$ERIE
ERIE INDEMNITY CO Stock $erie

$erie Overview Financials Valuation SEC Filings Company Website

2018 Q2 Form 10-Q Financial Statement

#000092262118000033 Filed on July 26, 2018

Income Statement

Concept	2018 Q2	2017 Q2
Revenue	$7.431M	$448.6M
YoY Change	-98.34%	5.82%
Cost Of Revenue	$526.1M	$365.1M
YoY Change	44.1%
Gross Profit	$95.30M	$83.40M
YoY Change	14.27%
Gross Profit Margin	1282.47%	18.59%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses	$526.1M	$365.1M
YoY Change	44.1%	7.98%
Operating Profit	$95.32M	$83.45M
YoY Change	14.23%	-2.69%
Interest Expense	$602.0K	$257.0K
YoY Change	134.24%	-96.53%
% of Operating Profit	0.63%	0.31%
Other Income/Expense, Net	$58.00K	-$407.0K
YoY Change	-114.25%
Pretax Income	$101.0M	$89.24M
YoY Change	13.17%	-4.22%
Income Tax	$21.28M	$30.71M
% Of Pretax Income	21.07%	34.41%
Net Earnings	$79.71M	$58.53M
YoY Change	36.19%	-4.54%
Net Earnings / Revenue	1072.61%	13.05%
Basic Earnings Per Share
Diluted Earnings Per Share	$1.365M	$1.119M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept	2018 Q2	2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments	$305.8M	$217.0M
YoY Change	40.91%	26.9%
Cash & Equivalents	$198.4M	$144.7M
Short-Term Investments	$107.4M	$72.00M
Other Short-Term Assets	$45.00M	$36.00M
YoY Change	25.0%	5.88%
Inventory
Prepaid Expenses
Receivables	$452.0M	$418.0M
Other Receivables	$25.00M	$0.00
Total Short-Term Assets	$828.1M	$671.1M
YoY Change	23.39%	12.28%
LONG-TERM ASSETS
Property, Plant & Equipment	$95.00M	$71.00M
YoY Change	33.8%	20.34%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments	$39.65M	$53.23M
YoY Change	-25.51%	-24.98%
Other Assets	$47.83M	$22.36M
YoY Change	113.97%	18.33%
Total Long-Term Assets	$824.2M	$896.1M
YoY Change	-8.03%	9.67%
TOTAL ASSETS
Total Short-Term Assets	$828.1M	$671.1M
Total Long-Term Assets	$824.2M	$896.1M
Total Assets	$1.652B	$1.567B
YoY Change	5.43%	10.77%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable	$97.00M	$87.00M
YoY Change	11.49%	-4.4%
Accrued Expenses	$56.00M	$63.00M
YoY Change	-11.11%	8.62%
Deferred Revenue	$33.14M
YoY Change
Short-Term Debt	$0.00	$0.00
YoY Change
Long-Term Debt Due	$925.0K
YoY Change
Total Short-Term Liabilities	$497.9M	$431.0M
YoY Change	15.51%	3.74%
LONG-TERM LIABILITIES
Long-Term Debt	$98.80M	$49.74M
YoY Change	98.62%
Other Long-Term Liabilities	$422.0K	$1.004M
YoY Change	-57.97%	617.14%
Total Long-Term Liabilities	$99.22M	$50.75M
YoY Change	95.53%	36147.14%
TOTAL LIABILITIES
Total Short-Term Liabilities	$497.9M	$431.0M
Total Long-Term Liabilities	$99.22M	$50.75M
Total Liabilities	$772.1M	$714.0M
YoY Change	8.13%	19.07%
SHAREHOLDERS EQUITY
Retained Earnings	$2.170B	$2.099B
YoY Change	3.35%	3.26%
Common Stock	$16.46M	$16.47M
YoY Change	-0.07%	1.04%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity	$880.2M	$853.2M
YoY Change
Total Liabilities & Shareholders Equity	$1.652B	$1.567B
YoY Change	5.43%	10.77%

Cashflow Statement

Concept	2018 Q2	2017 Q2
OPERATING ACTIVITIES
Net Income	$79.71M	$58.53M
YoY Change	36.19%	-4.54%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities	$81.80M	$74.60M
YoY Change	9.65%	3.18%
INVESTING ACTIVITIES
Capital Expenditures	-$9.400M	-$6.400M
YoY Change	46.88%	68.42%
Acquisitions
YoY Change
Other Investing Activities	$20.50M	-$22.50M
YoY Change	-191.11%	44.23%
Cash From Investing Activities	$11.00M	-$28.80M
YoY Change	-138.19%	47.69%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities	-14.10M	-11.40M
YoY Change	23.68%	-66.47%
NET CHANGE
Cash From Operating Activities	81.80M	74.60M
Cash From Investing Activities	11.00M	-28.80M
Cash From Financing Activities	-14.10M	-11.40M
Net Change In Cash	78.70M	34.40M
YoY Change	128.78%	82.98%
FREE CASH FLOW
Cash From Operating Activities	$81.80M	$74.60M
Capital Expenditures	-$9.400M	-$6.400M
Free Cash Flow	$91.20M	$81.00M
YoY Change	12.59%	6.44%

Facts In Submission

Frame	Concept Type	Concept / XBRL Key	Value	Unit
	dei	Amendment Flag AmendmentFlag	false
	dei	Current Fiscal Year End Date CurrentFiscalYearEndDate	--12-31
	dei	Document Fiscal Period Focus DocumentFiscalPeriodFocus	Q2
	us-gaap	Equity Method Investment Dividends Or Distributions EquityMethodInvestmentDividendsOrDistributions	1339000	USD
	us-gaap	Equity Method Investment Dividends Or Distributions EquityMethodInvestmentDividendsOrDistributions	3037000	USD
	dei	Document Fiscal Year Focus DocumentFiscalYearFocus	2018
	dei	Document Period End Date DocumentPeriodEndDate	2018-06-30
	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
	erie	Administrative Services Expenses Paid AdministrativeServicesExpensesPaid	295635000	USD
	erie	Administrative Services Reimbursements Received AdministrativeServicesReimbursementsReceived	298056000	USD
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	erie	Insurance Agency Management Fee Percent InsuranceAgencyManagementFeePercent	0.25
	erie	Payments For Agent Bonuses PaymentsForAgentBonuses	115056000	USD
	erie	Payments For Agent Bonuses PaymentsForAgentBonuses	126594000	USD
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	erie	Pension Contributionsand Paymentsfor Other Labor Related Expenses PensionContributionsandPaymentsforOtherLaborRelatedExpenses	33737000	USD
	erie	Pension Contributionsand Paymentsfor Other Labor Related Expenses PensionContributionsandPaymentsforOtherLaborRelatedExpenses	99334000	USD
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CY2018Q2	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	-219000	USD
	us-gaap	Income Loss From Equity Method Investments IncomeLossFromEquityMethodInvestments	-411000	USD
CY2017Q2	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	30708000	USD
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	55786000	USD
CY2018Q2	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	21280000	USD
	us-gaap	Income Tax Expense Benefit IncomeTaxExpenseBenefit	38743000	USD
	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	47767000	USD
	us-gaap	Income Taxes Paid Net IncomeTaxesPaidNet	208000	USD
CY2017Q4	us-gaap	Income Taxes Receivable IncomeTaxesReceivable	29900000	USD
CY2018Q2	us-gaap	Income Taxes Receivable IncomeTaxesReceivable	0	USD
	us-gaap	Increase Decrease In Due From Related Parties Current IncreaseDecreaseInDueFromRelatedPartiesCurrent	5633000	USD
CY2017Q2	us-gaap	Interest And Dividend Income Operating InterestAndDividendIncomeOperating	6632000	USD
	us-gaap	Interest And Dividend Income Operating InterestAndDividendIncomeOperating	13089000	USD
CY2018Q2	us-gaap	Interest And Dividend Income Operating InterestAndDividendIncomeOperating	7431000	USD
	us-gaap	Interest And Dividend Income Operating InterestAndDividendIncomeOperating	14691000	USD
CY2017Q2	us-gaap	Interest Expense InterestExpense	257000	USD
	us-gaap	Interest Expense InterestExpense	423000	USD
CY2018Q2	us-gaap	Interest Expense InterestExpense	602000	USD
	us-gaap	Interest Expense InterestExpense	1155000	USD
	us-gaap	Interest Paid Net InterestPaidNet	325000	USD
	us-gaap	Interest Paid Net InterestPaidNet	1065000	USD
CY2017Q2	us-gaap	Investment Income Investment Expense InvestmentIncomeInvestmentExpense	393000	USD
	us-gaap	Investment Income Investment Expense InvestmentIncomeInvestmentExpense	869000	USD
CY2018Q2	us-gaap	Investment Income Investment Expense InvestmentIncomeInvestmentExpense	327000	USD
	us-gaap	Investment Income Investment Expense InvestmentIncomeInvestmentExpense	767000	USD
CY2017Q2	us-gaap	Investment Income Nonoperating InvestmentIncomeNonoperating	6451000	USD
	us-gaap	Investment Income Nonoperating InvestmentIncomeNonoperating	13040000	USD
CY2018Q2	us-gaap	Investment Income Nonoperating InvestmentIncomeNonoperating	6207000	USD
	us-gaap	Investment Income Nonoperating InvestmentIncomeNonoperating	12370000	USD
CY2017Q4	us-gaap	Liabilities Liabilities	808515000	USD
CY2018Q2	us-gaap	Liabilities Liabilities	772087000	USD
CY2017Q4	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	1665859000	USD
CY2018Q2	us-gaap	Liabilities And Stockholders Equity LiabilitiesAndStockholdersEquity	1652275000	USD
CY2017Q4	us-gaap	Liabilities Current LiabilitiesCurrent	509906000	USD
CY2018Q2	us-gaap	Liabilities Current LiabilitiesCurrent	497864000	USD
CY2017Q4	us-gaap	Long Term Debt Current LongTermDebtCurrent	0	USD
CY2018Q2	us-gaap	Long Term Debt Current LongTermDebtCurrent	925000	USD
CY2017Q4	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	74728000	USD
CY2018Q2	us-gaap	Long Term Debt Noncurrent LongTermDebtNoncurrent	98800000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-47908000	USD
	us-gaap	Net Cash Provided By Used In Financing Activities NetCashProvidedByUsedInFinancingActivities	-53249000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-35946000	USD
	us-gaap	Net Cash Provided By Used In Investing Activities NetCashProvidedByUsedInInvestingActivities	-5653000	USD
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	39491000	USD
	us-gaap	Net Cash Provided By Used In Operating Activities NetCashProvidedByUsedInOperatingActivities	41593000	USD
CY2017Q2	us-gaap	Net Income Loss NetIncomeLoss	58527000	USD
	us-gaap	Net Income Loss NetIncomeLoss	106403000	USD
CY2018Q2	us-gaap	Net Income Loss NetIncomeLoss	79706000	USD
	us-gaap	Net Income Loss NetIncomeLoss	145464000	USD
CY2017Q2	us-gaap	Net Investment Income NetInvestmentIncome	6239000	USD
	us-gaap	Net Investment Income NetInvestmentIncome	12220000	USD
CY2018Q2	us-gaap	Net Investment Income NetInvestmentIncome	7104000	USD
	us-gaap	Net Investment Income NetInvestmentIncome	13924000	USD
CY2017Q4	us-gaap	Notes Receivable Related Parties Current NotesReceivableRelatedPartiesCurrent	25000000	USD
CY2018Q2	us-gaap	Notes Receivable Related Parties Current NotesReceivableRelatedPartiesCurrent	25000000	USD
CY2017Q2	us-gaap	Operating Expenses OperatingExpenses	365116000	USD
	us-gaap	Operating Expenses OperatingExpenses	697492000	USD
CY2018Q2	us-gaap	Operating Expenses OperatingExpenses	526135000	USD
	us-gaap	Operating Expenses OperatingExpenses	1020728000	USD
CY2017Q2	us-gaap	Operating Income Loss OperatingIncomeLoss	83448000	USD
	us-gaap	Operating Income Loss OperatingIncomeLoss	150388000	USD
CY2018Q2	us-gaap	Operating Income Loss OperatingIncomeLoss	95323000	USD
	us-gaap	Operating Income Loss OperatingIncomeLoss	172890000	USD
CY2017Q4	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	28793000	USD
CY2018Q2	us-gaap	Other Assets Noncurrent OtherAssetsNoncurrent	47834000	USD
CY2018Q2	us-gaap	Other Commitment OtherCommitment	13900000	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.
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
CY2018Q2	us-gaap	Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent	-551000	USD
	us-gaap	Other Comprehensive Income Availableforsale Securities Adjustment Net Of Tax Portion Attributable To Parent OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent	-5978000	USD
CY2017Q4	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	1476000	USD
CY2018Q2	us-gaap	Other Liabilities Noncurrent OtherLiabilitiesNoncurrent	422000	USD
CY2017Q2	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-407000	USD
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	-816000	USD
CY2018Q2	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	58000	USD
	us-gaap	Other Nonoperating Income Expense OtherNonoperatingIncomeExpense	102000	USD
CY2017Q4	us-gaap	Other Postretirement Defined Benefit Plan Liabilities Noncurrent OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent	423000	USD
CY2018Q2	us-gaap	Other Postretirement Defined Benefit Plan Liabilities Noncurrent OtherPostretirementDefinedBenefitPlanLiabilitiesNoncurrent	194000	USD
CY2017Q2	us-gaap	Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings	61000	USD
CY2017Q2	us-gaap	Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings	100000	USD
	us-gaap	Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings	182000	USD
	us-gaap	Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings	200000	USD
CY2018Q2	us-gaap	Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings	646000	USD
CY2018Q2	us-gaap	Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings	600000	USD
	us-gaap	Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings	646000	USD
	us-gaap	Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings	600000	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
CY2018Q2	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
	us-gaap	Payments For Commissions PaymentsForCommissions	386400000	USD
	us-gaap	Payments For Commissions PaymentsForCommissions	413880000	USD
	us-gaap	Payments For Other Operating Activities PaymentsForOtherOperatingActivities	113122000	USD
	us-gaap	Payments For Other Operating Activities PaymentsForOtherOperatingActivities	111381000	USD
	us-gaap	Payments For Proceeds From Loans Receivable PaymentsForProceedsFromLoansReceivable	3083000	USD
	us-gaap	Payments For Proceeds From Loans Receivable PaymentsForProceedsFromLoansReceivable	21334000	USD
	us-gaap	Payments For Proceeds From Productive Assets PaymentsForProceedsFromProductiveAssets	9972000	USD
	us-gaap	Payments For Proceeds From Productive Assets PaymentsForProceedsFromProductiveAssets	18121000	USD
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	72883000	USD
	us-gaap	Payments Of Dividends Common Stock PaymentsOfDividendsCommonStock	78235000	USD
	us-gaap	Payments To Acquire Available For Sale Securities PaymentsToAcquireAvailableForSaleSecurities	184803000	USD
	us-gaap	Payments To Acquire Available For Sale Securities Debt PaymentsToAcquireAvailableForSaleSecuritiesDebt	114848000	USD
	us-gaap	Payments To Acquire Limited Partnership Interests PaymentsToAcquireLimitedPartnershipInterests	325000	USD
	us-gaap	Payments To Acquire Limited Partnership Interests PaymentsToAcquireLimitedPartnershipInterests	215000	USD
	us-gaap	Payments To Employees PaymentsToEmployees	95462000	USD
	us-gaap	Payments To Employees PaymentsToEmployees	102601000	USD
CY2017Q4	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	34890000	USD
CY2018Q2	us-gaap	Prepaid Expense And Other Assets Current PrepaidExpenseAndOtherAssetsCurrent	45426000	USD
	us-gaap	Proceeds From Fees Received ProceedsFromFeesReceived	14503000	USD
	us-gaap	Proceeds From Fees Received ProceedsFromFeesReceived	14225000	USD
	us-gaap	Proceeds From Interest And Dividends Received ProceedsFromInterestAndDividendsReceived	15022000	USD
	us-gaap	Proceeds From Interest And Dividends Received ProceedsFromInterestAndDividendsReceived	17279000	USD
	us-gaap	Proceeds From Limited Partnership Investments ProceedsFromLimitedPartnershipInvestments	4344000	USD
	us-gaap	Proceeds From Limited Partnership Investments ProceedsFromLimitedPartnershipInvestments	2682000	USD
	us-gaap	Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities	100042000	USD
	us-gaap	Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities	69674000	USD
	us-gaap	Proceeds From Repayments Of Secured Debt ProceedsFromRepaymentsOfSecuredDebt	24975000	USD
	us-gaap	Proceeds From Repayments Of Secured Debt ProceedsFromRepaymentsOfSecuredDebt	24986000	USD
	us-gaap	Proceeds From Sale Of Available For Sale Securities ProceedsFromSaleOfAvailableForSaleSecurities	57851000	USD
	us-gaap	Proceeds From Sale Of Available For Sale Securities Debt ProceedsFromSaleOfAvailableForSaleSecuritiesDebt	76387000	USD
CY2017Q4	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	2140853000	USD
CY2018Q2	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	2169686000	USD
CY2018Q1	us-gaap	Retained Earnings Accumulated Deficit RetainedEarningsAccumulatedDeficit	2102527000	USD
CY2017Q2	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	448564000	USD
	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	847880000	USD
CY2018Q2	us-gaap	Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1 RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1	P4Y0M0D
CY2017Q4	us-gaap	Stockholders Equity StockholdersEquity	857344000	USD
CY2018Q2	us-gaap	Stockholders Equity StockholdersEquity	880188000	USD
CY2017Q4	us-gaap	Stockholders Equity Before Treasury Stock StockholdersEquityBeforeTreasuryStock	2003434000	USD
CY2018Q2	us-gaap	Stockholders Equity Before Treasury Stock StockholdersEquityBeforeTreasuryStock	2026278000	USD
CY2018Q2	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	621458000	USD
	us-gaap	Revenue From Contract With Customer Excluding Assessed Tax RevenueFromContractWithCustomerExcludingAssessedTax	1193618000	USD
CY2017Q4	us-gaap	Treasury Stock Common Shares TreasuryStockCommonShares	22110132	shares
CY2018Q2	us-gaap	Treasury Stock Common Shares TreasuryStockCommonShares	22110132	shares
CY2017Q4	us-gaap	Treasury Stock Common Value TreasuryStockCommonValue	1155668000	USD
CY2018Q2	us-gaap	Treasury Stock Common Value TreasuryStockCommonValue	1156999000	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 policy issuance and renewal services on behalf of the subscribers at the Exchange. We also act as attorney-in-fact on behalf of the Exchange with respect to all claims handling and investment management services, as well as the service provider for all claims handling, life insurance, and investment management services for its insurance subsidiaries, collectively referred to as "administrative services". Acting as attorney-in-fact in these </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> capacities 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.  Pursuant to the subscriber's agreement for acting as attorney-in-fact in these </font><font style="font-family:inherit;font-size:10pt;">two</font><font style="font-family:inherit;font-size:10pt;"> capacities, 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 policy issuance and renewal 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. Included in these expenses are allocations of costs for departments that support these policy issuance and renewal functions.</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;">By virtue of its legal structure as a reciprocal insurer, the Exchange does not have any employees or officers. Therefore, it enters into contractual relationships by and through an attorney-in-fact. Indemnity serves as the attorney-in-fact on behalf of the Exchange with respect to its administrative services. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Claims handling services include costs incurred in the claims process, including the adjustment, investigation, defense, recording and payment functions. Life insurance management services include costs incurred in the management and processing of life insurance business. Investment management services are related to investment trading activity, accounting and all other functions attributable to the investment of funds. Included in these expenses are allocations of costs for departments that support these administrative functions. The amounts incurred for these services are reimbursed to Indemnity at cost in accordance with the subscriber's agreement and the service agreements. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department. </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".</font></div></div>
	us-gaap	Prior Period Reclassification Adjustment Description PriorPeriodReclassificationAdjustmentDescription	<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;text-decoration:underline;">Reclassifications</font></div><div style="line-height:120%;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Certain amounts previously reported in the 2017 financial statements have been reclassified for comparative purposes to conform to the current period’s presentation.  Such reclassifications resulted from new accounting guidance and only affected the Statements of Operations.  Most notably, "Commissions", "Salaries and employee benefits", and "All other operating expenses" have been combined within "Cost of operations - policy issuance and renewal services" in the Statements of Operations (See Note 3, "Revenue").  These reclassifications had no effect on previously reported net income.</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>

Files In Submission

Name	View Source	Status
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$ERIE
ERIE INDEMNITY CO Stock $erie

2018 Q2 Form 10-Q Financial Statement

#000092262118000033 Filed on July 26, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ERIE ERIE INDEMNITY CO Stock $erie

2018 Q2 Form 10-Q Financial Statement

#000092262118000033 Filed on July 26, 2018

Income Statement

Balance Sheet

Cashflow Statement

Facts In Submission

Files In Submission

$ERIE
ERIE INDEMNITY CO Stock $erie