2017 Q2 Form 10-Q Financial Statement
#000092262117000033 Filed on July 27, 2017
Income Statement
Concept | 2017 Q2 | 2016 Q2 |
---|---|---|
Revenue | $448.6M | $423.9M |
YoY Change | 5.82% | 5.53% |
Cost Of Revenue | $365.1M | |
YoY Change | ||
Gross Profit | $83.40M | |
YoY Change | ||
Gross Profit Margin | 18.59% | |
Selling, General & Admin | $55.00M | |
YoY Change | -4.18% | |
% of Gross Profit | ||
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | ||
YoY Change | ||
% of Gross Profit | ||
Operating Expenses | $365.1M | $338.1M |
YoY Change | 7.98% | 1.94% |
Operating Profit | $83.45M | $85.76M |
YoY Change | -2.69% | 22.54% |
Interest Expense | $257.0K | $7.400M |
YoY Change | -96.53% | -52.87% |
% of Operating Profit | 0.31% | 8.63% |
Other Income/Expense, Net | -$407.0K | |
YoY Change | ||
Pretax Income | $89.24M | $93.16M |
YoY Change | -4.22% | 8.72% |
Income Tax | $30.71M | $31.85M |
% Of Pretax Income | 34.41% | 34.19% |
Net Earnings | $58.53M | $61.31M |
YoY Change | -4.54% | 9.19% |
Net Earnings / Revenue | 13.05% | 14.46% |
Basic Earnings Per Share | ||
Diluted Earnings Per Share | $1.119M | $1.170M |
COMMON SHARES | ||
Basic Shares Outstanding | ||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2017 Q2 | 2016 Q2 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $217.0M | $171.0M |
YoY Change | 26.9% | -59.38% |
Cash & Equivalents | $144.7M | $124.1M |
Short-Term Investments | $72.00M | $47.00M |
Other Short-Term Assets | $36.00M | $34.00M |
YoY Change | 5.88% | |
Inventory | ||
Prepaid Expenses | ||
Receivables | $418.0M | $393.0M |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $671.1M | $597.7M |
YoY Change | 12.28% | 41.96% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $71.00M | $59.00M |
YoY Change | 20.34% | |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | $53.23M | $70.95M |
YoY Change | -24.98% | -92.48% |
Other Assets | $22.36M | $18.89M |
YoY Change | 18.33% | -98.63% |
Total Long-Term Assets | $896.1M | $817.2M |
YoY Change | 9.67% | -95.37% |
TOTAL ASSETS | ||
Total Short-Term Assets | $671.1M | $597.7M |
Total Long-Term Assets | $896.1M | $817.2M |
Total Assets | $1.567B | $1.415B |
YoY Change | 10.77% | -92.17% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $87.00M | $91.00M |
YoY Change | -4.4% | |
Accrued Expenses | $63.00M | $58.00M |
YoY Change | 8.62% | |
Deferred Revenue | ||
YoY Change | ||
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | ||
YoY Change | ||
Total Short-Term Liabilities | $431.0M | $415.5M |
YoY Change | 3.74% | -95.28% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $49.74M | $0.00 |
YoY Change | ||
Other Long-Term Liabilities | $1.004M | $140.0K |
YoY Change | 617.14% | -99.98% |
Total Long-Term Liabilities | $50.75M | $140.0K |
YoY Change | 36147.14% | -99.98% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $431.0M | $415.5M |
Total Long-Term Liabilities | $50.75M | $140.0K |
Total Liabilities | $714.0M | $599.6M |
YoY Change | 19.07% | -93.95% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | $2.099B | $2.033B |
YoY Change | 3.26% | |
Common Stock | $16.47M | $16.30M |
YoY Change | 1.04% | |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $853.2M | $815.2M |
YoY Change | ||
Total Liabilities & Shareholders Equity | $1.567B | $1.415B |
YoY Change | 10.77% | -92.17% |
Cashflow Statement
Concept | 2017 Q2 | 2016 Q2 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $58.53M | $61.31M |
YoY Change | -4.54% | 9.19% |
Depreciation, Depletion And Amortization | ||
YoY Change | ||
Cash From Operating Activities | $74.60M | $72.30M |
YoY Change | 3.18% | 26.4% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$6.400M | -$3.800M |
YoY Change | 68.42% | 31.03% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | -$22.50M | -$15.60M |
YoY Change | 44.23% | 333.33% |
Cash From Investing Activities | -$28.80M | -$19.50M |
YoY Change | 47.69% | 204.69% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -11.40M | -34.00M |
YoY Change | -66.47% | 7.26% |
NET CHANGE | ||
Cash From Operating Activities | 74.60M | 72.30M |
Cash From Investing Activities | -28.80M | -19.50M |
Cash From Financing Activities | -11.40M | -34.00M |
Net Change In Cash | 34.40M | 18.80M |
YoY Change | 82.98% | -1.57% |
FREE CASH FLOW | ||
Cash From Operating Activities | $74.60M | $72.30M |
Capital Expenditures | -$6.400M | -$3.800M |
Free Cash Flow | $81.00M | $76.10M |
YoY Change | 6.44% | 26.62% |
Facts In Submission
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Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
31854000 | USD |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
56183000 | USD | |
CY2017Q2 | us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
30708000 | USD |
us-gaap |
Income Tax Expense Benefit
IncomeTaxExpenseBenefit
|
55786000 | USD | |
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
42258000 | USD | |
us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
47767000 | USD | |
CY2016Q4 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
5260000 | USD |
CY2017Q2 | us-gaap |
Income Taxes Receivable
IncomeTaxesReceivable
|
0 | USD |
us-gaap |
Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
|
12288000 | USD | |
us-gaap |
Increase Decrease In Due From Related Parties Current
IncreaseDecreaseInDueFromRelatedPartiesCurrent
|
5633000 | USD | |
CY2016Q2 | us-gaap |
Insurance Agency Management Fee
InsuranceAgencyManagementFee
|
416665000 | USD |
us-gaap |
Insurance Agency Management Fee
InsuranceAgencyManagementFee
|
784123000 | USD | |
CY2017Q2 | us-gaap |
Insurance Agency Management Fee
InsuranceAgencyManagementFee
|
441319000 | USD |
us-gaap |
Insurance Agency Management Fee
InsuranceAgencyManagementFee
|
833377000 | USD | |
CY2016Q2 | us-gaap |
Insurance Commissions
InsuranceCommissions
|
235794000 | USD |
us-gaap |
Insurance Commissions
InsuranceCommissions
|
444508000 | USD | |
CY2017Q2 | us-gaap |
Insurance Commissions
InsuranceCommissions
|
251383000 | USD |
us-gaap |
Insurance Commissions
InsuranceCommissions
|
471861000 | USD | |
CY2016Q2 | us-gaap |
Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
|
5226000 | USD |
us-gaap |
Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
|
10111000 | USD | |
CY2017Q2 | us-gaap |
Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
|
6632000 | USD |
us-gaap |
Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
|
13089000 | USD | |
CY2017Q2 | us-gaap |
Interest Expense
InterestExpense
|
257000 | USD |
us-gaap |
Interest Expense
InterestExpense
|
423000 | USD | |
us-gaap |
Interest Paid Net
InterestPaidNet
|
325000 | USD | |
CY2016Q2 | us-gaap |
Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
|
335000 | USD |
us-gaap |
Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
|
558000 | USD | |
CY2017Q2 | us-gaap |
Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
|
396000 | USD |
us-gaap |
Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
|
875000 | USD | |
CY2016Q2 | us-gaap |
Investment Income Nonoperating
InvestmentIncomeNonoperating
|
7404000 | USD |
us-gaap |
Investment Income Nonoperating
InvestmentIncomeNonoperating
|
9963000 | USD | |
CY2017Q2 | us-gaap |
Investment Income Nonoperating
InvestmentIncomeNonoperating
|
6448000 | USD |
us-gaap |
Investment Income Nonoperating
InvestmentIncomeNonoperating
|
13034000 | USD | |
CY2016Q2 | us-gaap |
Labor And Related Expense
LaborAndRelatedExpense
|
55025000 | USD |
us-gaap |
Labor And Related Expense
LaborAndRelatedExpense
|
108314000 | USD | |
CY2017Q2 | us-gaap |
Labor And Related Expense
LaborAndRelatedExpense
|
60774000 | USD |
us-gaap |
Labor And Related Expense
LaborAndRelatedExpense
|
120514000 | USD | |
CY2016 | us-gaap |
Lease And Rental Expense
LeaseAndRentalExpense
|
14300000 | USD |
CY2016Q4 | us-gaap |
Liabilities
Liabilities
|
732045000 | USD |
CY2017Q2 | us-gaap |
Liabilities
Liabilities
|
714011000 | USD |
CY2016Q4 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1548955000 | USD |
CY2017Q2 | us-gaap |
Liabilities And Stockholders Equity
LiabilitiesAndStockholdersEquity
|
1567225000 | USD |
CY2016Q4 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
469600000 | USD |
CY2017Q2 | us-gaap |
Liabilities Current
LiabilitiesCurrent
|
431021000 | USD |
CY2016Q4 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
24766000 | USD |
CY2017Q2 | us-gaap |
Long Term Debt Noncurrent
LongTermDebtNoncurrent
|
49742000 | USD |
us-gaap |
Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
|
-58778000 | USD | |
us-gaap |
Net Cash Provided By Used In Continuing Operations
NetCashProvidedByUsedInContinuingOperations
|
-44363000 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-67993000 | USD | |
us-gaap |
Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
|
-47908000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-41267000 | USD | |
us-gaap |
Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
|
-35946000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
50482000 | USD | |
us-gaap |
Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
|
39491000 | USD | |
CY2016Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
61309000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
107204000 | USD | |
CY2017Q2 | us-gaap |
Net Income Loss
NetIncomeLoss
|
58527000 | USD |
us-gaap |
Net Income Loss
NetIncomeLoss
|
106403000 | USD | |
CY2016Q2 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
4891000 | USD |
us-gaap |
Net Investment Income
NetInvestmentIncome
|
9553000 | USD | |
CY2017Q2 | us-gaap |
Net Investment Income
NetInvestmentIncome
|
6236000 | USD |
us-gaap |
Net Investment Income
NetInvestmentIncome
|
12214000 | USD | |
CY2016Q4 | us-gaap |
Notes Receivable Related Parties Noncurrent
NotesReceivableRelatedPartiesNoncurrent
|
25000000 | USD |
CY2017Q2 | us-gaap |
Notes Receivable Related Parties Noncurrent
NotesReceivableRelatedPartiesNoncurrent
|
25000000 | USD |
CY2016Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
338125000 | USD |
us-gaap |
Operating Expenses
OperatingExpenses
|
645188000 | USD | |
CY2017Q2 | us-gaap |
Operating Expenses
OperatingExpenses
|
365520000 | USD |
us-gaap |
Operating Expenses
OperatingExpenses
|
698302000 | USD | |
CY2016Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
85759000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
153424000 | USD | |
CY2017Q2 | us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
83044000 | USD |
us-gaap |
Operating Income Loss
OperatingIncomeLoss
|
149578000 | USD | |
CY2016Q4 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
20096000 | USD |
CY2017Q2 | us-gaap |
Other Assets Noncurrent
OtherAssetsNoncurrent
|
22355000 | USD |
CY2017Q2 | us-gaap |
Other Commitment
OtherCommitment
|
16300000 | USD |
us-gaap |
Other Commitments Description
OtherCommitmentsDescription
|
Contractual commitments to invest in limited partnership investments, consisting of private equity securities, mezzanine debt securities, and real estate activities. | ||
CY2016Q2 | us-gaap |
Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
|
3026000 | USD |
CY2016Q2 | us-gaap |
Other Cost And Expense Operating
OtherCostAndExpenseOperating
|
47306000 | USD |
CY2017Q2 | us-gaap |
Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
|
1092000 | USD |
us-gaap |
Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent
|
2613000 | USD | |
us-gaap |
Other Cost And Expense Operating
OtherCostAndExpenseOperating
|
92366000 | USD | |
CY2017Q2 | us-gaap |
Other Cost And Expense Operating
OtherCostAndExpenseOperating
|
53363000 | USD |
us-gaap |
Other Cost And Expense Operating
OtherCostAndExpenseOperating
|
105927000 | USD | |
CY2016Q4 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
1863000 | USD |
CY2017Q2 | us-gaap |
Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
|
1004000 | USD |
CY2016Q4 | us-gaap |
Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
|
756000 | USD |
CY2017Q2 | us-gaap |
Other Postretirement Defined Benefit Plan Liabilities Noncurrent
OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent
|
462000 | USD |
CY2016Q2 | us-gaap |
Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
|
0 | USD |
us-gaap |
Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
|
345000 | USD | |
CY2017Q2 | us-gaap |
Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
|
61000 | USD |
us-gaap |
Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
|
182000 | USD | |
CY2016Q2 | us-gaap |
Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities
|
0 | USD |
us-gaap |
Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities
|
0 | USD | |
CY2017Q2 | us-gaap |
Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities
|
0 | USD |
us-gaap |
Other Than Temporary Impairment Losses Investments Portion In Other Comprehensive Income Loss Before Tax Including Portion Attributable To Noncontrolling Interest Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionInOtherComprehensiveIncomeLossBeforeTaxIncludingPortionAttributableToNoncontrollingInterestAvailableforsaleSecurities
|
0 | USD | |
CY2016Q2 | us-gaap |
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
|
0 | USD |
us-gaap |
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
|
345000 | USD | |
CY2017Q2 | us-gaap |
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
|
61000 | USD |
us-gaap |
Other Than Temporary Impairment Losses Investments Portion Recognized In Earnings Net Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsPortionRecognizedInEarningsNetAvailableforsaleSecurities
|
182000 | USD | |
us-gaap |
Payments For Commissions
PaymentsForCommissions
|
363968000 | USD | |
us-gaap |
Payments For Commissions
PaymentsForCommissions
|
386400000 | USD | |
us-gaap |
Payments For Other Operating Activities
PaymentsForOtherOperatingActivities
|
91715000 | USD | |
us-gaap |
Payments For Other Operating Activities
PaymentsForOtherOperatingActivities
|
113122000 | USD | |
us-gaap |
Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
|
-1770000 | USD | |
us-gaap |
Payments For Proceeds From Loans Receivable
PaymentsForProceedsFromLoansReceivable
|
3083000 | USD | |
us-gaap |
Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
|
7257000 | USD | |
us-gaap |
Payments For Proceeds From Productive Assets
PaymentsForProceedsFromProductiveAssets
|
9972000 | USD | |
us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
67993000 | USD | |
us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
72883000 | USD | |
us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
161835000 | USD | |
us-gaap |
Payments To Acquire Available For Sale Securities
PaymentsToAcquireAvailableForSaleSecurities
|
184803000 | USD | |
us-gaap |
Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
|
367000 | USD | |
us-gaap |
Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
|
325000 | USD | |
us-gaap |
Payments To Employees
PaymentsToEmployees
|
90509000 | USD | |
us-gaap |
Payments To Employees
PaymentsToEmployees
|
95462000 | USD | |
CY2016Q4 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
30169000 | USD |
CY2017Q2 | us-gaap |
Prepaid Expense And Other Assets Current
PrepaidExpenseAndOtherAssetsCurrent
|
36023000 | USD |
us-gaap |
Proceeds From Fees Received
ProceedsFromFeesReceived
|
14489000 | USD | |
us-gaap |
Proceeds From Fees Received
ProceedsFromFeesReceived
|
14503000 | USD | |
us-gaap |
Proceeds From Interest And Dividends Received
ProceedsFromInterestAndDividendsReceived
|
12921000 | USD | |
us-gaap |
Proceeds From Interest And Dividends Received
ProceedsFromInterestAndDividendsReceived
|
15022000 | USD | |
us-gaap |
Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
|
11246000 | USD | |
us-gaap |
Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
|
4344000 | USD | |
us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
69672000 | USD | |
us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
100042000 | USD | |
us-gaap |
Proceeds From Repayments Of Secured Debt
ProceedsFromRepaymentsOfSecuredDebt
|
24975000 | USD | |
us-gaap |
Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
|
42358000 | USD | |
us-gaap |
Proceeds From Sale Of Available For Sale Securities
ProceedsFromSaleOfAvailableForSaleSecurities
|
57851000 | USD | |
us-gaap |
Proceeds From Sale Of Trading Securities Heldforinvestment
ProceedsFromSaleOfTradingSecuritiesHeldforinvestment
|
3146000 | USD | |
CY2016Q2 | us-gaap |
Realized Gain Loss On Marketable Securities And Cost Method Investments Excluding Other Than Temporary Impairments And Other Investments
RealizedGainLossOnMarketableSecuritiesAndCostMethodInvestmentsExcludingOtherThanTemporaryImpairmentsAndOtherInvestments
|
399000 | USD |
us-gaap |
Realized Gain Loss On Marketable Securities And Cost Method Investments Excluding Other Than Temporary Impairments And Other Investments
RealizedGainLossOnMarketableSecuritiesAndCostMethodInvestmentsExcludingOtherThanTemporaryImpairmentsAndOtherInvestments
|
-689000 | USD | |
CY2017Q2 | us-gaap |
Realized Gain Loss On Marketable Securities And Cost Method Investments Excluding Other Than Temporary Impairments And Other Investments
RealizedGainLossOnMarketableSecuritiesAndCostMethodInvestmentsExcludingOtherThanTemporaryImpairmentsAndOtherInvestments
|
124000 | USD |
us-gaap |
Realized Gain Loss On Marketable Securities And Cost Method Investments Excluding Other Than Temporary Impairments And Other Investments
RealizedGainLossOnMarketableSecuritiesAndCostMethodInvestmentsExcludingOtherThanTemporaryImpairmentsAndOtherInvestments
|
640000 | USD | |
CY2016Q4 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
2065911000 | USD |
CY2017Q2 | us-gaap |
Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
|
2099432000 | USD |
CY2016Q2 | us-gaap |
Revenues
Revenues
|
423884000 | USD |
us-gaap |
Revenues
Revenues
|
798612000 | USD | |
CY2017Q2 | us-gaap |
Revenues
Revenues
|
448564000 | USD |
us-gaap |
Revenues
Revenues
|
847880000 | USD | |
CY2016Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
816910000 | USD |
CY2017Q2 | us-gaap |
Stockholders Equity
StockholdersEquity
|
853214000 | USD |
CY2016Q4 | us-gaap |
Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
|
1963000000 | USD |
CY2017Q2 | us-gaap |
Stockholders Equity Before Treasury Stock
StockholdersEquityBeforeTreasuryStock
|
1999304000 | USD |
CY2016Q4 | us-gaap |
Treasury Stock Common Shares
TreasuryStockCommonShares
|
22110132 | shares |
CY2017Q2 | us-gaap |
Treasury Stock Common Shares
TreasuryStockCommonShares
|
22110132 | shares |
CY2016Q4 | us-gaap |
Treasury Stock Common Value
TreasuryStockCommonValue
|
1155846000 | USD |
CY2017Q2 | us-gaap |
Treasury Stock Common Value
TreasuryStockCommonValue
|
1155114000 | USD |
us-gaap |
Nature Of Operations
NatureOfOperations
|
<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", "we", "us", "our") is a publicly held Pennsylvania business corporation that has since its incorporation in 1925 served as the attorney-in-fact for the subscribers (policyholders) at the Erie Insurance Exchange ("Exchange").  The Exchange, which also commenced business in 1925, is a Pennsylvania-domiciled reciprocal insurer that writes property and casualty insurance. We function solely as the management company and all insurance operations are performed by the Exchange.</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;">Our primary function, as attorney-in-fact, 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 individually by each subscriber (policyholder), which appoints us as their common attorney-in-fact to transact certain 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, we earn a management fee calculated as a percentage of the direct and assumed premiums written by the Exchange.</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The services we provide to the Exchange are related to the sales, underwriting and issuance of policies. The sales related services we provide include agent compensation and certain sales and advertising support services. Agent compensation includes scheduled commissions to agents based upon premiums written as well as additional commissions and bonuses to agents, which are earned by achieving targeted measures. The underwriting services we provide include underwriting and policy processing. The remaining services we provide include customer service and administrative support. We also provide information technology services that support all the functions listed above.</font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">By virtue of its legal structure as a reciprocal insurer, the Exchange does not have the ability to enter into contractual relationships and therefore Indemnity serves as the attorney-in-fact on behalf of the Exchange for all claims handling services, investment management services, and certain other common overhead and service department functions in accordance with the subscriber’s agreement. The amounts Indemnity incurs on behalf of the Exchange in this capacity are reimbursed to Indemnity from the Exchange at cost. </font></div><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;"><br clear="none"/></font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Our results of operations are tied to the growth and financial condition of the Exchange. If any events occurred that impaired the Exchange’s ability to grow or sustain its financial condition, including but not limited to reduced financial strength ratings, disruption in the independent agency relationships, significant catastrophe losses, or products not meeting customer demands, the Exchange could find it more difficult to retain its existing business and attract new business. A decline in the business of the Exchange almost certainly would have as a consequence a decline in the total premiums paid and a correspondingly adverse effect on the amount of the management fees we receive. We also have an exposure to a concentration of credit risk related to the unsecured receivables due from the Exchange for its management fee. See Note 12, "Concentrations of Credit Risk" contained within this report.</font></div></div> | ||
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> |