2020 Q2 Form 10-Q Financial Statement

#000092262120000030 Filed on July 30, 2020

View on sec.gov

Income Statement

Concept 2020 Q2 2019 Q2
Revenue $7.686M $8.289M
YoY Change -7.27% 11.55%
Cost Of Revenue $565.8M $551.1M
YoY Change 2.67% 4.75%
Gross Profit $91.20M $96.60M
YoY Change -5.59% 1.36%
Gross Profit Margin 1186.57% 1165.4%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $565.8M $551.1M
YoY Change 2.67% 4.74%
Operating Profit $91.19M $96.61M
YoY Change -5.61% 1.35%
Interest Expense $2.000K $272.0K
YoY Change -99.26% -54.82%
% of Operating Profit 0.0% 0.28%
Other Income/Expense, Net $11.55M $9.652M
YoY Change 19.7% 16541.38%
Pretax Income $102.5M $106.0M
YoY Change -3.35% 5.0%
Income Tax $20.51M $18.28M
% Of Pretax Income 20.01% 17.24%
Net Earnings $81.98M $87.75M
YoY Change -6.58% 10.1%
Net Earnings / Revenue 1066.58% 1058.68%
Basic Earnings Per Share
Diluted Earnings Per Share $1.404M $1.503M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2020 Q2 2019 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $285.1M $399.5M
YoY Change -28.62% 30.64%
Cash & Equivalents $257.7M $338.3M
Short-Term Investments $27.41M $61.21M
Other Short-Term Assets $61.00M $42.00M
YoY Change 45.24% -6.67%
Inventory
Prepaid Expenses
Receivables $506.7M $488.0M
Other Receivables $0.00 $7.000M
Total Short-Term Assets $859.2M $937.2M
YoY Change -8.32% 13.19%
LONG-TERM ASSETS
Property, Plant & Equipment $266.0M $200.0M
YoY Change 33.0% 110.53%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $15.46M $30.34M
YoY Change -49.04% -23.47%
Other Assets $32.70M $89.57M
YoY Change -63.49% 87.25%
Total Long-Term Assets $1.224B $952.4M
YoY Change 28.48% 15.55%
TOTAL ASSETS
Total Short-Term Assets $859.2M $937.2M
Total Long-Term Assets $1.224B $952.4M
Total Assets $2.083B $1.890B
YoY Change 10.22% 14.37%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $127.0M $113.0M
YoY Change 12.39% 16.49%
Accrued Expenses $71.00M $63.00M
YoY Change 12.7% 12.5%
Deferred Revenue $36.63M $35.37M
YoY Change 3.54% 6.75%
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.998M $1.914M
YoY Change 4.39% 106.92%
Total Short-Term Liabilities $589.1M $535.4M
YoY Change 10.04% 7.53%
LONG-TERM LIABILITIES
Long-Term Debt $94.85M $96.86M
YoY Change -2.08% -1.96%
Other Long-Term Liabilities $14.90M $32.76M
YoY Change -54.53% 7663.27%
Total Long-Term Liabilities $109.7M $129.6M
YoY Change -15.33% 30.64%
TOTAL LIABILITIES
Total Short-Term Liabilities $589.1M $535.4M
Total Long-Term Liabilities $109.7M $129.6M
Total Liabilities $888.7M $826.2M
YoY Change 7.57% 7.01%
SHAREHOLDERS EQUITY
Retained Earnings $2.428B $2.311B
YoY Change 5.07% 6.5%
Common Stock $16.49M $16.48M
YoY Change 0.02% 0.15%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.194B $1.063B
YoY Change
Total Liabilities & Shareholders Equity $2.083B $1.890B
YoY Change 10.22% 14.37%

Cashflow Statement

Concept 2020 Q2 2019 Q2
OPERATING ACTIVITIES
Net Income $81.98M $87.75M
YoY Change -6.58% 10.1%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $107.2M $90.20M
YoY Change 18.85% 10.27%
INVESTING ACTIVITIES
Capital Expenditures -$16.30M -$16.90M
YoY Change -3.55% 79.79%
Acquisitions
YoY Change
Other Investing Activities -$16.30M -$4.700M
YoY Change 246.81% -122.93%
Cash From Investing Activities -$32.70M -$21.60M
YoY Change 51.39% -296.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -45.50M -42.40M
YoY Change 7.31% 200.71%
NET CHANGE
Cash From Operating Activities 107.2M 90.20M
Cash From Investing Activities -32.70M -21.60M
Cash From Financing Activities -45.50M -42.40M
Net Change In Cash 29.00M 26.20M
YoY Change 10.69% -66.71%
FREE CASH FLOW
Cash From Operating Activities $107.2M $90.20M
Capital Expenditures -$16.30M -$16.90M
Free Cash Flow $123.5M $107.1M
YoY Change 15.31% 17.43%

Facts In Submission

Frame Concept Type Concept / XBRL Key Value Unit
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dei Amendment Flag
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dei Document Fiscal Year Focus
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dei Entity File Number
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CY2019Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
3810000 USD
CY2019Q2 erie Net Treasury Stock Value Acquired Held And Reissued
NetTreasuryStockValueAcquiredHeldAndReissued
0 USD
CY2019Q2 erie Deferred Compensation Under Rabbi Trust Plans
DeferredCompensationUnderRabbiTrustPlans
0 USD
CY2019Q2 erie Distributions From Rabbi Trust Plans
DistributionsFromRabbiTrustPlans
0 USD
CY2019Q2 us-gaap Stockholders Equity
StockholdersEquity
1063454000 USD
erie Proceeds From Insurance Agency Management Fees Received
ProceedsFromInsuranceAgencyManagementFeesReceived
937962000 USD
erie Proceeds From Insurance Agency Management Fees Received
ProceedsFromInsuranceAgencyManagementFeesReceived
902958000 USD
erie Administrative Services Reimbursements Received
AdministrativeServicesReimbursementsReceived
279689000 USD
erie Administrative Services Reimbursements Received
AdministrativeServicesReimbursementsReceived
296390000 USD
us-gaap Proceeds From Fees Received
ProceedsFromFeesReceived
13108000 USD
us-gaap Proceeds From Fees Received
ProceedsFromFeesReceived
13599000 USD
us-gaap Proceeds From Interest And Dividends Received
ProceedsFromInterestAndDividendsReceived
18217000 USD
us-gaap Proceeds From Interest And Dividends Received
ProceedsFromInterestAndDividendsReceived
16799000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
532000 USD
us-gaap Equity Method Investment Dividends Or Distributions
EquityMethodInvestmentDividendsOrDistributions
1292000 USD
us-gaap Payments For Commissions
PaymentsForCommissions
448622000 USD
us-gaap Payments For Commissions
PaymentsForCommissions
434599000 USD
erie Payments For Agent Bonuses
PaymentsForAgentBonuses
100185000 USD
erie Payments For Agent Bonuses
PaymentsForAgentBonuses
108540000 USD
us-gaap Payments To Employees
PaymentsToEmployees
100360000 USD
us-gaap Payments To Employees
PaymentsToEmployees
101765000 USD
erie Paymentsfor Other Labor Related Expenses
PaymentsforOtherLaborRelatedExpenses
15962000 USD
erie Paymentsfor Other Labor Related Expenses
PaymentsforOtherLaborRelatedExpenses
22085000 USD
us-gaap Payments For Other Operating Activities
PaymentsForOtherOperatingActivities
133422000 USD
us-gaap Payments For Other Operating Activities
PaymentsForOtherOperatingActivities
117915000 USD
erie Administrative Services Expenses Paid
AdministrativeServicesExpensesPaid
298046000 USD
erie Administrative Services Expenses Paid
AdministrativeServicesExpensesPaid
291136000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
25625000 USD
us-gaap Income Taxes Paid
IncomeTaxesPaid
39863000 USD
us-gaap Interest Paid Net
InterestPaidNet
4000 USD
us-gaap Interest Paid Net
InterestPaidNet
719000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
127282000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
114416000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
198192000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
615384000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
44407000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
0 USD
us-gaap Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
19000 USD
us-gaap Payments To Acquire Limited Partnership Interests
PaymentsToAcquireLimitedPartnershipInterests
9000 USD
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
603000 USD
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
124000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
68977000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
430596000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
58722000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
261902000 USD
erie Proceeds From Sale Of Equity Securities
ProceedsFromSaleOfEquitySecurities
35684000 USD
erie Proceeds From Sale Of Equity Securities
ProceedsFromSaleOfEquitySecurities
0 USD
us-gaap Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
577000 USD
us-gaap Proceeds From Limited Partnership Investments
ProceedsFromLimitedPartnershipInvestments
2450000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
37426000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
34260000 USD
us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
2313000 USD
us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
6947000 USD
us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
3577000 USD
us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
3991000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-115423000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
42215000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
89881000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
83824000 USD
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-979000 USD
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-962000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-90860000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-84786000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-79001000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
71845000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
336739000 USD
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
266417000 USD
CY2020Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
257738000 USD
CY2019Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
338262000 USD
erie Transfer Between Investment Categories
TransferBetweenInvestmentCategories
4188000 USD
erie Transfer Between Investment Categories
TransferBetweenInvestmentCategories
0 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
3440000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
33136000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
814000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
14980000 USD
us-gaap Nature Of Operations
NatureOfOperations
Nature of Operations<div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> </span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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. </span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;"> </span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 two 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 two capacities, we earn a management fee calculated as a percentage of the direct and affiliated assumed premiums written by the Exchange.</span></div><div><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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.</span></div><div><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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. </span></div><div><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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 and cost reimbursements. See Note 13, "Concentrations of Credit Risk". </span></div><div><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;">Coronavirus ("COVID-19") pandemic</span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">On March 11, 2020, the outbreak of the coronavirus ("COVID-19") was declared a global pandemic. The significant volatility in the financial markets, economic disruption and uncertainty resulting from the COVID-19 pandemic that began in the first quarter of 2020 continues to evolve and the pandemic’s ultimate impact and duration remain highly uncertain at this time. The Exchange’s previously announced rate reductions that become effective in the second half of 2020, coupled with the uncertain economic conditions, will likely continue to constrain the Exchange’s premium growth which would impact our management fee revenue.</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;"> </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">The Exchange’s underwriting profitability has improved largely due to declines in claims frequency.</span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:12pt;font-weight:400;line-height:115%;"> </span><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">The extent and duration of changes in consumer behavior and driving patterns and the resulting impact to the Exchange’s growth and financial condition remain uncertain.</span></div><div><span><br/></span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:115%;">The economic conditions resulting from the COVID-19 pandemic may negatively impact the collectability of the Exchange’s premiums receivable, however no such impact has been noted through the date of this report. While our investment portfolio </span></div>was negatively impacted by the volatility in the financial markets in the first quarter of 2020, market conditions partially recovered in the second quarter of 2020. We are unable to predict the duration or extent of the business disruption or the financial impact given the ongoing development of the pandemic and its impacts on the economy and financial markets.
erie Revenue Performance Obligation Numberof Performance Obligations
RevenuePerformanceObligationNumberofPerformanceObligations
2 Obligations
erie Revenue Performance Obligation Numberof Performance Obligations
RevenuePerformanceObligationNumberofPerformanceObligations
2 Obligations
us-gaap Use Of Estimates
UseOfEstimates
<div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;text-decoration: underline;">Use of estimates</span></div><div><span style="background-color:rgb(255,255,255, 0.0);color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%;">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.</span></div>
CY2020Q1 erie Revenue Recognition Management Fee Returned Premium Cancellation Allowance
RevenueRecognitionManagementFeeReturnedPremiumCancellationAllowance
3500000 USD
CY2020Q2 erie Revenue Recognition Management Fee Returned Premium Cancellation Allowance
RevenueRecognitionManagementFeeReturnedPremiumCancellationAllowance
900000 USD
erie Revenue Recognition Management Fee Returned Premium Cancellation Allowance
RevenueRecognitionManagementFeeReturnedPremiumCancellationAllowance
4400000 USD
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0 USD
CY2020Q1 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
600000 USD
erie Insurance Agency Management Fee Percent
InsuranceAgencyManagementFeePercent
0.25
erie Insurance Agency Management Fee Percent
InsuranceAgencyManagementFeePercent
0.25
erie Revenue Performance Obligation Numberof Performance Obligations
RevenuePerformanceObligationNumberofPerformanceObligations
2 Obligations
CY2019Q2 erie Revenue Recognition Management Fee Returned Premium Cancellation Allowance
RevenueRecognitionManagementFeeReturnedPremiumCancellationAllowance
2000000.0 USD
erie Revenue Recognition Management Fee Returned Premium Cancellation Allowance
RevenueRecognitionManagementFeeReturnedPremiumCancellationAllowance
2900000 USD
erie Revenue Performance Obligation Numberof Performance Obligations
RevenuePerformanceObligationNumberofPerformanceObligations
2 Obligations
erie Revenue Performance Obligation Numberof Performance Obligations
RevenuePerformanceObligationNumberofPerformanceObligations
2 Obligations
CY2019Q2 us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
1302000 USD
us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
-4280000 USD
CY2020Q2 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
1000000.0 USD
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
24154000 USD
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
24233000 USD
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
362607000 USD
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
372299000 USD
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
129547000 USD
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
128334000 USD
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
276162000 USD
CY2020Q2 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
279959000 USD
CY2020Q2 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
792470000 USD
CY2020Q2 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
804825000 USD
CY2020Q2 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
400000 USD
CY2020Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
7686000 USD
CY2019Q2 us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
8289000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
16304000 USD
us-gaap Interest And Dividend Income Operating
InterestAndDividendIncomeOperating
17056000 USD
CY2020Q2 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
313000 USD
CY2019Q2 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
259000 USD
us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
562000 USD
us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
509000 USD
CY2020Q2 us-gaap Net Investment Income
NetInvestmentIncome
7373000 USD
CY2019Q2 us-gaap Net Investment Income
NetInvestmentIncome
8030000 USD
us-gaap Net Investment Income
NetInvestmentIncome
15742000 USD
us-gaap Net Investment Income
NetInvestmentIncome
16547000 USD
CY2020Q2 us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
6526000 USD
us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
3805000 USD
CY2020Q2 erie Debt Securities Availableforsale Sellbefore Recovery
DebtSecuritiesAvailableforsaleSellbeforeRecovery
0 USD
CY2019Q2 erie Debt Securities Availableforsale Sellbefore Recovery
DebtSecuritiesAvailableforsaleSellbeforeRecovery
84000 USD
erie Debt Securities Availableforsale Sellbefore Recovery
DebtSecuritiesAvailableforsaleSellbeforeRecovery
2242000 USD
erie Debt Securities Availableforsale Sellbefore Recovery
DebtSecuritiesAvailableforsaleSellbeforeRecovery
162000 USD
CY2020Q2 us-gaap Debt Securities Available For Sale Change In Present Value Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValueExpenseReversal
17000 USD
CY2019Q2 us-gaap Debt Securities Available For Sale Change In Present Value Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValueExpenseReversal
0 USD
us-gaap Debt Securities Available For Sale Change In Present Value Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValueExpenseReversal
658000 USD
us-gaap Debt Securities Available For Sale Change In Present Value Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValueExpenseReversal
0 USD
CY2020Q2 erie Available For Sale Debt Securities Impairment Loss
AvailableForSaleDebtSecuritiesImpairmentLoss
17000 USD
CY2019Q2 erie Available For Sale Debt Securities Impairment Loss
AvailableForSaleDebtSecuritiesImpairmentLoss
84000 USD
erie Available For Sale Debt Securities Impairment Loss
AvailableForSaleDebtSecuritiesImpairmentLoss
2900000 USD
erie Available For Sale Debt Securities Impairment Loss
AvailableForSaleDebtSecuritiesImpairmentLoss
162000 USD
CY2020Q2 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0 USD
CY2019Q2 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0 USD
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
170000 USD
CY2020Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
10874000 USD
CY2020Q2 erie Available For Sale Debt Securities And Financing Receivables Impairment Loss
AvailableForSaleDebtSecuritiesAndFinancingReceivablesImpairmentLoss
17000 USD
CY2019Q2 erie Available For Sale Debt Securities And Financing Receivables Impairment Loss
AvailableForSaleDebtSecuritiesAndFinancingReceivablesImpairmentLoss
84000 USD
erie Available For Sale Debt Securities And Financing Receivables Impairment Loss
AvailableForSaleDebtSecuritiesAndFinancingReceivablesImpairmentLoss
3070000 USD
erie Available For Sale Debt Securities And Financing Receivables Impairment Loss
AvailableForSaleDebtSecuritiesAndFinancingReceivablesImpairmentLoss
162000 USD
CY2020Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
3300000 USD
CY2019Q2 us-gaap Operating Lease Cost
OperatingLeaseCost
3600000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
6700000 USD
us-gaap Operating Lease Cost
OperatingLeaseCost
7200000 USD
CY2019Q2 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
8464000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
21747000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
16927000 USD
CY2020Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
9394000 USD
CY2019Q2 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
9826000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
18789000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
19653000 USD
CY2020Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
12353000 USD
CY2019Q2 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
11871000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
24706000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
23742000 USD
CY2020Q2 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
335000 USD
CY2019Q2 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
348000 USD
us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
671000 USD
us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
697000 USD
CY2020Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-3031000 USD
CY2019Q2 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-1278000 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-6062000 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-2556000 USD
CY2020Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
11281000 USD
CY2019Q2 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
8045000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
22563000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
16091000 USD
CY2020Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.200
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.209
CY2020Q1 us-gaap Deferred Tax Assets Valuation Allowance
DeferredTaxAssetsValuationAllowance
6800000 USD
CY2020Q2 erie Valuation Allowance Deferred Tax Asset Increase Decrease Due To Unrealized Losses
ValuationAllowanceDeferredTaxAssetIncreaseDecreaseDueToUnrealizedLosses
-5800000 USD
CY2020Q2 us-gaap Income Tax Reconciliation Change In Deferred Tax Assets Valuation Allowance
IncomeTaxReconciliationChangeInDeferredTaxAssetsValuationAllowance
-1000000.0 USD
CY2020Q2 us-gaap Effective Income Tax Rate Reconciliation Change In Deferred Tax Assets Valuation Allowance
EffectiveIncomeTaxRateReconciliationChangeInDeferredTaxAssetsValuationAllowance
-0.009
CY2019Q2 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.172
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.191
CY2019Q2 us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
-0.038
us-gaap Effective Income Tax Rate Reconciliation Tax Settlements
EffectiveIncomeTaxRateReconciliationTaxSettlements
-0.020
CY2020Q2 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
506700000 USD
CY2019Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
468600000 USD

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