9.8% |
| Net Earnings / Revenue | 12.69% | 2.92% |
| Basic Earnings Per Share | ||
| Diluted Earnings Per Share | $803.4K | $7.525M |
| COMMON SHARES | ||
| Basic Shares Outstanding | ||
| Diluted Shares Outstanding |
Balance Sheet
| Concept | 2014 Q3 | 2013 Q3 |
|---|---|---|
| SHORT-TERM ASSETS | ||
| Cash & Short-Term Investments | $379.0M | $535.0M |
| YoY Change | -29.16% | 32.43% |
| Cash & Equivalents | $379.0M | $535.0M |
| Short-Term Investments | ||
| Other Short-Term Assets | ||
| YoY Change | ||
| Inventory | ||
| Prepaid Expenses | ||
| Receivables | ||
| Other Receivables | ||
| Total Short-Term Assets | $379.0M | $535.0M |
| YoY Change | -29.16% | -67.94% |
| LONG-TERM ASSETS | ||
| Property, Plant & Equipment | ||
| YoY Change | ||
| Goodwill | ||
| YoY Change | ||
| Intangibles | ||
| YoY Change | ||
| Long-Term Investments | $1.073B | $1.137B |
| YoY Change | -5.63% | -11.03% |
| Other Assets | $1.250B | $1.226B |
| YoY Change | 1.96% | 13.1% |
| Total Long-Term Assets | $17.20B | $15.85B |
| YoY Change | 8.52% | 14.23% |
| TOTAL ASSETS | ||
| Total Short-Term Assets | $379.0M | $535.0M |
| Total Long-Term Assets | $17.20B | $15.85B |
| Total Assets | $17.58B | $16.38B |
| YoY Change | 7.29% | 5.4% |
| SHORT-TERM LIABILITIES | ||
| YoY Change | ||
| Accounts Payable | ||
| YoY Change | ||
| Accrued Expenses | ||
| YoY Change | ||
| Deferred Revenue | ||
| YoY Change | ||
| Short-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Long-Term Debt Due | ||
| YoY Change | ||
| Total Short-Term Liabilities | $8.630B | $8.120B |
| YoY Change | 6.28% | -2.57% |
| LONG-TERM LIABILITIES | ||
| Long-Term Debt | $0.00 | $0.00 |
| YoY Change | ||
| Other Long-Term Liabilities | $647.0M | $697.0M |
| YoY Change | -7.17% | |
| Total Long-Term Liabilities | $647.0M | $697.0M |
| YoY Change | -7.17% | |
| TOTAL LIABILITIES | ||
| Total Short-Term Liabilities | $8.630B | $8.120B |
| Total Long-Term Liabilities | $647.0M | $697.0M |
| Total Liabilities | $9.742B | $9.185B |
| YoY Change | 6.06% | 5.56% |
| SHAREHOLDERS EQUITY | ||
| Retained Earnings | ||
| YoY Change | ||
| Common Stock | ||
| YoY Change | ||
| Preferred Stock | ||
| YoY Change | ||
| Treasury Stock (at cost) | ||
| YoY Change | ||
| Treasury Stock Shares | ||
| Shareholders Equity | $771.0M | $657.0M |
| YoY Change | ||
| Total Liabilities & Shareholders Equity | $17.58B | $16.38B |
| YoY Change | 7.29% | 5.4% |
Cashflow Statement
| Concept | 2014 Q3 | 2013 Q3 |
|---|---|---|
| OPERATING ACTIVITIES | ||
| Net Income | $46.90M | $46.00M |
| YoY Change | 1.96% | -9.8% |
| Depreciation, Depletion And Amortization | ||
| YoY Change | ||
| Cash From Operating Activities | $304.0M | $359.0M |
| YoY Change | -15.32% | 106.32% |
| INVESTING ACTIVITIES | ||
| Capital Expenditures | -$12.00M | -$5.000M |
| YoY Change | 140.0% | -28.57% |
| Acquisitions | ||
| YoY Change | ||
| Other Investing Activities | -$189.0M | -$158.0M |
| YoY Change | 19.62% | -626.67% |
| Cash From Investing Activities | -$201.0M | -$163.0M |
| YoY Change | 23.31% | -808.7% |
| FINANCING ACTIVITIES | ||
| Cash Dividend Paid | ||
| YoY Change | ||
| Common Stock Issuance & Retirement, Net | ||
| YoY Change | ||
| Debt Paid & Issued, Net | ||
| YoY Change | ||
| Cash From Financing Activities | -24.00M | -26.00M |
| YoY Change | -7.69% | -21.21% |
| NET CHANGE | ||
| Cash From Operating Activities | 304.0M | 359.0M |
| Cash From Investing Activities | -201.0M | -163.0M |
| Cash From Financing Activities | -24.00M | -26.00M |
| Net Change In Cash | 79.00M | 170.0M |
| YoY Change | -53.53% | 3.66% |
| FREE CASH FLOW | ||
| Cash From Operating Activities | $304.0M | $359.0M |
| Capital Expenditures | -$12.00M | -$5.000M |
| Free Cash Flow | $316.0M | $364.0M |
| YoY Change | -13.19% | 101.1% |
Facts In Submission
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|---|---|---|---|---|
| CY2013Q4 | us-gaap |
Assets
Assets
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Assets
Assets
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Available For Sale Securities
AvailableForSaleSecurities
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Available For Sale Securities
AvailableForSaleSecurities
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Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
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Available For Sale Securities Accumulated Gross Unrealized Gain Before Tax
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Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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Available For Sale Securities Accumulated Gross Unrealized Loss Before Tax
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Available For Sale Securities Amortized Cost
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Available For Sale Securities Amortized Cost
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Available For Sale Securities Debt Securities
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Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
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Available For Sale Securities Equity Securities
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Available For Sale Securities Equity Securities
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Benefits Losses And Expenses
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Benefits Losses And Expenses
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Benefits Losses And Expenses
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Benefits Losses And Expenses
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Cash And Cash Equivalents At Carrying Value
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Cash And Cash Equivalents At Carrying Value
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Cash And Cash Equivalents At Carrying Value
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Cash And Cash Equivalents At Carrying Value
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Comprehensive Income Net Of Tax
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Comprehensive Income Net Of Tax
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Comprehensive Income Net Of Tax
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Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
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145000000 | USD | |
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Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
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249000000 | USD | |
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Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
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Comprehensive Income Net Of Tax Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterest
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Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
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Comprehensive Income Net Of Tax Including Portion Attributable To Noncontrolling Interest
ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterest
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Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
ContractuallySpecifiedServicingFeesLateFeesAndAncillaryFeesEarnedInExchangeForServicingFinancialAssets
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Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
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Contractually Specified Servicing Fees Late Fees And Ancillary Fees Earned In Exchange For Servicing Financial Assets
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Deferred Policy Acquisition Costs
DeferredPolicyAcquisitionCosts
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Deferred Policy Acquisition Costs
DeferredPolicyAcquisitionCosts
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Deferred Tax Assets Liabilities Net
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Deferred Tax Assets Liabilities Net
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Deferred Tax Assets Valuation Allowance
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Deferred Tax Liabilities
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Deferred Tax Liabilities
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Defined Benefit Plan Amortization Of Gains Losses
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Defined Benefit Plan Amortization Of Gains Losses
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Defined Benefit Plan Amortization Of Prior Service Cost Credit
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Defined Benefit Plan Amortization Of Prior Service Cost Credit
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Defined Benefit Plan Amortization Of Prior Service Cost Credit
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Defined Benefit Plan Amortization Of Prior Service Cost Credit
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24000000 | USD | |
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Defined Benefit Plan Expected Return On Plan Assets
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Defined Benefit Plan Expected Return On Plan Assets
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Defined Benefit Plan Expected Return On Plan Assets
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Defined Benefit Plan Interest Cost
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Defined Benefit Plan Interest Cost
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Defined Benefit Plan Interest Cost
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Defined Benefit Plan Interest Cost
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Defined Benefit Plan Net Periodic Benefit Cost
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Defined Benefit Plan Net Periodic Benefit Cost
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Defined Benefit Plan Service Cost
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Defined Benefit Plan Service Cost
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Equity Method Investment Dividends Or Distributions
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Equity Method Investment Dividends Or Distributions
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Equity Method Investment Summarized Financial Information Assets
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Equity Method Investments
EquityMethodInvestments
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Equity Method Investments
EquityMethodInvestments
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
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|
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
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Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
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Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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Income Tax Expense Benefit
IncomeTaxExpenseBenefit
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Income Tax Expense Benefit
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|
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Income Taxes Paid Net
IncomeTaxesPaidNet
|
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Income Taxes Paid Net
IncomeTaxesPaidNet
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Investments
Investments
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Investments
Investments
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Liabilities
Liabilities
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Liabilities
Liabilities
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Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
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Liability For Claims And Claims Adjustment Expense Property Casualty Liability
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Liability For Claims And Claims Adjustment Expense Property Casualty Liability
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Liability For Future Policy Benefits
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Liability For Future Policy Benefits
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Minority Interest
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Minority Interest
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Nature Of Operations
NatureOfOperations
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<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Note 1.  Nature of Operations</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Erie Indemnity Company (“Indemnity”) is a publicly held Pennsylvania business corporation that has been the managing attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange (“Exchange”) since 1925.  The Exchange is a subscriber-owned, Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indemnity’s primary function is to perform certain services for the Exchange relating to the sales, underwriting and issuance of policies on behalf of the Exchange.  This is done in accordance with a subscriber’s agreement (a limited power of attorney) executed by each subscriber (policyholder), which appoints Indemnity as their common attorney-in-fact to transact business on their behalf and to manage the affairs of the Exchange.  Pursuant to the subscriber’s agreement and for its services as attorney-in-fact, Indemnity earns a management fee calculated as a percentage of the direct premiums written by the Exchange and the other members of the Property and Casualty Group (defined below), which are assumed by the Exchange under an intercompany pooling arrangement.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indemnity has the power to direct the activities of the Exchange that most significantly impact the Exchange’s economic performance by acting as the common attorney-in-fact and decision maker for the subscribers (policyholders) at the Exchange.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Exchange, together with its wholly owned subsidiaries, Erie Insurance Company (“EIC”), Erie Insurance Company of New York (“ENY”), Erie Insurance Property and Casualty Company (“EPC”), and Flagship City Insurance Company (“Flagship”), operate as a property and casualty insurer and are collectively referred to as the “Property and Casualty Group”.  The Property and Casualty Group operates in </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">11</font><font style="font-family:inherit;font-size:10pt;"> Midwestern, Mid-Atlantic and Southeastern states and the District of Columbia.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Erie Family Life Insurance Company (“EFL”), a wholly owned subsidiary of the Exchange, operates as a life insurer that underwrites and sells individual and group life insurance policies and fixed annuities.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Indemnity expects to begin writing personal passenger automobile, home insurance, personal excess liability insurance, and life insurance and annuity products in Kentucky for the Erie Insurance Group in the fourth quarter of 2014.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">All property and casualty and life insurance operations are owned by the Exchange and Indemnity functions solely as the management company.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The consolidated financial statements of Erie Indemnity Company reflect the results of Indemnity and its variable interest entity, the Exchange, which we refer to collectively as the “Erie Insurance Group” (“we,” “us,” “our”).</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">“Indemnity shareholder interest” refers to the interest in Erie Indemnity Company owned by the Class A and Class B shareholders.  “Noncontrolling interest” refers to the interest in the Erie Insurance Exchange held for the subscribers (policyholders).</font></div></div> | ||
| us-gaap |
Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
|
135000000 | USD | |
| us-gaap |
Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
|
-73000000 | USD | |
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-89000000 | USD | |
| us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-56000000 | USD | |
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-533000000 | USD | |
| us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-498000000 | USD | |
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
549000000 | USD | |
| us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
689000000 | USD | |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
127000000 | USD | |
| CY2014Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
47000000 | USD |
| us-gaap |
Net Income Loss
NetIncomeLoss
|
142000000 | USD | |
| CY2013Q3 | us-gaap |
Net Income Loss
NetIncomeLoss
|
46000000 | USD |
| us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
178000000 | USD | |
| CY2014Q3 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
61000000 | USD |
| CY2013Q3 | us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
221000000 | USD |
| us-gaap |
Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
|
607000000 | USD | |
| CY2013Q3 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
109000000 | USD |
| CY2014Q3 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
115000000 | USD |
| us-gaap |
Net Investment Income
NetInvestmentIncome
|
335000000 | USD | |
| us-gaap |
Net Investment Income
NetInvestmentIncome
|
316000000 | USD | |
| CY2014Q3 | us-gaap |
Other Assets
OtherAssets
|
480000000 | USD |
| CY2013Q4 | us-gaap |
Other Assets
OtherAssets
|
451000000 | USD |
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
74000000 | USD | |
| CY2013Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-2000000 | USD |
| CY2014Q3 | us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-63000000 | USD |
| us-gaap |
Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
|
-221000000 | USD | |
| us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
|
-8000000 | USD | |
| CY2013Q3 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
|
-21000000 | USD |
| CY2014Q3 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
|
4000000 | USD |
| us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax
|
15000000 | USD | |
| CY2014Q3 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
|
-1000000 | USD |
| us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
|
5000000 | USD | |
| CY2013Q3 | us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
|
12000000 | USD |
| us-gaap |
Other Comprehensive Income Loss Reclassification Adjustment From Aoci For Sale Of Securities Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax
|
-8000000 | USD | |
| us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-229000000 | USD | |
| CY2014Q3 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-59000000 | USD |
| us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
89000000 | USD | |
| CY2013Q3 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
|
-23000000 | USD |
| CY2013Q3 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
12000000 | USD |
| us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
123000000 | USD | |
| us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
-48000000 | USD | |
| CY2014Q3 | us-gaap |
Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
|
32000000 | USD |
| CY2013Q4 | us-gaap |
Other Investments
OtherInvestments
|
21000000 | USD |
| CY2014Q3 | us-gaap |
Other Investments
OtherInvestments
|
21000000 | USD |
| CY2013Q3 | us-gaap |
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
|
9000000 | USD |
| us-gaap |
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
|
1000000 | USD | |
| us-gaap |
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
|
10000000 | USD | |
| CY2014Q3 | us-gaap |
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
|
1000000 | USD |
| us-gaap |
Payments For Commissions
PaymentsForCommissions
|
521000000 | USD | |
| us-gaap |
Payments For Commissions
PaymentsForCommissions
|
576000000 | USD | |
| us-gaap |
Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
|
-2000000 | USD | |
| us-gaap |
Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
|
-1000000 | USD | |
| us-gaap |
Payments For Proceeds From Policy Loans
PaymentsForProceedsFromPolicyLoans
|
0 | USD | |
| us-gaap |
Payments For Proceeds From Policy Loans
PaymentsForProceedsFromPolicyLoans
|
1000000 | USD | |
| us-gaap |
Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
|
29000000 | USD | |
| us-gaap |
Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
|
24000000 | USD | |
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
20000000 | USD | |
| us-gaap |
Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
|
22000000 | USD | |
| us-gaap |
Payments For Underwriting Expense
PaymentsForUnderwritingExpense
|
465000000 | USD | |
| us-gaap |
Payments For Underwriting Expense
PaymentsForUnderwritingExpense
|
519000000 | USD | |
| us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
89000000 | USD | |
| us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
56000000 | USD | |
| us-gaap |
Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
|
2157000000 | USD | |
| us-gaap |
Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
|
1825000000 | USD | |
| us-gaap |
Payments To Acquire Available For Sale Securities Equity
PaymentsToAcquireAvailableForSaleSecuritiesEquity
|
94000000 | USD | |
| us-gaap |
Payments To Acquire Available For Sale Securities Equity
PaymentsToAcquireAvailableForSaleSecuritiesEquity
|
382000000 | USD | |
| us-gaap |
Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
|
82000000 | USD | |
| us-gaap |
Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
|
66000000 | USD | |
| us-gaap |
Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
|
766000000 | USD | |
| us-gaap |
Payments To Acquire Trading Securities Heldforinvestment
PaymentsToAcquireTradingSecuritiesHeldforinvestment
|
1021000000 | USD | |
| us-gaap |
Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
|
2571000000 | USD | |
| CY2014Q3 | us-gaap |
Premiums Earned Net
PremiumsEarnedNet
|
1355000000 | USD |
| CY2013Q4 | us-gaap |
Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
|
1167000000 | USD |
| CY2014Q3 | us-gaap |
Premiums Receivable At Carrying Value
PremiumsReceivableAtCarryingValue
|
1323000000 | USD |
| CY2014Q3 | us-gaap |
Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
|
935000000 | USD |
| us-gaap |
Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
|
3095000000 | USD | |
| CY2013Q3 | us-gaap |
Policyholder Benefits And Claims Incurred Net
PolicyholderBenefitsAndClaimsIncurredNet
|
868000000 | USD |
| us-gaap |
Premiums Earned Net
PremiumsEarnedNet
|
3962000000 | USD | |
| us-gaap |
Premiums Earned Net
PremiumsEarnedNet
|
3631000000 | USD | |
| CY2013Q3 | us-gaap |
Premiums Earned Net
PremiumsEarnedNet
|
1241000000 | USD |
| us-gaap |
Proceeds From Annuities And Investment Certificates
ProceedsFromAnnuitiesAndInvestmentCertificates
|
66000000 | USD | |
| us-gaap |
Proceeds From Annuities And Investment Certificates
ProceedsFromAnnuitiesAndInvestmentCertificates
|
68000000 | USD | |
| us-gaap |
Proceeds From Fees Received
ProceedsFromFeesReceived
|
23000000 | USD | |
| us-gaap |
Proceeds From Fees Received
ProceedsFromFeesReceived
|
23000000 | USD | |
| us-gaap |
Proceeds From Insurance Premiums Collected
ProceedsFromInsurancePremiumsCollected
|
4106000000 | USD | |
| us-gaap |
Proceeds From Insurance Premiums Collected
ProceedsFromInsurancePremiumsCollected
|
3780000000 | USD | |
| us-gaap |
Proceeds From Interest And Dividends Received
ProceedsFromInterestAndDividendsReceived
|
362000000 | USD | |
| us-gaap |
Proceeds From Interest And Dividends Received
ProceedsFromInterestAndDividendsReceived
|
337000000 | USD | |
| us-gaap |
Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
|
125000000 | USD | |
| us-gaap |
Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
|
100000000 | USD | |
| us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
685000000 | USD | |
| us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
881000000 | USD | |
| us-gaap |
Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
|
716000000 | USD | |
| us-gaap |
Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
|
490000000 | USD | |
| us-gaap |
Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
|
84000000 | USD | |
| us-gaap |
Proceeds From Sale Of Available For Sale Securities Equity
ProceedsFromSaleOfAvailableForSaleSecuritiesEquity
|
331000000 | USD | |
| us-gaap |
Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
|
944000000 | USD | |
| us-gaap |
Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
|
1057000000 | USD | |
| CY2014Q3 | us-gaap |
Profit Loss
ProfitLoss
|
108000000 | USD |
| us-gaap |
Profit Loss
ProfitLoss
|
734000000 | USD | |
| us-gaap |
Profit Loss
ProfitLoss
|
320000000 | USD | |
| CY2013Q3 | us-gaap |
Profit Loss
ProfitLoss
|
267000000 | USD |
| CY2013 | us-gaap |
Profit Loss
ProfitLoss
|
1048000000 | USD |
| CY2014Q3 | us-gaap |
Realized Investment Gains Losses
RealizedInvestmentGainsLosses
|
-85000000 | USD |
| CY2013Q3 | us-gaap |
Realized Investment Gains Losses
RealizedInvestmentGainsLosses
|
191000000 | USD |
| us-gaap |
Realized Investment Gains Losses
RealizedInvestmentGainsLosses
|
501000000 | USD | |
| us-gaap |
Realized Investment Gains Losses
RealizedInvestmentGainsLosses
|
104000000 | USD | |
| CY2013Q4 | us-gaap |
Reinsurance Recoverables
ReinsuranceRecoverables
|
172000000 | USD |
| CY2014Q3 | us-gaap |
Reinsurance Recoverables
ReinsuranceRecoverables
|
165000000 | USD |
| us-gaap |
Repayments Of Annuities And Investment Certificates
RepaymentsOfAnnuitiesAndInvestmentCertificates
|
58000000 | USD | |
| us-gaap |
Repayments Of Annuities And Investment Certificates
RepaymentsOfAnnuitiesAndInvestmentCertificates
|
62000000 | USD | |
| CY2014Q3 | us-gaap |
Revenues
Revenues
|
1426000000 | USD |
| CY2013Q3 | us-gaap |
Revenues
Revenues
|
1577000000 | USD |
| us-gaap |
Revenues
Revenues
|
4535000000 | USD | |
| us-gaap |
Revenues
Revenues
|
4574000000 | USD | |
| erie |
Equity Method Investment Summarized Financial Information Partnership Valuation Adjustments
EquityMethodInvestmentSummarizedFinancialInformationPartnershipValuationAdjustments
|
300000000 | USD | |
| CY2013 | erie |
Equity Method Investment Summarized Financial Information Partnership Valuation Adjustments
EquityMethodInvestmentSummarizedFinancialInformationPartnershipValuationAdjustments
|
2000000000 | USD |
| erie |
Equity Method Investments Summarized Financial Information Partnership Net Income Loss
EquityMethodInvestmentsSummarizedFinancialInformationPartnershipNetIncomeLoss
|
6000000000 | USD | |
| CY2013Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
734000000 | USD |
| CY2014Q3 | us-gaap |
Stockholders Equity
StockholdersEquity
|
771000000 | USD |
| CY2014Q3 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7836000000 | USD |
| CY2013Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
7550000000 | USD |
| CY2012Q4 | us-gaap |
Stockholders Equity Including Portion Attributable To Noncontrolling Interest
StockholdersEquityIncludingPortionAttributableToNoncontrollingInterest
|
6791000000 | USD |
| CY2013Q4 | us-gaap |
Trading Securities Equity
TradingSecuritiesEquity
|
3202000000 | USD |
| CY2014Q3 | us-gaap |
Trading Securities Equity
TradingSecuritiesEquity
|
3125000000 | USD |
| CY2013 | us-gaap |
Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
|
32000000 | USD |
| us-gaap |
Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
|
19000000 | USD | |
| CY2013Q4 | us-gaap |
Unearned Premiums
UnearnedPremiums
|
2598000000 | USD |
| CY2014Q3 | us-gaap |
Unearned Premiums
UnearnedPremiums
|
2896000000 | USD |
| us-gaap |
Use Of Estimates
UseOfEstimates
|
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Use of estimates</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period.  Actual results could differ from those estimates.</font></div><div style="line-height:120%;font-size:8pt;"><font style="font-family:inherit;font-size:8pt;"> </font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation of our financial position, results of operations, and cash flows for the interim periods have been included.  Operating results for the </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">nine months</font><font style="font-family:inherit;font-size:10pt;"> ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">September 30, 2014</font><font style="font-family:inherit;font-size:10pt;"> are not necessarily indicative of the results that may be expected for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2014</font><font style="font-family:inherit;font-size:10pt;">.  The accompanying consolidated financial statements and notes should be read in conjunction with the consolidated financial statements and notes thereto included in our Annual Report on Form 10-K for the year ended </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">December 31, 2013</font><font style="font-family:inherit;font-size:10pt;"> as filed with the Securities and Exchange Commission on </font><font style="font-family:inherit;font-size:10pt;color:#000000;text-decoration:none;">February 27, 2014</font><font style="font-family:inherit;font-size:10pt;">.</font></div></div> | ||
| CY2014Q3 | erie |
Deferred Policy Acquisition Cost Amortization Expense And Other Underwriting Expense
DeferredPolicyAcquisitionCostAmortizationExpenseAndOtherUnderwritingExpense
|
341000000 | USD |
| CY2013Q3 | erie |
Deferred Policy Acquisition Cost Amortization Expense And Other Underwriting Expense
DeferredPolicyAcquisitionCostAmortizationExpenseAndOtherUnderwritingExpense
|
311000000 | USD |
| erie |
Deferred Policy Acquisition Cost Amortization Expense And Other Underwriting Expense
DeferredPolicyAcquisitionCostAmortizationExpenseAndOtherUnderwritingExpense
|
987000000 | USD | |
| erie |
Deferred Policy Acquisition Cost Amortization Expense And Other Underwriting Expense
DeferredPolicyAcquisitionCostAmortizationExpenseAndOtherUnderwritingExpense
|
906000000 | USD | |
| erie |
Defined Benefit Plan Postretirement Benefit Expenses Reimbursement Percentage
DefinedBenefitPlanPostretirementBenefitExpensesReimbursementPercentage
|
0.56 | ||
| CY2013 | erie |
Equity Method Investments Summarized Financial Information Partnership Net Income Loss
EquityMethodInvestmentsSummarizedFinancialInformationPartnershipNetIncomeLoss
|
7000000000 | USD |
| CY2013 | erie |
Income Loss From Equity Method Investments Before Partnership Valuation Adjustments
IncomeLossFromEquityMethodInvestmentsBeforePartnershipValuationAdjustments
|
189000000 | USD |
| erie |
Income Loss From Equity Method Investments Before Partnership Valuation Adjustments
IncomeLossFromEquityMethodInvestmentsBeforePartnershipValuationAdjustments
|
92000000 | USD | |
| CY2013 | erie |
Income Loss From Equity Method Investments Partnership Valuation Adjustments
IncomeLossFromEquityMethodInvestmentsPartnershipValuationAdjustments
|
-28000000 | USD |
| erie |
Income Loss From Equity Method Investments Partnership Valuation Adjustments
IncomeLossFromEquityMethodInvestmentsPartnershipValuationAdjustments
|
19000000 | USD | |
| CY2014Q3 | erie |
Net Deferred Tax Assets Or Net Deferred Tax Liabilities Consolidating Presentation
NetDeferredTaxAssetsOrNetDeferredTaxLiabilitiesConsolidatingPresentation
|
463000000 | USD |
| CY2013Q4 | erie |
Other Liabilities Adjusted For Consolidating Presentation
OtherLiabilitiesAdjustedForConsolidatingPresentation
|
573000000 | USD |
| CY2014Q3 | erie |
Other Liabilities Adjusted For Consolidating Presentation
OtherLiabilitiesAdjustedForConsolidatingPresentation
|
647000000 | USD |
| erie |
Payments For Loss Adjustment Expense
PaymentsForLossAdjustmentExpense
|
343000000 | USD | |
| erie |
Payments For Loss Adjustment Expense
PaymentsForLossAdjustmentExpense
|
378000000 | USD | |
| erie |
Payments For Losses
PaymentsForLosses
|
2438000000 | USD | |
| erie |
Payments For Losses
PaymentsForLosses
|
2039000000 | USD | |
| erie |
Policyholder Benefits And Claims Incurred Net Adjusted For Consolidating Presentation
PolicyholderBenefitsAndClaimsIncurredNetAdjustedForConsolidatingPresentation
|
2571000000 | USD | |
| erie |
Policyholder Benefits And Claims Incurred Net Adjusted For Consolidating Presentation
PolicyholderBenefitsAndClaimsIncurredNetAdjustedForConsolidatingPresentation
|
3095000000 | USD | |
| CY2013Q3 | erie |
Policyholder Benefits And Claims Incurred Net Adjusted For Consolidating Presentation
PolicyholderBenefitsAndClaimsIncurredNetAdjustedForConsolidatingPresentation
|
868000000 | USD |
| CY2014Q3 | erie |
Policyholder Benefits And Claims Incurred Net Adjusted For Consolidating Presentation
PolicyholderBenefitsAndClaimsIncurredNetAdjustedForConsolidatingPresentation
|
935000000 | USD |
| erie |
Premiums Earned Net Adjusted For Consolidating Presentation
PremiumsEarnedNetAdjustedForConsolidatingPresentation
|
3631000000 | USD | |
| erie |
Premiums Earned Net Adjusted For Consolidating Presentation
PremiumsEarnedNetAdjustedForConsolidatingPresentation
|
3962000000 | USD | |
| CY2013Q3 | erie |
Premiums Earned Net Adjusted For Consolidating Presentation
PremiumsEarnedNetAdjustedForConsolidatingPresentation
|
1241000000 | USD |
| CY2014Q3 | erie |
Premiums Earned Net Adjusted For Consolidating Presentation
PremiumsEarnedNetAdjustedForConsolidatingPresentation
|
1355000000 | USD |
| erie |
Proceeds From Universal Life Contracts
ProceedsFromUniversalLifeContracts
|
20000000 | USD | |
| erie |
Proceeds From Universal Life Contracts
ProceedsFromUniversalLifeContracts
|
25000000 | USD | |
| erie |
Repayments Of Universal Life Contracts
RepaymentsOfUniversalLifeContracts
|
9000000 | USD | |
| erie |
Repayments Of Universal Life Contracts
RepaymentsOfUniversalLifeContracts
|
8000000 | USD | |
| dei |
Amendment Flag
AmendmentFlag
|
false | ||
| dei |
Current Fiscal Year End Date
CurrentFiscalYearEndDate
|
--12-31 | ||
| dei |
Document Fiscal Period Focus
DocumentFiscalPeriodFocus
|
Q3 | ||
| dei |
Document Fiscal Year Focus
DocumentFiscalYearFocus
|
2014 | ||
| dei |
Document Period End Date
DocumentPeriodEndDate
|
2014-09-30 | ||
| dei |
Document Type
DocumentType
|
10-Q | ||
| dei |
Entity Central Index Key
EntityCentralIndexKey
|
0000922621 | ||
| dei |
Entity Current Reporting Status
EntityCurrentReportingStatus
|
Yes | ||
| dei |
Entity Filer Category
EntityFilerCategory
|
Large Accelerated Filer | ||
| dei |
Entity Registrant Name
EntityRegistrantName
|
ERIE INDEMNITY CO | ||
| dei |
Entity Well Known Seasoned Issuer
EntityWellKnownSeasonedIssuer
|
Yes |
