2021 Q3 Form 10-Q Financial Statement

#000092262121000048 Filed on October 28, 2021

View on sec.gov

Income Statement

Concept 2021 Q3 2020 Q3 2020 Q2
Revenue $687.8M $7.540M $7.686M
YoY Change 9022.53% -14.33% -7.27%
Cost Of Revenue $592.7M $557.3M $565.8M
YoY Change 6.36% 4.6% 2.67%
Gross Profit $95.10M $96.20M $91.20M
YoY Change -1.14% -9.16% -5.59%
Gross Profit Margin 13.83% 1275.86% 1186.57%
Selling, General & Admin
YoY Change
% of Gross Profit
Research & Development
YoY Change
% of Gross Profit
Depreciation & Amortization
YoY Change
% of Gross Profit
Operating Expenses $592.7M $557.3M $565.8M
YoY Change 6.37% 4.58% 2.67%
Operating Profit $95.10M $96.23M $91.19M
YoY Change -1.17% -9.14% -5.61%
Interest Expense $1.034M $3.000K $2.000K
YoY Change 34366.67% -97.3% -99.26%
% of Operating Profit 1.09% 0.0% 0.0%
Other Income/Expense, Net $20.60M $16.44M $11.55M
YoY Change 25.31% 20.81% 19.7%
Pretax Income $114.1M $111.7M $102.5M
YoY Change 2.18% -6.53% -3.35%
Income Tax $23.90M $22.48M $20.51M
% Of Pretax Income 20.94% 20.13% 20.01%
Net Earnings $90.22M $89.22M $81.98M
YoY Change 1.13% -5.26% -6.58%
Net Earnings / Revenue 13.12% 1183.24% 1066.58%
Basic Earnings Per Share
Diluted Earnings Per Share $1.545M $1.527M $1.404M
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2021 Q3 2020 Q3 2020 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $266.6M $229.8M $285.1M
YoY Change 16.03% -39.19% -28.62%
Cash & Equivalents $236.0M $216.4M $257.7M
Short-Term Investments $30.63M $13.43M $27.41M
Other Short-Term Assets $55.00M $52.00M $61.00M
YoY Change 5.78% 8.33% 45.24%
Inventory
Prepaid Expenses
Receivables $503.4M $501.2M $506.7M
Other Receivables $0.00 $4.000M $0.00
Total Short-Term Assets $831.2M $792.9M $859.2M
YoY Change 4.82% -15.19% -8.32%
LONG-TERM ASSETS
Property, Plant & Equipment $277.9M $272.0M $266.0M
YoY Change 2.18% 24.77% 33.0%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments $993.1M $10.01M $15.46M
YoY Change 9825.51% -68.9% -49.04%
Other Assets $57.70M $32.49M $32.70M
YoY Change 77.61% -65.85% -63.49%
Total Long-Term Assets $1.405B $1.366B $1.224B
YoY Change 2.85% 31.43% 28.48%
TOTAL ASSETS
Total Short-Term Assets $831.2M $792.9M $859.2M
Total Long-Term Assets $1.405B $1.366B $1.224B
Total Assets $2.237B $2.159B $2.083B
YoY Change 3.58% 9.36% 10.22%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $148.3M $137.0M $127.0M
YoY Change 8.24% 14.17% 12.39%
Accrued Expenses $88.56M $96.00M $71.00M
YoY Change -7.75% 12.94% 12.7%
Deferred Revenue $35.85M $37.42M $36.63M
YoY Change -4.19% 3.03% 3.54%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $2.075M $2.021M $1.998M
YoY Change 2.67% 3.16% 4.39%
Total Short-Term Liabilities $614.3M $606.5M $589.1M
YoY Change 1.29% 6.62% 10.04%
LONG-TERM LIABILITIES
Long-Term Debt $92.27M $94.34M $94.85M
YoY Change -2.19% -2.09% -2.08%
Other Long-Term Liabilities $17.78M $11.50M $14.90M
YoY Change 54.7% -48.67% -54.53%
Total Long-Term Liabilities $110.1M $105.8M $109.7M
YoY Change 3.99% -10.87% -15.33%
TOTAL LIABILITIES
Total Short-Term Liabilities $614.3M $606.5M $589.1M
Total Long-Term Liabilities $110.1M $105.8M $109.7M
Total Liabilities $949.7M $912.1M $888.7M
YoY Change 4.12% 6.64% 7.57%
SHAREHOLDERS EQUITY
Retained Earnings $2.492B $2.472B $2.428B
YoY Change 0.8% 4.62% 5.07%
Common Stock $16.50M $16.49M $16.49M
YoY Change 0.05% 0.02% 0.02%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $1.287B $1.247B $1.194B
YoY Change
Total Liabilities & Shareholders Equity $2.237B $2.159B $2.083B
YoY Change 3.58% 9.36% 10.22%

Cashflow Statement

Concept 2021 Q3 2020 Q3 2020 Q2
OPERATING ACTIVITIES
Net Income $90.22M $89.22M $81.98M
YoY Change 1.13% -5.26% -6.58%
Depreciation, Depletion And Amortization
YoY Change
Cash From Operating Activities $136.3M $107.2M $107.2M
YoY Change 27.16% -13.2% 18.85%
INVESTING ACTIVITIES
Capital Expenditures -$9.900M -$14.90M -$16.30M
YoY Change -33.56% -56.3% -3.55%
Acquisitions
YoY Change
Other Investing Activities $2.253M -$88.30M -$16.30M
YoY Change -102.55% 118.56% 246.81%
Cash From Investing Activities -$7.647M -$103.2M -$32.70M
YoY Change -92.59% 38.71% 51.39%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -48.71M -45.40M -45.50M
YoY Change 7.3% 7.08% 7.31%
NET CHANGE
Cash From Operating Activities 136.3M 107.2M 107.2M
Cash From Investing Activities -7.647M -103.2M -32.70M
Cash From Financing Activities -48.71M -45.40M -45.50M
Net Change In Cash 79.96M -41.40M 29.00M
YoY Change -293.14% -717.91% 10.69%
FREE CASH FLOW
Cash From Operating Activities $136.3M $107.2M $107.2M
Capital Expenditures -$9.900M -$14.90M -$16.30M
Free Cash Flow $146.2M $122.1M $123.5M
YoY Change 19.75% -22.53% 15.31%

Facts In Submission

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6139000 USD
CY2021Q2 erie Net Treasury Stock Value Acquired Held And Reissued
NetTreasuryStockValueAcquiredHeldAndReissued
0 USD
CY2021Q2 erie Deferred Compensation Under Rabbi Trust Plans
DeferredCompensationUnderRabbiTrustPlans
0 USD
CY2021Q2 erie Distributions From Rabbi Trust Plans
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0 USD
CY2021Q2 us-gaap Stockholders Equity
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1245102000 USD
CY2021Q3 us-gaap Net Income Loss
NetIncomeLoss
90223000 USD
CY2021Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-269000 USD
CY2021Q3 erie Net Treasury Stock Value Acquired Held And Reissued
NetTreasuryStockValueAcquiredHeldAndReissued
0 USD
CY2021Q3 erie Deferred Compensation Under Rabbi Trust Plans
DeferredCompensationUnderRabbiTrustPlans
0 USD
CY2021Q3 us-gaap Stockholders Equity
StockholdersEquity
1286856000 USD
CY2019Q4 us-gaap Stockholders Equity
StockholdersEquity
1133253000 USD
CY2020Q1 us-gaap Net Income Loss
NetIncomeLoss
59326000 USD
CY2020Q1 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
-29576000 USD
CY2020Q1 erie Net Treasury Stock Value Acquired Held And Reissued
NetTreasuryStockValueAcquiredHeldAndReissued
-4000 USD
CY2020Q1 erie Deferred Compensation Under Rabbi Trust Plans
DeferredCompensationUnderRabbiTrustPlans
0 USD
CY2020Q1 us-gaap Stockholders Equity
StockholdersEquity
1116992000 USD
CY2020Q2 us-gaap Net Income Loss
NetIncomeLoss
81977000 USD
CY2020Q2 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
40111000 USD
CY2020Q2 erie Net Treasury Stock Value Acquired Held And Reissued
NetTreasuryStockValueAcquiredHeldAndReissued
0 USD
CY2020Q2 erie Deferred Compensation Under Rabbi Trust Plans
DeferredCompensationUnderRabbiTrustPlans
0 USD
CY2020Q2 erie Distributions From Rabbi Trust Plans
DistributionsFromRabbiTrustPlans
0 USD
CY2020Q2 us-gaap Stockholders Equity
StockholdersEquity
1194139000 USD
CY2020Q3 us-gaap Net Income Loss
NetIncomeLoss
89216000 USD
CY2020Q3 us-gaap Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
8802000 USD
CY2020Q3 erie Net Treasury Stock Value Acquired Held And Reissued
NetTreasuryStockValueAcquiredHeldAndReissued
0 USD
CY2020Q3 erie Deferred Compensation Under Rabbi Trust Plans
DeferredCompensationUnderRabbiTrustPlans
0 USD
CY2020Q3 us-gaap Stockholders Equity
StockholdersEquity
1247217000 USD
erie Proceeds From Insurance Agency Management Fees Received
ProceedsFromInsuranceAgencyManagementFeesReceived
1496372000 USD
erie Proceeds From Insurance Agency Management Fees Received
ProceedsFromInsuranceAgencyManagementFeesReceived
1434070000 USD
erie Administrative Services Reimbursements Received
AdministrativeServicesReimbursementsReceived
471395000 USD
erie Administrative Services Reimbursements Received
AdministrativeServicesReimbursementsReceived
432133000 USD
us-gaap Proceeds From Fees Received
ProceedsFromFeesReceived
18048000 USD
us-gaap Proceeds From Fees Received
ProceedsFromFeesReceived
19418000 USD
erie Proceeds From Interest And Dividends Received And Equity Method Investment Dividends Or Distributions
ProceedsFromInterestAndDividendsReceivedAndEquityMethodInvestmentDividendsOrDistributions
27957000 USD
erie Proceeds From Interest And Dividends Received And Equity Method Investment Dividends Or Distributions
ProceedsFromInterestAndDividendsReceivedAndEquityMethodInvestmentDividendsOrDistributions
26817000 USD
us-gaap Payments For Commissions
PaymentsForCommissions
726411000 USD
us-gaap Payments For Commissions
PaymentsForCommissions
696447000 USD
erie Payments For Agent Bonuses
PaymentsForAgentBonuses
119778000 USD
erie Payments For Agent Bonuses
PaymentsForAgentBonuses
104301000 USD
us-gaap Payments To Employees
PaymentsToEmployees
160784000 USD
us-gaap Payments To Employees
PaymentsToEmployees
146420000 USD
erie Paymentsfor Other Labor Related Expenses
PaymentsforOtherLaborRelatedExpenses
24592000 USD
erie Paymentsfor Other Labor Related Expenses
PaymentsforOtherLaborRelatedExpenses
24067000 USD
us-gaap Payments For Other Operating Activities
PaymentsForOtherOperatingActivities
180028000 USD
us-gaap Payments For Other Operating Activities
PaymentsForOtherOperatingActivities
193613000 USD
erie Administrative Services Expenses Paid
AdministrativeServicesExpensesPaid
471523000 USD
erie Administrative Services Expenses Paid
AdministrativeServicesExpensesPaid
440531000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
63504000 USD
us-gaap Income Taxes Paid Net
IncomeTaxesPaidNet
72576000 USD
us-gaap Interest Paid Net
InterestPaidNet
3114000 USD
us-gaap Interest Paid Net
InterestPaidNet
5000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
264038000 USD
us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
234478000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
267067000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
338093000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
45654000 USD
us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
66847000 USD
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
605000 USD
us-gaap Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
788000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
108869000 USD
us-gaap Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
89264000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
142614000 USD
us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
92731000 USD
erie Proceeds From Sale Of Equity Securities
ProceedsFromSaleOfEquitySecurities
54303000 USD
erie Proceeds From Sale Of Equity Securities
ProceedsFromSaleOfEquitySecurities
55000000 USD
us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
903000 USD
us-gaap Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
589000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
38097000 USD
us-gaap Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
52289000 USD
us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
5648000 USD
us-gaap Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
3773000 USD
us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
7224000 USD
us-gaap Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
5635000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-43158000 USD
us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-218571000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
144600000 USD
us-gaap Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
134821000 USD
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-1524000 USD
us-gaap Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
-1470000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-146124000 USD
us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-136291000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
74756000 USD
us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-120384000 USD
CY2020Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
161240000 USD
CY2019Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
336739000 USD
CY2021Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
235996000 USD
CY2020Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
216355000 USD
erie Transfer Between Investment Categories
TransferBetweenInvestmentCategories
0 USD
erie Transfer Between Investment Categories
TransferBetweenInvestmentCategories
13041000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
2379000 USD
us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
4107000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
13102000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
496000 USD
us-gaap Nature Of Operations
NatureOfOperations
Nature of Operations<div><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span style="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="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%"> </span></div><div><span style="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="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="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="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 12, "Concentrations of Credit Risk". </span></div><div><span><br/></span></div><div><span style="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>In March 2020, the outbreak of the coronavirus ("COVID-19") was declared a global pandemic. The uncertainty resulting from COVID-19 continues to evolve and the pandemic’s ultimate impact and duration remain uncertain at this time. 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 obligation
erie Revenue Performance Obligation Numberof Performance Obligations
RevenuePerformanceObligationNumberofPerformanceObligations
2 obligation
us-gaap Use Of Estimates
UseOfEstimates
<div><span style="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="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>
us-gaap Prior Period Reclassification Adjustment Description
PriorPeriodReclassificationAdjustmentDescription
ReclassificationsCertain amounts previously reported have been reclassified for comparative purposes to conform to the current period’s presentation. "Federal income taxes recoverable" is now included in "Prepaid expenses and other current assets" in the Statements of Financial Position. “Equity in earnings (losses) of limited partnerships” is now included in “Net investment income” in the Statements of Operations. The reclassifications had no effect on previously reported net income.
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 obligation
CY2021Q3 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P4Y
CY2021Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7800000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
31700000 USD
CY2020Q3 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
7600000 USD
us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
31000000 USD
erie Revenue Performance Obligation Numberof Performance Obligations
RevenuePerformanceObligationNumberofPerformanceObligations
2 obligation
CY2021Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
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920399000 USD
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
19700000 USD
CY2021Q3 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2595000 USD
CY2021Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
937504000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
898790000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
31569000 USD
CY2020Q4 us-gaap Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
2123000 USD
CY2020Q4 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
928236000 USD
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
30255000 USD
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
30627000 USD
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
420007000 USD
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
430590000 USD
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
183979000 USD
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
186450000 USD
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
286158000 USD
CY2021Q3 us-gaap Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
289837000 USD
CY2021Q3 us-gaap Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
920399000 USD
CY2021Q3 us-gaap Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
937504000 USD
CY2021Q3 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
1000000 USD
CY2020Q4 us-gaap Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
1100000 USD
CY2021Q3 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
100000 USD
CY2020Q4 us-gaap Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
200000 USD
CY2021Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
11504000 USD
CY2020Q3 us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
3615000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
26701000 USD
us-gaap Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
-2419000 USD
CY2021Q3 erie Interest And Dividend Income Operating And Equity Method Investment Dividends Or Distributions
InterestAndDividendIncomeOperatingAndEquityMethodInvestmentDividendsOrDistributions
19182000 USD
CY2020Q3 erie Interest And Dividend Income Operating And Equity Method Investment Dividends Or Distributions
InterestAndDividendIncomeOperatingAndEquityMethodInvestmentDividendsOrDistributions
11155000 USD
erie Interest And Dividend Income Operating And Equity Method Investment Dividends Or Distributions
InterestAndDividendIncomeOperatingAndEquityMethodInvestmentDividendsOrDistributions
50596000 USD
erie Interest And Dividend Income Operating And Equity Method Investment Dividends Or Distributions
InterestAndDividendIncomeOperatingAndEquityMethodInvestmentDividendsOrDistributions
21425000 USD
CY2021Q3 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
324000 USD
CY2020Q3 us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
510000 USD
us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
991000 USD
us-gaap Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
1072000 USD
CY2021Q3 erie Net Investment Income And Income Loss From Equity Method Investments
NetInvestmentIncomeAndIncomeLossFromEquityMethodInvestments
18858000 USD
CY2020Q3 erie Net Investment Income And Income Loss From Equity Method Investments
NetInvestmentIncomeAndIncomeLossFromEquityMethodInvestments
10645000 USD
erie Net Investment Income And Income Loss From Equity Method Investments
NetInvestmentIncomeAndIncomeLossFromEquityMethodInvestments
49605000 USD
erie Net Investment Income And Income Loss From Equity Method Investments
NetInvestmentIncomeAndIncomeLossFromEquityMethodInvestments
20353000 USD
CY2021Q3 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
2424000 USD
CY2020Q3 us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
604000 USD
us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
5422000 USD
us-gaap Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
3399000 USD
CY2021Q3 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
235000 USD
CY2020Q3 us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
467000 USD
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
1353000 USD
us-gaap Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
2292000 USD
CY2021Q3 us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
2189000 USD
CY2020Q3 us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
137000 USD
us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
4069000 USD
us-gaap Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
1107000 USD
CY2021Q3 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
-579000 USD
CY2020Q3 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
5777000 USD
us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
1113000 USD
us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
525000 USD
CY2021Q3 us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
0 USD
CY2020Q3 us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
1000 USD
us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
1000 USD
us-gaap Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
3000 USD
CY2021Q3 us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
1610000 USD
CY2020Q3 us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
5915000 USD
us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
5183000 USD
us-gaap Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
1635000 USD
CY2021Q3 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
-579000 USD
CY2020Q3 us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
5777000 USD
us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
1113000 USD
CY2021Q3 erie Debt Securities Availableforsale Sellbefore Recovery
DebtSecuritiesAvailableforsaleSellbeforeRecovery
10000 USD
CY2020Q3 erie Debt Securities Availableforsale Sellbefore Recovery
DebtSecuritiesAvailableforsaleSellbeforeRecovery
37000 USD
us-gaap Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
525000 USD
CY2021Q3 us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
-267000 USD
CY2020Q3 us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
1796000 USD
us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
5000 USD
us-gaap Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
-1009000 USD
CY2021Q3 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
-312000 USD
CY2020Q3 us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
3981000 USD
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
1108000 USD
us-gaap Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
1534000 USD
erie Debt Securities Availableforsale Sellbefore Recovery
DebtSecuritiesAvailableforsaleSellbeforeRecovery
2279000 USD
CY2021Q3 us-gaap Debt Securities Available For Sale Change In Present Value Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValueExpenseReversal
13000 USD
erie Debt Securities Availableforsale Sellbefore Recovery
DebtSecuritiesAvailableforsaleSellbeforeRecovery
10000 USD
CY2020Q3 us-gaap Debt Securities Available For Sale Change In Present Value Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValueExpenseReversal
85000 USD
us-gaap Debt Securities Available For Sale Change In Present Value Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValueExpenseReversal
-73000 USD
us-gaap Debt Securities Available For Sale Change In Present Value Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValueExpenseReversal
743000 USD
CY2021Q3 erie Available For Sale Debt Securities Impairment Loss Recovery
AvailableForSaleDebtSecuritiesImpairmentLossRecovery
23000 USD
CY2020Q3 erie Available For Sale Debt Securities Impairment Loss Recovery
AvailableForSaleDebtSecuritiesImpairmentLossRecovery
122000 USD
erie Available For Sale Debt Securities Impairment Loss Recovery
AvailableForSaleDebtSecuritiesImpairmentLossRecovery
-63000 USD
erie Available For Sale Debt Securities Impairment Loss Recovery
AvailableForSaleDebtSecuritiesImpairmentLossRecovery
3022000 USD
CY2021Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-153000 USD
CY2020Q3 us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
0 USD
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
-153000 USD
us-gaap Provision For Loan Losses Expensed
ProvisionForLoanLossesExpensed
170000 USD
CY2021Q3 erie Available For Sale Debt Securities And Financing Receivables Impairment Loss Recovery Net
AvailableForSaleDebtSecuritiesAndFinancingReceivablesImpairmentLossRecoveryNet
-130000 USD
CY2020Q3 erie Available For Sale Debt Securities And Financing Receivables Impairment Loss Recovery Net
AvailableForSaleDebtSecuritiesAndFinancingReceivablesImpairmentLossRecoveryNet
122000 USD
erie Available For Sale Debt Securities And Financing Receivables Impairment Loss Recovery Net
AvailableForSaleDebtSecuritiesAndFinancingReceivablesImpairmentLossRecoveryNet
-216000 USD
erie Available For Sale Debt Securities And Financing Receivables Impairment Loss Recovery Net
AvailableForSaleDebtSecuritiesAndFinancingReceivablesImpairmentLossRecoveryNet
3192000 USD
CY2021Q3 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
13260000 USD
CY2020Q3 us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
10873000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
39780000 USD
us-gaap Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
32620000 USD
CY2021Q3 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
9206000 USD
CY2020Q3 us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
9395000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
27618000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
28184000 USD
CY2021Q3 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
12569000 USD
CY2020Q3 us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
12353000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
37706000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
37059000 USD
CY2021Q3 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
357000 USD
CY2020Q3 us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
336000 USD
us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
1071000 USD
us-gaap Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
1007000 USD
CY2021Q3 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-4027000 USD
CY2020Q3 us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-3031000 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-12080000 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-9093000 USD
CY2021Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
14281000 USD
CY2020Q3 us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
11282000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
42843000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
33845000 USD
CY2021Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.209
CY2020Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.201
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.208
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.206
CY2021Q3 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
503400000 USD
CY2020Q4 us-gaap Accounts Receivable Net Current
AccountsReceivableNetCurrent
494600000 USD

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