2022 Q1 Form 10-Q Financial Statement
#000092262122000027 Filed on April 28, 2022
Income Statement
Concept | 2022 Q1 | 2021 Q1 |
---|---|---|
Revenue | $3.009M | $17.99M |
YoY Change | -83.27% | 108.73% |
Cost Of Revenue | $587.8M | $554.1M |
YoY Change | 6.08% | 4.35% |
Gross Profit | $84.31M | $76.10M |
YoY Change | 10.79% | -11.2% |
Gross Profit Margin | 2801.99% | 423.06% |
Selling, General & Admin | ||
YoY Change | ||
% of Gross Profit | ||
Research & Development | ||
YoY Change | ||
% of Gross Profit | ||
Depreciation & Amortization | ||
YoY Change | ||
% of Gross Profit | ||
Operating Expenses | $587.8M | $554.1M |
YoY Change | 6.09% | 4.34% |
Operating Profit | $84.31M | $76.10M |
YoY Change | 10.8% | -11.2% |
Interest Expense | $999.0K | $1.009M |
YoY Change | -0.99% | 33533.33% |
% of Operating Profit | 1.18% | 1.33% |
Other Income/Expense, Net | $473.0K | $17.99M |
YoY Change | -97.37% | -295.63% |
Pretax Income | $86.80M | $92.56M |
YoY Change | -6.22% | 21.58% |
Income Tax | $18.18M | $18.99M |
% Of Pretax Income | 20.94% | 20.52% |
Net Earnings | $68.62M | $73.57M |
YoY Change | -6.72% | 24.0% |
Net Earnings / Revenue | 2280.46% | 408.97% |
Basic Earnings Per Share | ||
Diluted Earnings Per Share | $1.175M | $1.260M |
COMMON SHARES | ||
Basic Shares Outstanding | ||
Diluted Shares Outstanding |
Balance Sheet
Concept | 2022 Q1 | 2021 Q1 |
---|---|---|
SHORT-TERM ASSETS | ||
Cash & Short-Term Investments | $187.5M | $152.0M |
YoY Change | 23.3% | -42.29% |
Cash & Equivalents | $141.3M | $135.2M |
Short-Term Investments | $46.16M | $16.85M |
Other Short-Term Assets | $78.88M | $62.00M |
YoY Change | 27.22% | 5.08% |
Inventory | ||
Prepaid Expenses | ||
Receivables | $478.8M | $481.5M |
Other Receivables | $0.00 | $0.00 |
Total Short-Term Assets | $751.3M | $701.9M |
YoY Change | 7.04% | -13.35% |
LONG-TERM ASSETS | ||
Property, Plant & Equipment | $396.1M | $282.0M |
YoY Change | 40.45% | 8.88% |
Goodwill | ||
YoY Change | ||
Intangibles | ||
YoY Change | ||
Long-Term Investments | $955.2M | $994.0M |
YoY Change | -3.9% | 4319.35% |
Other Assets | $49.80M | $44.27M |
YoY Change | 12.49% | 35.71% |
Total Long-Term Assets | $1.473B | $1.397B |
YoY Change | 5.39% | 21.77% |
TOTAL ASSETS | ||
Total Short-Term Assets | $751.3M | $701.9M |
Total Long-Term Assets | $1.473B | $1.397B |
Total Assets | $2.224B | $2.099B |
YoY Change | 5.94% | 7.23% |
SHORT-TERM LIABILITIES | ||
YoY Change | ||
Accounts Payable | $186.4M | $168.0M |
YoY Change | 10.94% | 41.18% |
Accrued Expenses | $31.51M | $31.00M |
YoY Change | 1.64% | -24.39% |
Deferred Revenue | $34.87M | $35.80M |
YoY Change | -2.59% | -0.03% |
Short-Term Debt | $0.00 | $0.00 |
YoY Change | ||
Long-Term Debt Due | $2.132M | $2.053M |
YoY Change | 3.85% | 2.65% |
Total Short-Term Liabilities | $601.3M | $571.4M |
YoY Change | 5.23% | 5.49% |
LONG-TERM LIABILITIES | ||
Long-Term Debt | $91.18M | $93.31M |
YoY Change | -2.29% | -2.13% |
Other Long-Term Liabilities | $26.60M | $17.06M |
YoY Change | 55.9% | -12.2% |
Total Long-Term Liabilities | $117.8M | $110.4M |
YoY Change | 6.71% | -3.84% |
TOTAL LIABILITIES | ||
Total Short-Term Liabilities | $601.3M | $571.4M |
Total Long-Term Liabilities | $117.8M | $110.4M |
Total Liabilities | $889.7M | $891.0M |
YoY Change | -0.15% | 6.0% |
SHAREHOLDERS EQUITY | ||
Retained Earnings | $2.512B | $2.419B |
YoY Change | 3.85% | 1.18% |
Common Stock | $16.48M | $16.50M |
YoY Change | -0.09% | 0.05% |
Preferred Stock | ||
YoY Change | ||
Treasury Stock (at cost) | ||
YoY Change | ||
Treasury Stock Shares | ||
Shareholders Equity | $1.334B | $1.208B |
YoY Change | ||
Total Liabilities & Shareholders Equity | $2.224B | $2.099B |
YoY Change | 5.94% | 7.23% |
Cashflow Statement
Concept | 2022 Q1 | 2021 Q1 |
---|---|---|
OPERATING ACTIVITIES | ||
Net Income | $68.62M | $73.57M |
YoY Change | -6.72% | 24.0% |
Depreciation, Depletion And Amortization | ||
YoY Change | ||
Cash From Operating Activities | $23.55M | $33.48M |
YoY Change | -29.65% | 66.77% |
INVESTING ACTIVITIES | ||
Capital Expenditures | -$15.46M | -$11.10M |
YoY Change | 39.26% | -47.39% |
Acquisitions | ||
YoY Change | ||
Other Investing Activities | $1.726M | $300.0K |
YoY Change | 475.33% | -100.49% |
Cash From Investing Activities | -$13.73M | -$10.83M |
YoY Change | 26.82% | -86.91% |
FINANCING ACTIVITIES | ||
Cash Dividend Paid | ||
YoY Change | ||
Common Stock Issuance & Retirement, Net | ||
YoY Change | ||
Debt Paid & Issued, Net | ||
YoY Change | ||
Cash From Financing Activities | -$52.22M | -$48.70M |
YoY Change | 7.22% | 7.22% |
NET CHANGE | ||
Cash From Operating Activities | $23.55M | $33.48M |
Cash From Investing Activities | -$13.73M | -$10.83M |
Cash From Financing Activities | -$52.22M | -$48.70M |
Net Change In Cash | -$42.40M | -$26.05M |
YoY Change | 62.76% | -75.9% |
FREE CASH FLOW | ||
Cash From Operating Activities | $23.55M | $33.48M |
Capital Expenditures | -$15.46M | -$11.10M |
Free Cash Flow | $39.01M | $44.58M |
YoY Change | -12.5% | 8.27% |
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NetTreasuryStockValueAcquiredHeldAndReissued
|
15000 | USD |
CY2022Q1 | erie |
Deferred Compensation Under Rabbi Trust Plans
DeferredCompensationUnderRabbiTrustPlans
|
0 | USD |
CY2022Q1 | erie |
Distributions From Rabbi Trust Plans
DistributionsFromRabbiTrustPlans
|
0 | USD |
CY2022Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1334200000 | USD |
CY2020Q4 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1188048000 | USD |
CY2021Q1 | us-gaap |
Net Income Loss
NetIncomeLoss
|
73566000 | USD |
CY2021Q1 | us-gaap |
Other Comprehensive Income Loss Net Of Tax Portion Attributable To Parent
OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent
|
-5289000 | USD |
CY2021Q1 | erie |
Net Treasury Stock Value Acquired Held And Reissued
NetTreasuryStockValueAcquiredHeldAndReissued
|
-9000 | USD |
CY2021Q1 | erie |
Deferred Compensation Under Rabbi Trust Plans
DeferredCompensationUnderRabbiTrustPlans
|
0 | USD |
CY2021Q1 | erie |
Distributions From Rabbi Trust Plans
DistributionsFromRabbiTrustPlans
|
0 | USD |
CY2021Q1 | us-gaap |
Stockholders Equity
StockholdersEquity
|
1208133000 | USD |
CY2022Q1 | erie |
Proceeds From Insurance Agency Management Fees Received
ProceedsFromInsuranceAgencyManagementFeesReceived
|
490360000 | USD |
CY2021Q1 | erie |
Proceeds From Insurance Agency Management Fees Received
ProceedsFromInsuranceAgencyManagementFeesReceived
|
486040000 | USD |
CY2022Q1 | erie |
Administrative Services Reimbursements Received
AdministrativeServicesReimbursementsReceived
|
193919000 | USD |
CY2021Q1 | erie |
Administrative Services Reimbursements Received
AdministrativeServicesReimbursementsReceived
|
157692000 | USD |
CY2022Q1 | us-gaap |
Proceeds From Fees Received
ProceedsFromFeesReceived
|
6304000 | USD |
CY2021Q1 | us-gaap |
Proceeds From Fees Received
ProceedsFromFeesReceived
|
6079000 | USD |
CY2022Q1 | erie |
Proceeds From Interest And Dividends Received And Equity Method Investment Dividends Or Distributions
ProceedsFromInterestAndDividendsReceivedAndEquityMethodInvestmentDividendsOrDistributions
|
9510000 | USD |
CY2021Q1 | erie |
Proceeds From Interest And Dividends Received And Equity Method Investment Dividends Or Distributions
ProceedsFromInterestAndDividendsReceivedAndEquityMethodInvestmentDividendsOrDistributions
|
9873000 | USD |
CY2022Q1 | us-gaap |
Payments For Commissions
PaymentsForCommissions
|
230831000 | USD |
CY2021Q1 | us-gaap |
Payments For Commissions
PaymentsForCommissions
|
219346000 | USD |
CY2022Q1 | erie |
Payments For Agent Bonuses
PaymentsForAgentBonuses
|
122093000 | USD |
CY2021Q1 | erie |
Payments For Agent Bonuses
PaymentsForAgentBonuses
|
111099000 | USD |
CY2022Q1 | us-gaap |
Payments To Employees
PaymentsToEmployees
|
71228000 | USD |
CY2021Q1 | us-gaap |
Payments To Employees
PaymentsToEmployees
|
68373000 | USD |
CY2022Q1 | erie |
Paymentsfor Other Labor Related Expenses
PaymentsforOtherLaborRelatedExpenses
|
11470000 | USD |
CY2021Q1 | erie |
Paymentsfor Other Labor Related Expenses
PaymentsforOtherLaborRelatedExpenses
|
8152000 | USD |
CY2022Q1 | us-gaap |
Payments For Other Operating Activities
PaymentsForOtherOperatingActivities
|
57477000 | USD |
CY2021Q1 | us-gaap |
Payments For Other Operating Activities
PaymentsForOtherOperatingActivities
|
56456000 | USD |
CY2022Q1 | erie |
Administrative Services Expenses Paid
AdministrativeServicesExpensesPaid
|
182437000 | USD |
CY2021Q1 | erie |
Administrative Services Expenses Paid
AdministrativeServicesExpensesPaid
|
161731000 | USD |
CY2022Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
-17000 | USD |
CY2021Q1 | us-gaap |
Income Taxes Paid Net
IncomeTaxesPaidNet
|
1000 | USD |
CY2022Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
1021000 | USD |
CY2021Q1 | us-gaap |
Interest Paid Net
InterestPaidNet
|
1044000 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
23553000 | USD |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
|
33482000 | USD |
CY2022Q1 | us-gaap |
Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
|
91055000 | USD |
CY2021Q1 | us-gaap |
Payments To Acquire Available For Sale Securities Debt
PaymentsToAcquireAvailableForSaleSecuritiesDebt
|
75183000 | USD |
CY2022Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
4619000 | USD |
CY2021Q1 | us-gaap |
Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
|
18819000 | USD |
CY2022Q1 | us-gaap |
Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
|
0 | USD |
CY2021Q1 | us-gaap |
Payments To Acquire Other Investments
PaymentsToAcquireOtherInvestments
|
349000 | USD |
CY2022Q1 | us-gaap |
Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
|
48291000 | USD |
CY2021Q1 | us-gaap |
Proceeds From Sale Of Available For Sale Securities Debt
ProceedsFromSaleOfAvailableForSaleSecuritiesDebt
|
31238000 | USD |
CY2022Q1 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
42699000 | USD |
CY2021Q1 | us-gaap |
Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
|
45145000 | USD |
CY2022Q1 | erie |
Proceeds From Sale Of Equity Securities
ProceedsFromSaleOfEquitySecurities
|
8984000 | USD |
CY2021Q1 | erie |
Proceeds From Sale Of Equity Securities
ProceedsFromSaleOfEquitySecurities
|
16326000 | USD |
CY2022Q1 | us-gaap |
Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
|
371000 | USD |
CY2021Q1 | us-gaap |
Proceeds From Sale And Maturity Of Other Investments
ProceedsFromSaleAndMaturityOfOtherInvestments
|
819000 | USD |
CY2022Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
15458000 | USD |
CY2021Q1 | us-gaap |
Payments To Acquire Productive Assets
PaymentsToAcquireProductiveAssets
|
11146000 | USD |
CY2022Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
30000 | USD |
CY2021Q1 | us-gaap |
Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
|
0 | USD |
CY2022Q1 | us-gaap |
Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
|
5195000 | USD |
CY2021Q1 | us-gaap |
Payments To Acquire Loans Receivable
PaymentsToAcquireLoansReceivable
|
997000 | USD |
CY2022Q1 | us-gaap |
Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
|
2220000 | USD |
CY2021Q1 | us-gaap |
Proceeds From Collection Of Loans Receivable
ProceedsFromCollectionOfLoansReceivable
|
2138000 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-13732000 | USD |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
|
-10828000 | USD |
CY2022Q1 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
51693000 | USD |
CY2021Q1 | us-gaap |
Payments Of Dividends Common Stock
PaymentsOfDividendsCommonStock
|
48200000 | USD |
CY2022Q1 | us-gaap |
Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
|
-525000 | USD |
CY2021Q1 | us-gaap |
Proceeds From Repayments Of Debt
ProceedsFromRepaymentsOfDebt
|
-502000 | USD |
CY2022Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-52218000 | USD |
CY2021Q1 | us-gaap |
Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
|
-48702000 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-42397000 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
|
-26048000 | USD |
CY2021Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
183702000 | USD |
CY2020Q4 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
161240000 | USD |
CY2022Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
141305000 | USD |
CY2021Q1 | us-gaap |
Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
|
135192000 | USD |
CY2022Q1 | us-gaap |
Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
|
17673000 | USD |
CY2021Q1 | us-gaap |
Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1
|
17098000 | USD |
CY2022Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
1008000 | USD |
CY2021Q1 | us-gaap |
Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
|
68000 | USD |
CY2022Q1 | 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 and pandemic conditions have created an inflationary environment which may impact estimated loss reserves and future premium rates of the Exchange. The uncertainty resulting from COVID-19 and subsequent resulting conditions continues to evolve and the ultimate impact and duration remains 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 impact on the economy and financial markets. | |
CY2022Q1 | erie |
Revenue Performance Obligation Numberof Performance Obligations
RevenuePerformanceObligationNumberofPerformanceObligations
|
2 | obligation |
CY2022Q1 | erie |
Revenue Performance Obligation Numberof Performance Obligations
RevenuePerformanceObligationNumberofPerformanceObligations
|
2 | obligation |
CY2022Q1 | 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> | |
CY2022Q1 | erie |
Insurance Agency Management Fee Percent
InsuranceAgencyManagementFeePercent
|
0.25 | |
CY2022Q1 | erie |
Insurance Agency Management Fee Percent
InsuranceAgencyManagementFeePercent
|
0.25 | |
CY2022Q1 | us-gaap |
Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
|
P4Y | |
CY2022Q1 | erie |
Revenue Performance Obligation Numberof Performance Obligations
RevenuePerformanceObligationNumberofPerformanceObligations
|
2 | obligation |
CY2022Q1 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
12700000 | USD |
CY2021Q1 | us-gaap |
Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
|
13300000 | USD |
CY2022Q1 | erie |
Revenue Performance Obligation Numberof Performance Obligations
RevenuePerformanceObligationNumberofPerformanceObligations
|
2 | obligation |
CY2021Q4 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
938279000 | USD |
CY2021Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Gain Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax
|
12861000 | USD |
CY2021Q4 | us-gaap |
Available For Sale Debt Securities Accumulated Gross Unrealized Loss Before Tax
AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax
|
5055000 | USD |
CY2021Q4 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
946085000 | USD |
CY2022Q1 | us-gaap |
Available For Sale Securities Debt Maturities Within One Year Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost
|
46013000 | USD |
CY2022Q1 | us-gaap |
Available For Sale Securities Debt Maturities Within One Year Fair Value
AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue
|
46104000 | USD |
CY2022Q1 | us-gaap |
Available For Sale Securities Debt Maturities After One Through Five Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost
|
401680000 | USD |
CY2022Q1 | us-gaap |
Available For Sale Securities Debt Maturities After One Through Five Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue
|
392696000 | USD |
CY2022Q1 | us-gaap |
Available For Sale Securities Debt Maturities After Five Through Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost
|
204733000 | USD |
CY2022Q1 | us-gaap |
Available For Sale Securities Debt Maturities After Five Through Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue
|
200244000 | USD |
CY2022Q1 | us-gaap |
Available For Sale Securities Debt Maturities After Ten Years Amortized Cost
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost
|
297158000 | USD |
CY2022Q1 | us-gaap |
Available For Sale Securities Debt Maturities After Ten Years Fair Value
AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue
|
284276000 | USD |
CY2022Q1 | us-gaap |
Available For Sale Debt Securities Amortized Cost Basis
AvailableForSaleDebtSecuritiesAmortizedCostBasis
|
949584000 | USD |
CY2022Q1 | us-gaap |
Available For Sale Securities Debt Securities
AvailableForSaleSecuritiesDebtSecurities
|
923320000 | USD |
CY2022Q1 | us-gaap |
Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
|
1000000 | USD |
CY2021Q4 | us-gaap |
Financing Receivable Allowance For Credit Losses
FinancingReceivableAllowanceForCreditLosses
|
1000000 | USD |
CY2022Q1 | us-gaap |
Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
|
200000 | USD |
CY2021Q4 | us-gaap |
Debt Securities Available For Sale Allowance For Credit Loss
DebtSecuritiesAvailableForSaleAllowanceForCreditLoss
|
100000 | USD |
CY2022Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
2775000 | USD |
CY2021Q1 | us-gaap |
Income Loss From Equity Method Investments
IncomeLossFromEquityMethodInvestments
|
9046000 | USD |
CY2022Q1 | erie |
Interest And Dividend Income Operating And Income Loss From Equity Method Investments
InterestAndDividendIncomeOperatingAndIncomeLossFromEquityMethodInvestments
|
10906000 | USD |
CY2021Q1 | erie |
Interest And Dividend Income Operating And Income Loss From Equity Method Investments
InterestAndDividendIncomeOperatingAndIncomeLossFromEquityMethodInvestments
|
17422000 | USD |
CY2022Q1 | us-gaap |
Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
|
402000 | USD |
CY2021Q1 | us-gaap |
Investment Income Investment Expense
InvestmentIncomeInvestmentExpense
|
325000 | USD |
CY2022Q1 | erie |
Net Investment Income And Income Loss From Equity Method Investments
NetInvestmentIncomeAndIncomeLossFromEquityMethodInvestments
|
10504000 | USD |
CY2021Q1 | erie |
Net Investment Income And Income Loss From Equity Method Investments
NetInvestmentIncomeAndIncomeLossFromEquityMethodInvestments
|
17097000 | USD |
CY2022Q1 | us-gaap |
Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
|
491000 | USD |
CY2021Q1 | us-gaap |
Debt Securities Available For Sale Realized Gain
DebtSecuritiesAvailableForSaleRealizedGain
|
1923000 | USD |
CY2022Q1 | us-gaap |
Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
|
2571000 | USD |
CY2021Q1 | us-gaap |
Debt Securities Available For Sale Realized Loss
DebtSecuritiesAvailableForSaleRealizedLoss
|
440000 | USD |
CY2022Q1 | us-gaap |
Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
|
-2080000 | USD |
CY2021Q1 | us-gaap |
Debt Securities Available For Sale Gain Loss
DebtSecuritiesAvailableForSaleGainLoss
|
1483000 | USD |
CY2022Q1 | us-gaap |
Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
|
-5201000 | USD |
CY2021Q1 | us-gaap |
Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
|
-679000 | USD |
CY2022Q1 | us-gaap |
Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
|
2000 | USD |
CY2021Q1 | us-gaap |
Gain Loss On Sale Of Other Investments
GainLossOnSaleOfOtherInvestments
|
0 | USD |
CY2022Q1 | us-gaap |
Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
|
-7279000 | USD |
CY2021Q1 | us-gaap |
Debt And Equity Securities Gain Loss
DebtAndEquitySecuritiesGainLoss
|
804000 | USD |
CY2022Q1 | us-gaap |
Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
|
-5201000 | USD |
CY2021Q1 | us-gaap |
Equity Securities Fv Ni Gain Loss
EquitySecuritiesFvNiGainLoss
|
-679000 | USD |
CY2022Q1 | us-gaap |
Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
|
-280000 | USD |
CY2021Q1 | us-gaap |
Equity Securities Fv Ni Realized Gain Loss
EquitySecuritiesFvNiRealizedGainLoss
|
-289000 | USD |
CY2022Q1 | us-gaap |
Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
|
-4921000 | USD |
CY2021Q1 | us-gaap |
Equity Securities Fv Ni Unrealized Gain Loss
EquitySecuritiesFvNiUnrealizedGainLoss
|
-390000 | USD |
CY2022Q1 | erie |
Debt Securities Availableforsale Sellbefore Recovery
DebtSecuritiesAvailableforsaleSellbeforeRecovery
|
70000 | USD |
CY2021Q1 | erie |
Debt Securities Availableforsale Sellbefore Recovery
DebtSecuritiesAvailableforsaleSellbeforeRecovery
|
0 | USD |
CY2022Q1 | us-gaap |
Debt Securities Available For Sale Change In Present Value Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValueExpenseReversal
|
146000 | USD |
CY2021Q1 | us-gaap |
Debt Securities Available For Sale Change In Present Value Expense Reversal
DebtSecuritiesAvailableForSaleChangeInPresentValueExpenseReversal
|
-87000 | USD |
CY2022Q1 | erie |
Available For Sale Debt Securities And Financing Receivables Impairment Loss Recovery Net
AvailableForSaleDebtSecuritiesAndFinancingReceivablesImpairmentLossRecoveryNet
|
-216000 | USD |
CY2021Q1 | erie |
Available For Sale Debt Securities And Financing Receivables Impairment Loss Recovery Net
AvailableForSaleDebtSecuritiesAndFinancingReceivablesImpairmentLossRecoveryNet
|
87000 | USD |
CY2022Q1 | us-gaap |
Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
|
12560000 | USD |
CY2021Q1 | us-gaap |
Defined Benefit Plan Service Cost
DefinedBenefitPlanServiceCost
|
13260000 | USD |
CY2022Q1 | us-gaap |
Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
|
9941000 | USD |
CY2021Q1 | us-gaap |
Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
|
9206000 | USD |
CY2022Q1 | us-gaap |
Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
|
13639000 | USD |
CY2021Q1 | us-gaap |
Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
|
12569000 | USD |
CY2022Q1 | us-gaap |
Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
|
361000 | USD |
CY2021Q1 | us-gaap |
Defined Benefit Plan Amortization Of Prior Service Cost Credit
DefinedBenefitPlanAmortizationOfPriorServiceCostCredit
|
357000 | USD |
CY2022Q1 | us-gaap |
Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
|
-1830000 | USD |
CY2021Q1 | us-gaap |
Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
|
-4027000 | USD |
CY2022Q1 | us-gaap |
Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
|
11053000 | USD |
CY2021Q1 | us-gaap |
Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
|
14281000 | USD |
CY2022Q1 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.209 | |
CY2021Q1 | us-gaap |
Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
|
0.205 | |
CY2022Q1 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
478800000 | USD |
CY2021Q4 | us-gaap |
Accounts Receivable Net Current
AccountsReceivableNetCurrent
|
479100000 | USD |