0000922621false2023Q312/31http://fasb.org/us-gaap/2023#OtherNonoperatingIncomeExpense00009226212023-01-012023-09-300000922621us-gaap:CommonClassAMember2023-10-20xbrli:shares0000922621us-gaap:CommonClassBMember2023-10-200000922621erie:PolicyIssuanceandRenewalServicesMember2023-07-012023-09-30iso4217:USD0000922621erie:PolicyIssuanceandRenewalServicesMember2022-07-012022-09-300000922621erie:PolicyIssuanceandRenewalServicesMember2023-01-012023-09-300000922621erie:PolicyIssuanceandRenewalServicesMember2022-01-012022-09-300000922621erie:AdministrativeServicesManagementFeeMember2023-07-012023-09-300000922621erie:AdministrativeServicesManagementFeeMember2022-07-012022-09-300000922621erie:AdministrativeServicesManagementFeeMember2023-01-012023-09-300000922621erie:AdministrativeServicesManagementFeeMember2022-01-012022-09-300000922621erie:AdministrativeServicesReimbursementsMember2023-07-012023-09-300000922621erie:AdministrativeServicesReimbursementsMember2022-07-012022-09-300000922621erie:AdministrativeServicesReimbursementsMember2023-01-012023-09-300000922621erie:AdministrativeServicesReimbursementsMember2022-01-012022-09-300000922621erie:ServiceAgreementMember2023-07-012023-09-300000922621erie:ServiceAgreementMember2022-07-012022-09-300000922621erie:ServiceAgreementMember2023-01-012023-09-300000922621erie:ServiceAgreementMember2022-01-012022-09-3000009226212023-07-012023-09-3000009226212022-07-012022-09-3000009226212022-01-012022-09-300000922621us-gaap:CommonClassAMember2023-07-012023-09-30iso4217:USDxbrli:shares0000922621us-gaap:CommonClassAMember2022-07-012022-09-300000922621us-gaap:CommonClassAMember2023-01-012023-09-300000922621us-gaap:CommonClassAMember2022-01-012022-09-300000922621us-gaap:CommonClassBMember2023-07-012023-09-300000922621us-gaap:CommonClassBMember2022-07-012022-09-300000922621us-gaap:CommonClassBMember2023-01-012023-09-300000922621us-gaap:CommonClassBMember2022-01-012022-09-3000009226212023-09-3000009226212022-12-310000922621us-gaap:CommonClassAMember2023-09-300000922621us-gaap:CommonClassAMember2022-12-310000922621us-gaap:CommonClassBMember2022-12-31xbrli:pure0000922621us-gaap:CommonClassBMember2023-09-300000922621us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-12-310000922621us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-12-310000922621us-gaap:AdditionalPaidInCapitalMember2022-12-310000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-12-310000922621us-gaap:RetainedEarningsMember2022-12-310000922621us-gaap:TreasuryStockCommonMember2022-12-310000922621erie:DeferredCompensationMember2022-12-310000922621us-gaap:RetainedEarningsMember2023-01-012023-03-3100009226212023-01-012023-03-310000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-03-310000922621us-gaap:CommonClassAMember2023-01-012023-03-310000922621us-gaap:RetainedEarningsMemberus-gaap:CommonClassAMember2023-01-012023-03-310000922621us-gaap:CommonClassBMember2023-01-012023-03-310000922621us-gaap:RetainedEarningsMemberus-gaap:CommonClassBMember2023-01-012023-03-310000922621us-gaap:AdditionalPaidInCapitalMember2023-01-012023-03-310000922621us-gaap:TreasuryStockCommonMember2023-01-012023-03-310000922621erie:DeferredCompensationMember2023-01-012023-03-310000922621us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-03-310000922621us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-03-310000922621us-gaap:AdditionalPaidInCapitalMember2023-03-310000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-03-310000922621us-gaap:RetainedEarningsMember2023-03-310000922621us-gaap:TreasuryStockCommonMember2023-03-310000922621erie:DeferredCompensationMember2023-03-3100009226212023-03-310000922621us-gaap:RetainedEarningsMember2023-04-012023-06-3000009226212023-04-012023-06-300000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-04-012023-06-300000922621us-gaap:CommonClassAMember2023-04-012023-06-300000922621us-gaap:RetainedEarningsMemberus-gaap:CommonClassAMember2023-04-012023-06-300000922621us-gaap:CommonClassBMember2023-04-012023-06-300000922621us-gaap:RetainedEarningsMemberus-gaap:CommonClassBMember2023-04-012023-06-300000922621us-gaap:AdditionalPaidInCapitalMember2023-04-012023-06-300000922621us-gaap:TreasuryStockCommonMember2023-04-012023-06-300000922621erie:DeferredCompensationMember2023-04-012023-06-300000922621us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-06-300000922621us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-06-300000922621us-gaap:AdditionalPaidInCapitalMember2023-06-300000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-06-300000922621us-gaap:RetainedEarningsMember2023-06-300000922621us-gaap:TreasuryStockCommonMember2023-06-300000922621erie:DeferredCompensationMember2023-06-3000009226212023-06-300000922621us-gaap:RetainedEarningsMember2023-07-012023-09-300000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-07-012023-09-300000922621us-gaap:RetainedEarningsMemberus-gaap:CommonClassAMember2023-07-012023-09-300000922621us-gaap:RetainedEarningsMemberus-gaap:CommonClassBMember2023-07-012023-09-300000922621us-gaap:AdditionalPaidInCapitalMember2023-07-012023-09-300000922621us-gaap:TreasuryStockCommonMember2023-07-012023-09-300000922621erie:DeferredCompensationMember2023-07-012023-09-300000922621us-gaap:CommonStockMemberus-gaap:CommonClassAMember2023-09-300000922621us-gaap:CommonStockMemberus-gaap:CommonClassBMember2023-09-300000922621us-gaap:AdditionalPaidInCapitalMember2023-09-300000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-09-300000922621us-gaap:RetainedEarningsMember2023-09-300000922621us-gaap:TreasuryStockCommonMember2023-09-300000922621erie:DeferredCompensationMember2023-09-30erie:participant0000922621us-gaap:CommonStockMemberus-gaap:CommonClassAMember2021-12-310000922621us-gaap:CommonStockMemberus-gaap:CommonClassBMember2021-12-310000922621us-gaap:AdditionalPaidInCapitalMember2021-12-310000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2021-12-310000922621us-gaap:RetainedEarningsMember2021-12-310000922621us-gaap:TreasuryStockCommonMember2021-12-310000922621erie:DeferredCompensationMember2021-12-3100009226212021-12-310000922621us-gaap:RetainedEarningsMember2022-01-012022-03-3100009226212022-01-012022-03-310000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-03-310000922621us-gaap:CommonClassAMember2022-01-012022-03-310000922621us-gaap:RetainedEarningsMemberus-gaap:CommonClassAMember2022-01-012022-03-310000922621us-gaap:CommonClassBMember2022-01-012022-03-310000922621us-gaap:RetainedEarningsMemberus-gaap:CommonClassBMember2022-01-012022-03-310000922621us-gaap:AdditionalPaidInCapitalMember2022-01-012022-03-310000922621us-gaap:TreasuryStockCommonMember2022-01-012022-03-310000922621erie:DeferredCompensationMember2022-01-012022-03-310000922621us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-03-310000922621us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-03-310000922621us-gaap:AdditionalPaidInCapitalMember2022-03-310000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-03-310000922621us-gaap:RetainedEarningsMember2022-03-310000922621us-gaap:TreasuryStockCommonMember2022-03-310000922621erie:DeferredCompensationMember2022-03-3100009226212022-03-310000922621us-gaap:RetainedEarningsMember2022-04-012022-06-3000009226212022-04-012022-06-300000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-04-012022-06-300000922621us-gaap:CommonClassAMember2022-04-012022-06-300000922621us-gaap:RetainedEarningsMemberus-gaap:CommonClassAMember2022-04-012022-06-300000922621us-gaap:CommonClassBMember2022-04-012022-06-300000922621us-gaap:RetainedEarningsMemberus-gaap:CommonClassBMember2022-04-012022-06-300000922621us-gaap:AdditionalPaidInCapitalMember2022-04-012022-06-300000922621us-gaap:TreasuryStockCommonMember2022-04-012022-06-300000922621erie:DeferredCompensationMember2022-04-012022-06-300000922621us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-06-300000922621us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-06-300000922621us-gaap:AdditionalPaidInCapitalMember2022-06-300000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-06-300000922621us-gaap:RetainedEarningsMember2022-06-300000922621us-gaap:TreasuryStockCommonMember2022-06-300000922621erie:DeferredCompensationMember2022-06-3000009226212022-06-300000922621us-gaap:RetainedEarningsMember2022-07-012022-09-300000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-07-012022-09-300000922621us-gaap:RetainedEarningsMemberus-gaap:CommonClassAMember2022-07-012022-09-300000922621us-gaap:RetainedEarningsMemberus-gaap:CommonClassBMember2022-07-012022-09-300000922621us-gaap:AdditionalPaidInCapitalMember2022-07-012022-09-300000922621us-gaap:TreasuryStockCommonMember2022-07-012022-09-300000922621erie:DeferredCompensationMember2022-07-012022-09-300000922621us-gaap:CommonStockMemberus-gaap:CommonClassAMember2022-09-300000922621us-gaap:CommonStockMemberus-gaap:CommonClassBMember2022-09-300000922621us-gaap:AdditionalPaidInCapitalMember2022-09-300000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-09-300000922621us-gaap:RetainedEarningsMember2022-09-300000922621us-gaap:TreasuryStockCommonMember2022-09-300000922621erie:DeferredCompensationMember2022-09-3000009226212022-09-30erie:obligation00009226212023-10-012023-09-300000922621us-gaap:TransferredAtPointInTimeMembererie:PolicyIssuanceandRenewalServicesMember2023-07-012023-09-300000922621us-gaap:TransferredAtPointInTimeMembererie:PolicyIssuanceandRenewalServicesMember2022-07-012022-09-300000922621us-gaap:TransferredAtPointInTimeMembererie:PolicyIssuanceandRenewalServicesMember2023-01-012023-09-300000922621us-gaap:TransferredAtPointInTimeMembererie:PolicyIssuanceandRenewalServicesMember2022-01-012022-09-300000922621erie:AdministrativeServicesManagementFeeMemberus-gaap:TransferredOverTimeMember2023-07-012023-09-300000922621erie:AdministrativeServicesManagementFeeMemberus-gaap:TransferredOverTimeMember2022-07-012022-09-300000922621erie:AdministrativeServicesManagementFeeMemberus-gaap:TransferredOverTimeMember2023-01-012023-09-300000922621erie:AdministrativeServicesManagementFeeMemberus-gaap:TransferredOverTimeMember2022-01-012022-09-300000922621erie:AdministrativeServicesReimbursementsMemberus-gaap:TransferredOverTimeMember2023-07-012023-09-300000922621erie:AdministrativeServicesReimbursementsMemberus-gaap:TransferredOverTimeMember2022-07-012022-09-300000922621erie:AdministrativeServicesReimbursementsMemberus-gaap:TransferredOverTimeMember2023-01-012023-09-300000922621erie:AdministrativeServicesReimbursementsMemberus-gaap:TransferredOverTimeMember2022-01-012022-09-300000922621erie:AdministrativeServicesMemberus-gaap:TransferredOverTimeMember2023-07-012023-09-300000922621erie:AdministrativeServicesMemberus-gaap:TransferredOverTimeMember2022-07-012022-09-300000922621erie:AdministrativeServicesMemberus-gaap:TransferredOverTimeMember2023-01-012023-09-300000922621erie:AdministrativeServicesMemberus-gaap:TransferredOverTimeMember2022-01-012022-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedDebtObligationsMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedDebtObligationsMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherDebtSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherDebtSecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherDebtSecuritiesMember2023-09-300000922621us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2023-09-300000922621us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-09-300000922621us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000922621us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMembererie:UtilitiesSectorMemberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Membererie:UtilitiesSectorMemberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMembererie:UtilitiesSectorMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMembererie:UtilitiesSectorMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:EnergySectorMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMemberus-gaap:EnergySectorMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMemberus-gaap:EnergySectorMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:EnergySectorMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:ConsumerSectorMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMemberus-gaap:ConsumerSectorMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMemberus-gaap:ConsumerSectorMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:ConsumerSectorMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:TechnologySectorMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMemberus-gaap:TechnologySectorMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMemberus-gaap:TechnologySectorMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:TechnologySectorMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMembererie:IndustrialSectorMemberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Membererie:IndustrialSectorMemberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Membererie:IndustrialSectorMemberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMembererie:IndustrialSectorMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-09-300000922621erie:CommunicationsSectorMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-09-300000922621erie:CommunicationsSectorMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2023-09-300000922621erie:CommunicationsSectorMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2023-09-300000922621erie:CommunicationsSectorMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMember2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2023-09-300000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CorporateDebtSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CorporateDebtSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CorporateDebtSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CollateralizedDebtObligationsMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CollateralizedDebtObligationsMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CollateralizedDebtObligationsMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CollateralizedDebtObligationsMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:OtherDebtSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:OtherDebtSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:OtherDebtSecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:OtherDebtSecuritiesMember2022-12-310000922621us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMember2022-12-310000922621us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310000922621us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000922621us-gaap:DebtSecuritiesMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:FinancialServicesSectorMemberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMembererie:UtilitiesSectorMemberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Membererie:UtilitiesSectorMemberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMembererie:UtilitiesSectorMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMembererie:UtilitiesSectorMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:EnergySectorMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMemberus-gaap:EnergySectorMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMemberus-gaap:EnergySectorMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:EnergySectorMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMemberus-gaap:ConsumerSectorMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMemberus-gaap:ConsumerSectorMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMemberus-gaap:ConsumerSectorMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:ConsumerSectorMember2022-12-310000922621erie:CommunicationsSectorMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2022-12-310000922621erie:CommunicationsSectorMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2022-12-310000922621erie:CommunicationsSectorMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2022-12-310000922621erie:CommunicationsSectorMemberus-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Memberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Memberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMember2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel1Member2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel2Member2022-12-310000922621us-gaap:FairValueMeasurementsRecurringMemberus-gaap:FairValueInputsLevel3Member2022-12-310000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-06-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-07-012023-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-06-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-07-012023-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-06-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-07-012023-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-06-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-07-012023-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-09-300000922621us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:EquitySecuritiesMember2023-06-300000922621us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:EquitySecuritiesMember2023-07-012023-09-300000922621us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:EquitySecuritiesMember2023-09-300000922621us-gaap:FairValueInputsLevel3Member2023-06-300000922621us-gaap:FairValueInputsLevel3Member2023-07-012023-09-300000922621us-gaap:FairValueInputsLevel3Member2023-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2022-12-310000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2023-01-012023-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2023-01-012023-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2023-01-012023-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-12-310000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000922621us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:EquitySecuritiesMember2022-12-310000922621us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:EquitySecuritiesMember2023-01-012023-09-300000922621us-gaap:FairValueInputsLevel3Member2022-12-310000922621us-gaap:FairValueInputsLevel3Member2023-01-012023-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2022-06-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2022-07-012022-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2022-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2022-06-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2022-07-012022-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2022-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-06-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-07-012022-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-06-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-07-012022-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-09-300000922621us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:EquitySecuritiesMember2022-06-300000922621us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:EquitySecuritiesMember2022-07-012022-09-300000922621us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:EquitySecuritiesMember2022-09-300000922621us-gaap:FairValueInputsLevel3Member2022-06-300000922621us-gaap:FairValueInputsLevel3Member2022-07-012022-09-300000922621us-gaap:FairValueInputsLevel3Member2022-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2021-12-310000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CorporateDebtSecuritiesMember2022-01-012022-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2021-12-310000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:CommercialMortgageBackedSecuritiesMember2022-01-012022-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2021-12-310000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Memberus-gaap:ResidentialMortgageBackedSecuritiesMember2022-01-012022-09-300000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2021-12-310000922621erie:AvailableForSaleDebtSecuritiesMemberus-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000922621us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:EquitySecuritiesMember2021-12-310000922621us-gaap:FairValueInputsLevel3Memberus-gaap:EquitySecuritiesMemberus-gaap:EquitySecuritiesMember2022-01-012022-09-300000922621us-gaap:FairValueInputsLevel3Member2021-12-310000922621us-gaap:FairValueInputsLevel3Member2022-01-012022-09-300000922621us-gaap:CarryingReportedAmountFairValueDisclosureMember2023-09-300000922621us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2023-09-300000922621us-gaap:CarryingReportedAmountFairValueDisclosureMember2022-12-310000922621us-gaap:EstimateOfFairValueFairValueDisclosureMemberus-gaap:FairValueInputsLevel3Member2022-12-310000922621us-gaap:CorporateDebtSecuritiesMember2023-09-300000922621us-gaap:CollateralizedDebtObligationsMember2023-09-300000922621us-gaap:CommercialMortgageBackedSecuritiesMember2023-09-300000922621us-gaap:ResidentialMortgageBackedSecuritiesMember2023-09-300000922621us-gaap:OtherDebtSecuritiesMember2023-09-300000922621us-gaap:DebtSecuritiesMember2023-09-300000922621us-gaap:CorporateDebtSecuritiesMember2022-12-310000922621us-gaap:CollateralizedDebtObligationsMember2022-12-310000922621us-gaap:CommercialMortgageBackedSecuritiesMember2022-12-310000922621us-gaap:ResidentialMortgageBackedSecuritiesMember2022-12-310000922621us-gaap:OtherDebtSecuritiesMember2022-12-310000922621us-gaap:DebtSecuritiesMember2022-12-31erie:holding0000922621us-gaap:ExternalCreditRatingInvestmentGradeMember2023-09-300000922621us-gaap:ExternalCreditRatingNonInvestmentGradeMember2023-09-300000922621us-gaap:ExternalCreditRatingInvestmentGradeMember2022-12-310000922621us-gaap:ExternalCreditRatingNonInvestmentGradeMember2022-12-310000922621us-gaap:DebtSecuritiesMember2023-07-012023-09-300000922621us-gaap:DebtSecuritiesMember2022-07-012022-09-300000922621us-gaap:DebtSecuritiesMember2023-01-012023-09-300000922621us-gaap:DebtSecuritiesMember2022-01-012022-09-300000922621us-gaap:EquitySecuritiesMember2023-07-012023-09-300000922621us-gaap:EquitySecuritiesMember2022-07-012022-09-300000922621us-gaap:EquitySecuritiesMember2023-01-012023-09-300000922621us-gaap:EquitySecuritiesMember2022-01-012022-09-300000922621us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2023-07-012023-09-300000922621us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2022-07-012022-09-300000922621us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2023-01-012023-09-300000922621us-gaap:EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember2022-01-012022-09-300000922621erie:CashEquivalentsAndOtherMember2023-07-012023-09-300000922621erie:CashEquivalentsAndOtherMember2022-07-012022-09-300000922621erie:CashEquivalentsAndOtherMember2023-01-012023-09-300000922621erie:CashEquivalentsAndOtherMember2022-01-012022-09-300000922621us-gaap:DebtSecuritiesMember2023-07-012023-09-300000922621us-gaap:DebtSecuritiesMember2022-07-012022-09-300000922621us-gaap:DebtSecuritiesMember2023-01-012023-09-300000922621us-gaap:DebtSecuritiesMember2022-01-012022-09-300000922621us-gaap:EquitySecuritiesMember2023-07-012023-09-300000922621us-gaap:EquitySecuritiesMember2022-07-012022-09-300000922621us-gaap:EquitySecuritiesMember2023-01-012023-09-300000922621us-gaap:EquitySecuritiesMember2022-01-012022-09-300000922621us-gaap:MiscellaneousInvestmentsMember2023-07-012023-09-300000922621us-gaap:MiscellaneousInvestmentsMember2022-07-012022-09-300000922621us-gaap:MiscellaneousInvestmentsMember2023-01-012023-09-300000922621us-gaap:MiscellaneousInvestmentsMember2022-01-012022-09-300000922621us-gaap:RevolvingCreditFacilityMember2023-09-300000922621us-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMembererie:ErieInsuranceExchangeMemberus-gaap:FundedPlanMember2023-01-012023-09-300000922621us-gaap:UnfundedPlanMembererie:ErieInsuranceExchangeMemberus-gaap:SupplementalEmployeeRetirementPlanDefinedBenefitMemberus-gaap:NonqualifiedPlanMember2023-01-012023-09-300000922621us-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FundedPlanMember2023-09-300000922621us-gaap:QualifiedPlanMemberus-gaap:PensionPlansDefinedBenefitMemberus-gaap:FundedPlanMember2023-07-012023-09-300000922621us-gaap:CommonClassBMember2022-01-012022-12-310000922621erie:ShareRepurchaseProgram1999Memberus-gaap:CommonClassAMember2011-12-310000922621erie:ShareRepurchaseProgram1999Memberus-gaap:CommonClassAMember2022-01-012022-12-310000922621erie:ShareRepurchaseProgram1999Memberus-gaap:CommonClassAMember2023-01-012023-09-300000922621erie:ShareRepurchaseProgram1999Memberus-gaap:CommonClassAMember2023-09-300000922621us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-06-300000922621us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-06-300000922621us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-07-012023-09-300000922621us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-07-012022-09-300000922621us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-09-300000922621us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-09-300000922621us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-06-300000922621us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-06-300000922621us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-07-012023-09-300000922621us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-07-012022-09-300000922621us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-09-300000922621us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-09-300000922621us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-12-310000922621us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2021-12-310000922621us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2023-01-012023-09-300000922621us-gaap:AccumulatedNetUnrealizedInvestmentGainLossMember2022-01-012022-09-300000922621us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-12-310000922621us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2021-12-310000922621us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2023-01-012023-09-300000922621us-gaap:AccumulatedDefinedBenefitPlansAdjustmentMember2022-01-012022-09-300000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2023-01-012023-09-300000922621us-gaap:AccumulatedOtherComprehensiveIncomeMember2022-01-012022-09-300000922621srt:AffiliatedEntityMember2023-09-300000922621srt:AffiliatedEntityMember2022-12-310000922621us-gaap:LoanPurchaseCommitmentsMembererie:ThirdPartyBankMembersrt:MaximumMember2023-09-300000922621us-gaap:LoanPurchaseCommitmentsMember2023-01-012023-09-300000922621us-gaap:LoanPurchaseCommitmentsMembererie:ThirdPartyBankMember2023-09-300000922621us-gaap:LoanPurchaseCommitmentsMember2023-09-30
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2023
OR
☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from___to___
Commission file number 0-24000
| | | | | | | | |
| ERIE INDEMNITY COMPANY | |
| (Exact name of registrant as specified in its charter) | |
| | | | | | | | | | | | | | |
| Pennsylvania | | 25-0466020 | |
| (State or other jurisdiction of | | (IRS Employer | |
| incorporation or organization) | | Identification No.) | |
| | | | | | | | | | | | | | | | | | | | |
| 100 Erie Insurance Place, | Erie, | Pennsylvania | | 16530 | |
| (Address of principal executive offices) | | (Zip Code) | |
| | | | | | | | | | | |
| 814 | 870-2000 | |
| (Registrant’s telephone number, including area code) | |
| | | | | | | | |
| Not applicable | |
| (Former name, former address and former fiscal year, if changed since last report) | |
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | | | | |
Class A common stock, | stated value $0.0292 per share | | ERIE | | NASDAQ Stock Market, LLC |
(Title of each class) | | (Trading Symbol) | | (Name of each exchange on which registered) |
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act. (Check one):
| | | | | | | | | | | | | | | | | | | | | | | | | | |
Large accelerated filer | ☒ | | Accelerated filer | ☐ | | Non-accelerated filer | ☐ | |
| | | | | | | | |
Smaller reporting company | ☐ | | Emerging growth company | ☐ | | | | |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
The number of shares outstanding of the registrant’s Class A Common Stock as of the latest practicable date was 46,189,068 at October 20, 2023.
The number of shares outstanding of the registrant’s Class B Common Stock as of the latest practicable date was 2,542 at October 20, 2023.
PART I. FINANCIAL INFORMATION
ITEM 1. FINANCIAL STATEMENTS
ERIE INDEMNITY COMPANY
STATEMENTS OF OPERATIONS (UNAUDITED)
(dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended | | Nine months ended |
| September 30, | | September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Operating revenue | | | | | | | |
Management fee revenue - policy issuance and renewal services | $ | 649,049 | | | $ | 551,666 | | | $ | 1,840,478 | | | $ | 1,584,213 | |
Management fee revenue - administrative services | 16,151 | | | 14,657 | | | 46,976 | | | 43,446 | |
Administrative services reimbursement revenue | 187,118 | | | 168,653 | | | 544,411 | | | 492,655 | |
Service agreement revenue | 6,620 | | | 6,260 | | | 19,408 | | | 19,175 | |
Total operating revenue | 858,938 | | | 741,236 | | | 2,451,273 | | | 2,139,489 | |
| | | | | | | |
Operating expenses | | | | | | | |
Cost of operations - policy issuance and renewal services | 523,349 | | | 466,111 | | | 1,513,690 | | | 1,352,050 | |
Cost of operations - administrative services | 187,118 | | | 168,653 | | | 544,411 | | | 492,655 | |
| | | | | | | |
Total operating expenses | 710,467 | | | 634,764 | | | 2,058,101 | | | 1,844,705 | |
Operating income | 148,471 | | | 106,472 | | | 393,172 | | | 294,784 | |
| | | | | | | |
Investment income | | | | | | | |
Net investment income | 14,642 | | | 5,834 | | | 30,360 | | | 24,606 | |
Net realized and unrealized investment losses | (2,227) | | | (6,230) | | | (9,246) | | | (23,833) | |
Net impairment losses recognized in earnings | (113) | | | (175) | | | (1,917) | | | (429) | |
| | | | | | | |
Total investment income (loss) | 12,302 | | | (571) | | | 19,197 | | | 344 | |
| | | | | | | |
Interest expense | — | | | 115 | | | — | | | 2,009 | |
Other income | 3,001 | | | 562 | | | 9,643 | | | 1,372 | |
Income before income taxes | 163,774 | | | 106,348 | | | 422,012 | | | 294,491 | |
Income tax expense | 32,734 | | | 22,035 | | | 86,879 | | | 61,412 | |
Net income | $ | 131,040 | | | $ | 84,313 | | | $ | 335,133 | | | $ | 233,079 | |
| | | | | | | |
| | | | | | | |
Net income per share | | | | | | | |
Class A common stock – basic | $ | 2.81 | | | $ | 1.81 | | | $ | 7.20 | | | $ | 5.00 | |
Class A common stock – diluted | $ | 2.51 | | | $ | 1.61 | | | $ | 6.41 | | | $ | 4.46 | |
Class B common stock – basic and diluted | $ | 422 | | | $ | 272 | | | $ | 1,079 | | | $ | 751 | |
| | | | | | | |
| | | | | | | |
Weighted average shares outstanding – Basic | | | | | | | |
Class A common stock | 46,189,037 | | | 46,189,025 | | | 46,188,962 | | | 46,188,878 | |
Class B common stock | 2,542 | | | 2,542 | | | 2,542 | | | 2,542 | |
| | | | | | | |
Weighted average shares outstanding – Diluted | | | | | | | |
Class A common stock | 52,299,369 | | | 52,296,411 | | | 52,298,655 | | | 52,297,685 | |
Class B common stock | 2,542 | | | 2,542 | | | 2,542 | | | 2,542 | |
| | | | | | | |
Dividends declared per share | | | | | | | |
Class A common stock | $ | 1.19 | | | $ | 1.11 | | | $ | 3.57 | | | $ | 3.33 | |
Class B common stock | $ | 178.50 | | | $ | 166.50 | | | $ | 535.50 | | | $ | 499.50 | |
See accompanying notes to Financial Statements. See Note 11, "Accumulated Other Comprehensive Income (Loss)", for amounts reclassified out of accumulated other comprehensive income (loss) into the Statements of Operations.
ERIE INDEMNITY COMPANY
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands)
| | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended | | Nine months ended |
| September 30, | | September 30, |
| 2023 | | 2022 | | 2023 | | 2022 |
Net income | $ | 131,040 | | | $ | 84,313 | | | $ | 335,133 | | | $ | 233,079 | |
| | | | | | | |
Other comprehensive loss, net of tax | | | | | | | |
Change in unrealized holding (losses) gains on available-for-sale securities | (5,902) | | | (17,178) | | | 2,846 | | | (69,082) | |
Amortization of prior service costs and net actuarial (gain) loss on pension and other postretirement plans | (2,742) | | | 1,731 | | | (8,226) | | | 5,198 | |
Total other comprehensive loss, net of tax | (8,644) | | | (15,447) | | | (5,380) | | | (63,884) | |
Comprehensive income | $ | 122,396 | | | $ | 68,866 | | | $ | 329,753 | | | $ | 169,195 | |
See accompanying notes to Financial Statements. See Note 11, "Accumulated Other Comprehensive Income (Loss)", for amounts reclassified out of accumulated other comprehensive income (loss) into the Statements of Operations.
ERIE INDEMNITY COMPANY
STATEMENTS OF FINANCIAL POSITION
(dollars in thousands, except per share data)
| | | | | | | | | | | | | | |
| | September 30, | | December 31, |
| | 2023 | | 2022 |
Assets | | (Unaudited) | | |
Current assets: | | | | |
Cash and cash equivalents | | $ | 102,873 | | | $ | 142,090 | |
Available-for-sale securities | | 69,822 | | | 24,267 | |
| | | | |
Receivables from Erie Insurance Exchange and affiliates, net | | 620,683 | | | 524,937 | |
Prepaid expenses and other current assets | | 71,480 | | | 79,201 | |
| | | | |
Accrued investment income | | 8,968 | | | 8,301 | |
Total current assets | | 873,826 | | | 778,796 | |
| | | | |
Available-for-sale securities, net | | 845,415 | | | 870,394 | |
Equity securities | | 79,516 | | | 72,560 | |
| | | | |
Fixed assets, net | | 434,975 | | | 413,874 | |
Agent loans, net | | 59,544 | | | 60,537 | |
| | | | |
Defined benefit pension plan | | 65,163 | | | 0 | |
| | | | |
Other assets | | 36,110 | | | 43,295 | |
Total assets | | $ | 2,394,549 | | | $ | 2,239,456 | |
| | | | |
Liabilities and shareholders' equity | | | | |
Current liabilities: | | | | |
Commissions payable | | $ | 357,614 | | | $ | 300,028 | |
Agent bonuses | | 50,252 | | | 95,166 | |
Accounts payable and accrued liabilities | | 165,797 | | | 165,915 | |
Dividends payable | | 55,419 | | | 55,419 | |
Contract liability | | 40,831 | | | 36,547 | |
Deferred executive compensation | | 11,000 | | | 12,036 | |
| | | | |
| | | | |
| | | | |
Total current liabilities | | 680,913 | | | 665,111 | |
| | | | |
Defined benefit pension plans | | 27,744 | | | 51,224 | |
| | | | |
Contract liability | | 19,653 | | | 17,895 | |
Deferred executive compensation | | 18,547 | | | 13,724 | |
Deferred income taxes, net | | 11,045 | | | 14,075 | |
Other long-term liabilities | | 24,758 | | | 29,019 | |
Total liabilities | | 782,660 | | | 791,048 | |
| | | | |
Shareholders’ equity | | | | |
Class A common stock, stated value $0.0292 per share; 74,996,930 shares authorized; 68,299,200 shares issued; 46,189,068 shares outstanding | | 1,992 | | | 1,992 | |
Class B common stock, convertible at a rate of 2,400 Class A shares for one Class B share, stated value $70 per share; 3,070 shares authorized; 2,542 shares issued and outstanding | | 178 | | | 178 | |
Additional paid-in-capital | | 16,466 | | | 16,481 | |
Accumulated other comprehensive loss | | (12,794) | | | (7,414) | |
Retained earnings | | 2,752,137 | | | 2,583,261 | |
| | | | |
Total contributed capital and retained earnings | | 2,757,979 | | | 2,594,498 | |
Treasury stock, at cost; 22,110,132 shares held | | (1,168,761) | | | (1,168,949) | |
Deferred compensation | | 22,671 | | | 22,859 | |
Total shareholders’ equity | | 1,611,889 | | | 1,448,408 | |
Total liabilities and shareholders’ equity | | $ | 2,394,549 | | | $ | 2,239,456 | |
See accompanying notes to Financial Statements.
ERIE INDEMNITY COMPANY
STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
Three and nine months ended September 30, 2023
(dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A common stock | Class B common stock | Additional paid-in-capital | Accumulated other comprehensive (loss) income | Retained earnings | Treasury stock | Deferred compensation | Total shareholders' equity |
Balance, December 31, 2022 | $ | 1,992 | | $ | 178 | | $ | 16,481 | | $ | (7,414) | | $ | 2,583,261 | | $ | (1,168,949) | | $ | 22,859 | | $ | 1,448,408 | |
| | | | | | | | |
Net income | | | | | 86,241 | | | | 86,241 | |
Other comprehensive income | | | | 7,752 | | | | | 7,752 | |
Dividends declared: | | | | | | | | |
Class A $1.19 per share | | | | | (54,965) | | | | (54,965) | |
Class B $178.50 per share | | | | | (454) | | | | (454) | |
Net purchase of treasury stock (1) | | | (15) | | | | 0 | | | (15) | |
Deferred compensation | | | | | | (822) | | 822 | | 0 | |
Rabbi trust distribution (2) | | | | | | 416 | | (416) | | 0 | |
Balance, March 31, 2023 | $ | 1,992 | | $ | 178 | | $ | 16,466 | | $ | 338 | | $ | 2,614,083 | | $ | (1,169,355) | | $ | 23,265 | | $ | 1,486,967 | |
Net income | | | | | 117,852 | | | | 117,852 | |
Other comprehensive loss | | | | (4,488) | | | | | (4,488) | |
Dividends declared: | | | | | | | | |
Class A $1.19 per share | | | | | (54,965) | | | | (54,965) | |
Class B $178.50 per share | | | | | (454) | | | | (454) | |
Net purchase of treasury stock (1) | | | 0 | | | | 0 | | | 0 | |
Deferred compensation | | | | | | (621) | | 621 | | 0 | |
Rabbi trust distribution (2) | | | | | | 1,596 | | (1,596) | | 0 | |
Balance, June 30, 2023 | $ | 1,992 | | $ | 178 | | $ | 16,466 | | $ | (4,150) | | $ | 2,676,516 | | $ | (1,168,380) | | $ | 22,290 | | $ | 1,544,912 | |
Net income | | | | | 131,040 | | | | 131,040 | |
Other comprehensive loss | | | | (8,644) | | | | | (8,644) | |
Dividends declared: | | | | | | | | |
Class A $1.19 per share | | | | | (54,965) | | | | (54,965) | |
Class B $178.50 per share | | | | | (454) | | | | (454) | |
Net purchase of treasury stock (1) | | | 0 | | | | 0 | | | 0 | |
Deferred compensation | | | | | | (381) | | 381 | | 0 | |
| | | | | | | | |
Balance, September 30, 2023 | $ | 1,992 | | $ | 178 | | $ | 16,466 | | $ | (12,794) | | $ | 2,752,137 | | $ | (1,168,761) | | $ | 22,671 | | $ | 1,611,889 | |
(1) Net purchases of treasury stock in 2023 include the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock-based compensation awards.
(2) Distributions of our Class A shares were made from the rabbi trust to five incentive compensation deferral plan participants in 2023.
ERIE INDEMNITY COMPANY
STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
Three and nine months ended September 30, 2022
(dollars in thousands, except per share data)
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| Class A common stock | Class B common stock | Additional paid-in-capital | Accumulated other comprehensive loss | Retained earnings | Treasury stock | Deferred compensation | Total shareholders' equity |
Balance, December 31, 2021 | $ | 1,992 | | $ | 178 | | $ | 16,496 | | $ | (25,288) | | $ | 2,495,190 | | $ | (1,167,828) | | $ | 21,738 | | $ | 1,342,478 | |
| | | | | | | | |
Net income | | | | | 68,619 | | | | 68,619 | |
Other comprehensive loss | | | | (25,189) | | | | | (25,189) | |
Dividends declared: | | | | | | | | |
Class A $1.11 per share | | | | | (51,270) | | | | (51,270) | |
Class B $166.50 per share | | | | | (423) | | | | (423) | |
Net purchase of treasury stock (1) | | | (15) | | | | 0 | | | (15) | |
Deferred compensation | | | | | | (802) | | 802 | | 0 | |
Rabbi trust distribution (2) | | | | | | 298 | | (298) | | 0 | |
Balance, March 31, 2022 | $ | 1,992 | | $ | 178 | | $ | 16,481 | | $ | (50,477) | | $ | 2,512,116 | | $ | (1,168,332) | | $ | 22,242 | | $ | 1,334,200 | |
Net income | | | | | 80,147 | | | | 80,147 | |
Other comprehensive loss | | | | (23,248) | | | | | (23,248) | |
Dividends declared: | | | | | | | | |
Class A $1.11 per share | | | | | (51,270) | | | | (51,270) | |
Class B $166.50 per share | | | | | (423) | | | | (423) | |
Net purchase of treasury stock (1) | | | 0 | | | | 0 | | | 0 | |
Deferred compensation | | | | | | (907) | | 907 | | 0 | |
Rabbi trust distribution (2) | | | | | | 99 | | (99) | | 0 | |
Balance, June 30, 2022 | $ | 1,992 | | $ | 178 | | $ | 16,481 | | $ | (73,725) | | $ | 2,540,570 | | $ | (1,169,140) | | $ | 23,050 | | $ | 1,339,406 | |
Net income | | | | | 84,313 | | | | 84,313 | |
Other comprehensive loss | | | | (15,447) | | | | | (15,447) | |
Dividends declared: | | | | | | | | |
Class A $1.11 per share | | | | | (51,270) | | | | (51,270) | |
Class B $166.50 per share | | | | | (423) | | | | (423) | |
Net purchase of treasury stock (1) | | | 0 | | | | 0 | | | 0 | |
Deferred compensation | | | | | | (799) | | 799 | | 0 | |
Rabbi trust distribution (2) | | | | | | 1,457 | | (1,457) | | 0 | |
Balance, September 30, 2022 | $ | 1,992 | | $ | 178 | | $ | 16,481 | | $ | (89,172) | | $ | 2,573,190 | | $ | (1,168,482) | | $ | 22,392 | | $ | 1,356,579 | |
(1)Net purchases of treasury stock in 2022 include the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock-based compensation awards.
(2)Distributions of our Class A shares were made from the rabbi trust to four incentive compensation deferral plan participants in 2022.
See accompanying notes to Financial Statements.
ERIE INDEMNITY COMPANY
STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)
| | | | | | | | | | | | | | |
| | Nine months ended |
| | September 30, |
| | 2023 | | 2022 |
Cash flows from operating activities | | | | |
Management fee received | | $ | 1,799,681 | | | $ | 1,574,694 | |
Administrative services reimbursements received | | 538,943 | | | 487,081 | |
Service agreement revenue received | | 19,367 | | | 19,025 | |
Net investment income received | | 42,579 | | | 28,901 | |
| | | | |
Commissions paid to agents | | (889,510) | | | (771,664) | |
Agents bonuses paid | | (112,968) | | | (131,699) | |
Salaries and wages paid | | (178,176) | | | (164,726) | |
Pension contribution and employee benefits paid | | (150,992) | | | (57,222) | |
General operating expenses paid | | (226,949) | | | (187,152) | |
Administrative services expenses paid | | (540,834) | | | (497,007) | |
Income taxes paid | | (68,372) | | | (59,989) | |
Interest paid | | — | | | (2,134) | |
Net cash provided by operating activities | | 232,769 | | | 238,108 | |
| | | | |
Cash flows from investing activities | | | | |
Purchase of investments: | | | | |
Available-for-sale securities | | (206,616) | | | (375,466) | |
Equity securities | | (26,195) | | | (12,956) | |
| | | | |
Other investments | | (7) | | | (157) | |
Proceeds from investments: | | | | |
Available-for-sale securities sales | | 126,361 | | | 238,732 | |
Available-for-sale securities maturities/calls | | 55,772 | | | 111,419 | |
Equity securities | | 14,919 | | | 16,679 | |
| | | | |
Other investments | | 853 | | | 429 | |
Purchase of fixed assets | | (72,101) | | | (50,885) | |
Proceeds from disposal of fixed assets | | — | | | 265 | |
Loans to agents | | (5,473) | | | (9,570) | |
Collections on agent loans | | 6,757 | | | 6,513 | |
Net cash used in investing activities | | (105,730) | | | (74,997) | |
| | | | |
Cash flows from financing activities | | | | |
| | | | |
| | | | |
Dividends paid to shareholders | | (166,256) | | | (155,079) | |
Proceeds from short-term borrowings | | — | | | 55,000 | |
Payments on short-term borrowings | | — | | | (55,000) | |
Payments on long-term borrowings | | — | | | (94,070) | |
| | | | |
Net cash used in financing activities | | (166,256) | | | (249,149) | |
| | | | |
Net decrease in cash and cash equivalents | | (39,217) | | | (86,038) | |
Cash and cash equivalents, beginning of period | | 142,090 | | | 183,702 | |
Cash and cash equivalents, end of period | | $ | 102,873 | | | $ | 97,664 | |
| | | | |
Supplemental disclosure of noncash transactions | | | | |
Liability incurred to purchase fixed assets | | $ | — | | | $ | 26,386 | |
Operating lease assets obtained in exchange for lease liabilities | | $ | 7,674 | | | $ | 3,176 | |
| | | | |
| | | | |
See accompanying notes to Financial Statements.
NOTES TO FINANCIAL STATEMENTS (UNAUDITED)
Note 1. Nature of Operations
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.
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.
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.
The Exchange, by virtue of its legal structure as a reciprocal insurer, 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 in accordance with the subscriber's agreement. 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 subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements are settled at cost. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department.
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".
Note 2. Significant Accounting Policies
Basis of presentation
The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the financial statements and footnotes included in our Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission on March 1, 2023.
Use of estimates
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.
Note 3. Revenue
The majority of our revenue is derived from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange. Pursuant to the subscriber’s agreement, we earn a management fee calculated as a percentage, not to exceed 25%, of all direct and affiliated assumed written premiums of the Exchange. We allocate a portion of our management fee revenue, currently 25% of the direct and affiliated assumed written premiums of the Exchange, between the two performance obligations we have under the subscriber’s agreement. The first performance obligation is to provide policy issuance and renewal services to the subscribers (policyholders) at the Exchange, and the second is to act as attorney-in-fact on behalf of the Exchange, as well as the service provider for its insurance subsidiaries, with respect to all administrative services.
The transaction price, including management fee revenue and administrative services reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policyholders cancel their insurance coverage mid-term and premiums are refunded to them. The constraining estimate is determined using the expected value method, based on both historical and current information. The estimated transaction price, as reduced by the constraint, reflects consideration expected for performance of our services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price.
The first performance obligation is to provide policy issuance and renewal services that result in executed insurance policies between the Exchange or one of its insurance subsidiaries and the subscriber (policyholder). The subscriber (policyholder) receives economic benefits when substantially all the policy issuance or renewal services are complete and an insurance policy is issued or renewed by the Exchange or one of its insurance subsidiaries. It is at the time of policy issuance or renewal that the allocated portion of revenue is recognized.
The Exchange, by virtue of its legal structure as a reciprocal insurer, 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 in accordance with the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Collectively, these services represent a second performance obligation under the subscriber’s agreement and the service agreements. The revenue allocated to this performance obligation is recognized over a four-year period representing the time over which these services are provided. The portion of revenue not yet earned is recorded as a contract liability in the Statements of Financial Position. During the three and nine months ended September 30, 2023, we recognized revenue of $7.7 million and $31.5 million, respectively, that was included in the contract liability balance as of December 31, 2022. During the three and nine months ended September 30, 2022, we recognized revenue of $7.4 million and $30.1 million, respectively, that was included in the contract liability balance as of December 31, 2021. The administrative services expenses we incur and the related reimbursements we receive are recorded gross in the Statements of Operations.
Indemnity records a receivable from the Exchange for management fee revenue when the premium is written or assumed from affiliates by the Exchange. Indemnity collects the management fee from the Exchange when the Exchange collects the premiums from the subscribers (policyholders). As the Exchange issues policies with annual terms only, cash collections generally occur within one year.
The following table disaggregates revenue by our two performance obligations:
| | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, | | | Nine months ended September 30, | | |
(in thousands) | 2023 | 2022 | | | | 2023 | 2022 | |
Management fee revenue - policy issuance and renewal services | $ | 649,049 | | $ | 551,666 | | | | | $ | 1,840,478 | | $ | 1,584,213 | | | |
| | | | | | | | | |
Management fee revenue - administrative services | 16,151 | | 14,657 | | | | | 46,976 | | 43,446 | | | |
Administrative services reimbursement revenue | 187,118 | | 168,653 | | | | | 544,411 | | 492,655 | | | |
Total revenue from administrative services | $ | 203,269 | | $ | 183,310 | | | | | $ | 591,387 | | $ | 536,101 | | | |
| | | | | | | | | |
| | | | | | | | | |
Note 4. Earnings Per Share
Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 10, "Capital Stock".
Class A diluted earnings per share is calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method.
A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, |
| | 2023 | | 2022 |
(dollars in thousands, except per share data) | | Allocated net income (numerator) | | Weighted shares (denominator) | | Per-share amount | | Allocated net income (numerator) | | Weighted shares (denominator) | | Per-share amount |
Class A – Basic EPS: | | | | | | | | | | | | |
Income available to Class A stockholders | | $ | 129,967 | | | 46,189,037 | | | $ | 2.81 | | | $ | 83,623 | | | 46,189,025 | | | $ | 1.81 | |
Dilutive effect of stock-based awards | | 0 | | | 9,532 | | | — | | | 0 | | | 6,586 | | | — | |
Assumed conversion of Class B shares | | 1,073 | | | 6,100,800 | | | — | | | 690 | | | 6,100,800 | | | — | |
Class A – Diluted EPS: | | | | | | | | | | | | |
Income available to Class A stockholders on Class A equivalent shares | | $ | 131,040 | | | 52,299,369 | | | $ | 2.51 | | | $ | 84,313 | | | 52,296,411 | | | $ | 1.61 | |
Class B – Basic and diluted EPS: | | | | | | | | | | | | |
Income available to Class B stockholders | | $ | 1,073 | | | 2,542 | | | $ | 422 | | | $ | 690 | | | 2,542 | | | $ | 272 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | Nine months ended September 30, |
| | 2023 | | 2022 |
(dollars in thousands, except per share data) | | Allocated net income (numerator) | | Weighted shares (denominator) | | Per-share amount | | Allocated net income (numerator) | | Weighted shares (denominator) | | Per-share amount |
Class A – Basic EPS: | | | | | | | | | | | | |
Income available to Class A stockholders | | $ | 332,389 | | | 46,188,962 | | | $ | 7.20 | | | $ | 231,171 | | | 46,188,878 | | | $ | 5.00 | |
Dilutive effect of stock-based awards | | 0 | | | 8,893 | | | — | | | 0 | | | 8,007 | | | — | |
Assumed conversion of Class B shares | | 2,744 | | | 6,100,800 | | | — | | | 1,908 | | | 6,100,800 | | | — | |
Class A – Diluted EPS: | | | | | | | | | | | | |
Income available to Class A stockholders on Class A equivalent shares | | $ | 335,133 | | | 52,298,655 | | | $ | 6.41 | | | $ | 233,079 | | | 52,297,685 | | | $ | 4.46 | |
Class B – Basic and diluted EPS: | | | | | | | | | | | | |
Income available to Class B stockholders | | $ | 2,744 | | | 2,542 | | | $ | 1,079 | | | $ | 1,908 | | | 2,542 | | | $ | 751 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Note 5. Fair Value
Financial instruments carried at fair value
Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date.
Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques:
•Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
•Level 3 – Unobservable inputs for the asset or liability.
Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets.
Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value.
In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service.
When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of September 30, 2023, nearly all of our available-for-sale and equity securities were priced using a third party pricing service.
The following tables present our fair value measurements on a recurring basis by asset class and level of input as of:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2023 |
(in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 |
Available-for-sale securities: | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Corporate debt securities | | $ | 566,967 | | | $ | 0 | | | $ | 562,862 | | | $ | 4,105 | |
Collateralized debt obligations | | 110,488 | | | 0 | | | 110,488 | | | 0 | |
Commercial mortgage-backed securities | | 72,032 | | | 0 | | | 64,625 | | | 7,407 | |
Residential mortgage-backed securities | | 150,394 | | | 0 | | | 150,389 | | | 5 | |
Other debt securities | | 15,356 | | | 0 | | | 15,356 | | | 0 | |
| | | | | | | | |
Total available-for-sale securities | | 915,237 | | | 0 | | | 903,720 | | | 11,517 | |
Equity securities: | | | | | | | | |
Financial services sector | | 65,071 | | | 796 | | | 60,819 | | | 3,456 | |
Utilities sector | | 7,291 | | | 0 | | | 7,291 | | | 0 | |
Energy sector | | 4,131 | | | 0 | | | 4,131 | | | 0 | |
Consumer sector | | 2,288 | | | 0 | | | 2,288 | | | 0 | |
Technology sector | | 500 | | | 0 | | | 0 | | | 500 | |
Industrial sector | | 177 | | | 0 | | | 177 | | | 0 | |
Communications sector | | 58 | | | 58 | | | 0 | | | 0 | |
Total equity securities | | 79,516 | | | 854 | | | 74,706 | | | 3,956 | |
Total | | $ | 994,753 | | | $ | 854 | | | $ | 978,426 | | | $ | 15,473 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2022 |
(in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 |
Available-for-sale securities: | | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Corporate debt securities | | $ | 553,382 | | | $ | 0 | | | $ | 549,696 | | | $ | 3,686 | |
Collateralized debt obligations | | 102,537 | | | 0 | | | 102,537 | | | 0 | |
Commercial mortgage-backed securities | | 66,054 | | | 0 | | | 55,144 | | | 10,910 | |
Residential mortgage-backed securities | | 150,415 | | | 0 | | | 146,231 | | | 4,184 | |
Other debt securities | | 22,273 | | | 0 | | | 22,273 | | | 0 | |
| | | | | | | | |
Total available-for-sale securities | | 894,661 | | | 0 | | | 875,881 | | | 18,780 | |
Equity securities: | | | | | | | | |
Financial services sector | | 61,084 | | | 0 | | | 57,305 | | | 3,779 | |
Utilities sector | | 5,708 | | | 0 | | | 5,708 | | | 0 | |
Energy sector | | 3,576 | | | 0 | | | 3,576 | | | 0 | |
Consumer sector | | 1,854 | | | 0 | | | 1,854 | | | 0 | |
Communications sector | | 338 | | | 0 | | | 338 | | | 0 | |
| | | | | | | | |
Total equity securities | | 72,560 | | | 0 | | | 68,781 | | | 3,779 | |
Total | | $ | 967,221 | | | $ | 0 | | | $ | 944,662 | | | $ | 22,559 | |
We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs.
Level 3 Assets – 2023 Quarterly Change:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | | | | | | | | |
(in thousands) | | Beginning balance at June 30, 2023 | | Included in earnings(1) | | Included in other comprehensive income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2023 |
Available-for-sale securities: | | | | | | | | | | | | | | | | |
Corporate debt securities | | $ | 5,123 | | | $ | 10 | | | $ | 123 | | | $ | 1,661 | | | $ | (511) | | | $ | 730 | | | $ | (3,031) | | | $ | 4,105 | |
| | | | | | | | | | | | | | | | |
Commercial mortgage-backed securities | | 6,533 | | | (182) | | | (56) | | | 0 | | | (366) | | | 1,478 | | | 0 | | | 7,407 | |
Residential mortgage- backed securities | | 12 | | | 0 | | | 0 | | | 0 | | | (7) | | | 0 | | | 0 | | | 5 | |
| | | | | | | | | | | | | | | | |
Total available-for-sale securities | | 11,668 | | | (172) | | | 67 | | | 1,661 | | | (884) | | | 2,208 | | | (3,031) | | | 11,517 | |
Equity securities | | 4,730 | | | 33 | | | — | | | 1,000 | | | 0 | | | 0 | | | (1,807) | | | 3,956 | |
Total Level 3 securities | | $ | 16,398 | | | $ | (139) | | | $ | 67 | | | $ | 2,661 | | | $ | (884) | | | $ | 2,208 | | | $ | (4,838) | | | $ | 15,473 | |
Level 3 Assets – 2023 Year-to-Date Change:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Beginning balance at December 31, 2022 | | Included in earnings(1) | | Included in other comprehensive income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2023 |
Available-for-sale securities: | | | | | | | | | | | | | | | | |
Corporate debt securities | | $ | 3,686 | | | $ | (4) | | | $ | 245 | | | $ | 3,193 | | | $ | (1,256) | | | $ | 3,883 | | | $ | (5,642) | | | $ | 4,105 | |
| | | | | | | | | | | | | | | | |
Commercial mortgage-backed securities | | 10,910 | | | (542) | | | 44 | | | 1,455 | | | (551) | | | 1,944 | | | (5,853) | | | 7,407 | |
Residential mortgage- backed securities | | 4,184 | | | (5) | | | 96 | | | 0 | | | (115) | | | 33 | | | (4,188) | | | 5 | |
| | | | | | | | | | | | | | | | |
Total available-for-sale securities | | 18,780 | | | (551) | | | 385 | | | 4,648 | | | (1,922) | | | 5,860 | | | (15,683) | | | 11,517 | |
Equity securities | | 3,779 | | | 26 | | | — | | | 1,958 | | | 0 | | | 0 | | | (1,807) | | | 3,956 | |
Total Level 3 securities | | $ | 22,559 | | | $ | (525) | | | $ | 385 | | | $ | 6,606 | | | $ | (1,922) | | | $ | 5,860 | | | $ | (17,490) | | | $ | 15,473 | |
Level 3 Assets – 2022 Quarterly Change:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
(in thousands) | | Beginning balance at June 30, 2022 | | Included in earnings(1) | | Included in other comprehensive income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2022 |
Available-for-sale securities: | | | | | | | | | | | | | | | | |
Corporate debt securities | | $ | 6,109 | | | $ | (7) | | | $ | (28) | | | $ | 753 | | | $ | (495) | | | $ | 2,899 | | | $ | (1,956) | | | $ | 7,275 | |
| | | | | | | | | | | | | | | | |
Commercial mortgage-backed securities | | 8,871 | | | (188) | | | (413) | | | 0 | | | (660) | | | 1,174 | | | (3,417) | | | 5,367 | |
Residential mortgage- backed securities | | 42,549 | | | (667) | | | (1,708) | | | 0 | | | (6,626) | | | 674 | | | (30,560) | | | 3,662 | |
| | | | | | | | | | | | | | | | |
Total available-for-sale securities | | 57,529 | | | (862) | | | (2,149) | | | 753 | | | (7,781) | | | 4,747 | | | (35,933) | | | 16,304 | |
Equity securities | | 1,866 | | | (18) | | | — | | | 0 | | | 0 | | | 0 | | | 0 | | | 1,848 | |
Total Level 3 securities | | $ | 59,395 | | | $ | (880) | | | $ | (2,149) | | | $ | 753 | | | $ | (7,781) | | | $ | 4,747 | | | $ | (35,933) | | | $ | 18,152 | |
Level 3 Assets – 2022 Year-to-Date Change:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | Beginning balance at December 31, 2021 | | Included in earnings(1) | | Included in other comprehensive income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2022 |
Available-for-sale securities: | | | | | | | | | | | | | | | | |
Corporate debt securities | | $ | 5,256 | | | $ | (2) | | | $ | (417) | | | $ | 5,687 | | | $ | (3,614) | | | $ | 8,673 | | | $ | (8,308) | | | $ | 7,275 | |
| | | | | | | | | | | | | | | | |
Commercial mortgage-backed securities | | 15,728 | | | (892) | | | (1,071) | | | 0 | | | (3,825) | | | 5,509 | | | (10,082) | | | 5,367 | |
Residential mortgage-backed securities | | 8,814 | | | (643) | | | (2,042) | | | 4,887 | | | (9,472) | | | 38,214 | | | (36,096) | | | 3,662 | |
| | | | | | | | | | | | | | | | |
Total available-for-sale securities | | 29,798 | | | (1,537) | | | (3,530) | | | 10,574 | | | (16,911) | | | 52,396 | | | (54,486) | | | 16,304 | |
Equity securities | | 2,083 | | | (235) | | | — | | | 0 | | | 0 | | | 0 | | | 0 | | | 1,848 | |
Total Level 3 securities | | $ | 31,881 | | | $ | (1,772) | | | $ | (3,530) | | | $ | 10,574 | | | $ | (16,911) | | | $ | 52,396 | | | $ | (54,486) | | | $ | 18,152 | |
(1)These amounts are reported as net investment income and net realized and unrealized investment gains (losses) for each of the periods presented above.
(2)Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Financial instruments not carried at fair value
The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2023 | | December 31, 2022 |
(in thousands) | | Carrying value | | Fair value | | Carrying value | | Fair value |
Agent loans | | $ | 68,192 | | | $ | 58,955 | | | $ | 69,476 | | | $ | 62,954 | |
| | | | | | | | |
| | | | | | | | |
Note 6. Investments
Available-for-sale securities
See Note 5, "Fair Value" for additional fair value disclosures. The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our available-for-sale securities as of:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2023 |
(in thousands) | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Estimated fair value |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Corporate debt securities | | $ | 596,538 | | | $ | 776 | | | $ | 30,347 | | | $ | 566,967 | |
Collateralized debt obligations | | 113,252 | | | 64 | | | 2,828 | | | 110,488 | |
Commercial mortgage-backed securities | | 78,491 | | | 90 | | | 6,549 | | | 72,032 | |
Residential mortgage-backed securities | | 173,529 | | | 11 | | | 23,146 | | | 150,394 | |
Other debt securities | | 16,298 | | | 0 | | | 942 | | | 15,356 | |
| | | | | | | | |
Total available-for-sale securities, net | | $ | 978,108 | | | $ | 941 | | | $ | 63,812 | | | $ | 915,237 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2022 |
(in thousands) | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Estimated fair value |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Corporate debt securities | | $ | 588,536 | | | $ | 657 | | | $ | 35,811 | | | $ | 553,382 | |
Collateralized debt obligations | | 107,730 | | | 11 | | | 5,204 | | | 102,537 | |
Commercial mortgage-backed securities | | 73,855 | | | 157 | | | 7,958 | | | 66,054 | |
Residential mortgage-backed securities | | 166,412 | | | 72 | | | 16,069 | | | 150,415 | |
Other debt securities | | 24,602 | | | 0 | | | 2,329 | | | 22,273 | |
| | | | | | | | |
Total available-for-sale securities, net | | $ | 961,135 | | | $ | 897 | | | $ | 67,371 | | | $ | 894,661 | |
The amortized cost and estimated fair value of available-for-sale securities at September 30, 2023 are shown below by remaining contractual term to maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties.
| | | | | | | | | | | | | | |
| | September 30, 2023 |
| | Amortized | | Estimated |
(in thousands) | | cost | | fair value |
Due in one year or less | | $ | 63,056 | | | $ | 61,957 | |
Due after one year through five years | | 431,382 | | | 409,557 | |
Due after five years through ten years | | 171,654 | | | 164,848 | |
Due after ten years | | 312,016 | | | 278,875 | |
Total available-for-sale securities, net (1) | | $ | 978,108 | | | $ | 915,237 | |
(1)The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Statement of Financial Position at September 30, 2023.
The below securities have been evaluated and determined to be temporary declines in fair value for which we expect to recover our entire principal plus interest. The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | September 30, 2023 |
| | Less than 12 months | | 12 months or longer | | Total |
(dollars in thousands) | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | | No. of holdings |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Corporate debt securities | | $ | 173,565 | | | $ | 4,529 | | | $ | 345,584 | | | $ | 25,818 | | | $ | 519,149 | | | $ | 30,347 | | | 832 | |
Collateralized debt obligations | | 7,010 | | | 39 | | | 93,940 | | | 2,789 | | | 100,950 | | | 2,828 | | | 154 | |
Commercial mortgage-backed securities | | 33,208 | | | 1,064 | | | 30,692 | | | 5,485 | | | 63,900 | | | 6,549 | | | 156 | |
Residential mortgage-backed securities | | 48,919 | | | 3,118 | | | 97,676 | | | 20,028 | | | 146,595 | | | 23,146 | | | 182 | |
Other debt securities | | 7,605 | | | 121 | | | 7,752 | | | 821 | | | 15,357 | | | 942 | | | 39 | |
| | | | | | | | | | | | | | |
Total available-for-sale securities | | $ | 270,307 | | | $ | 8,871 | | | $ | 575,644 | | | $ | 54,941 | | | $ | 845,951 | | | $ | 63,812 | | | 1,363 | |
Quality breakdown of available-for-sale securities: | | | | | | | | | | | | | | |
Investment grade | | $ | 241,402 | | | $ | 8,142 | | | $ | 523,719 | | | $ | 48,245 | | | $ | 765,121 | | | $ | 56,387 | | | 814 | |
Non-investment grade | | 28,905 | | | 729 | | | 51,925 | | | 6,696 | | | 80,830 | | | 7,425 | | | 549 | |
Total available-for-sale securities | | $ | 270,307 | | | $ | 8,871 | | | $ | 575,644 | | | $ | 54,941 | | | $ | 845,951 | | | $ | 63,812 | | | 1,363 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | December 31, 2022 |
| | Less than 12 months | | 12 months or longer | | Total |
(dollars in thousands) | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | | No. of holdings |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Corporate debt securities | | $ | 397,511 | | | $ | 21,371 | | | $ | 121,094 | | | $ | 14,440 | | | $ | 518,605 | | | $ | 35,811 | | | 916 | |
Collateralized debt obligations | | 44,823 | | | 2,529 | | | 55,335 | | | 2,675 | | | 100,158 | | | 5,204 | | | 159 | |
Commercial mortgage-backed securities | | 41,139 | | | 5,124 | | | 15,864 | | | 2,834 | | | 57,003 | | | 7,958 | | | 131 | |
Residential mortgage-backed securities | | 109,499 | | | 9,131 | | | 31,465 | | | 6,938 | | | 140,964 | | | 16,069 | | | 161 | |
Other debt securities | | 15,682 | | | 1,323 | | | 6,591 | | | 1,006 | | | 22,273 | | | 2,329 | | | 46 | |
| | | | | | | | | | | | | | |
Total available-for-sale securities | | $ | 608,654 | | | $ | 39,478 | | | $ | 230,349 | | | $ | 27,893 | | | $ | 839,003 | | | $ | 67,371 | | | 1,413 | |
Quality breakdown of available-for-sale securities: | | | | | | | | | | | | | | |
Investment grade | | $ | 525,805 | | | $ | 31,904 | | | $ | 215,742 | | | $ | 25,205 | | | $ | 741,547 | | | $ | 57,109 | | | 761 | |
Non-investment grade | | 82,849 | | | 7,574 | | | 14,607 | | | 2,688 | | | 97,456 | | | 10,262 | | | 652 | |
Total available-for-sale securities | | $ | 608,654 | | | $ | 39,478 | | | $ | 230,349 | | | $ | 27,893 | | | $ | 839,003 | | | $ | 67,371 | | | 1,413 | |
Credit loss allowance on investments
The current expected credit loss allowance on agent loans was $1.0 million at both September 30, 2023 and December 31, 2022. The current expected credit loss allowance on available-for-sale securities was $0.4 million at September 30, 2023 and $0.2 million at December 31, 2022.
Net investment income
Investment income (loss), net of expenses, was generated from the following portfolios:
| | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, | |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | |
Available-for-sale securities | | $ | 11,037 | | | $ | 8,546 | | | $ | 31,404 | | | $ | 21,919 | | |
Equity securities | | 1,161 | | | 979 | | | 3,260 | | | 2,942 | | |
Limited partnerships (1) | | (13) | | | (4,643) | | | (10,725) | | | (2,158) | | |
Cash equivalents and other | | 2,687 | | | 1,251 | | | 6,714 | | | 2,901 | | |
Total investment income | | 14,872 | | | 6,133 | | | 30,653 | | | 25,604 | | |
Less: investment expenses | | 230 | | | 299 | | | 293 | | | 998 | | |
Net investment income | | $ | 14,642 | | | $ | 5,834 | | | $ | 30,360 | | | $ | 24,606 | | |
(1)Limited partnership losses include both realized gains (losses) and unrealized valuation changes. Our limited partnership investments are included in the line item "Other assets" in the Statements of Financial Position. We have made no new significant limited partnership commitments since 2006, and the balance of limited partnership investments is expected to decline over time as additional distributions are received.
Net realized and unrealized investment losses
Realized and unrealized gains (losses) on investments were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, | |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | |
Available-for-sale securities: | | | | | | | | | |
Gross realized gains | | $ | 213 | | | $ | 146 | | | $ | 519 | | | $ | 1,055 | | |
Gross realized losses | | (2,693) | | | (4,752) | | | (6,714) | | | (10,163) | | |
Net realized losses on available-for-sale securities | | (2,480) | | | (4,606) | | | (6,195) | | | (9,108) | | |
Equity securities | | 244 | | | (1,624) | | | (3,060) | | | (14,727) | | |
Miscellaneous | | 9 | | | 0 | | | 9 | | | 2 | | |
Net realized and unrealized investment losses | | $ | (2,227) | | | $ | (6,230) | | | $ | (9,246) | | | $ | (23,833) | | |
The portion of net unrealized gains (losses) recognized during the reporting period related to equity securities held at the reporting date is calculated as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, | |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | |
Equity securities: | | | | | | | | | |
Net gains (losses) recognized during the period | | $ | 244 | | | $ | (1,624) | | | $ | (3,060) | | | $ | (14,727) | | |
Less: net gains (losses) recognized on securities sold | | 91 | | | 243 | | | (2,636) | | | (1,327) | | |
Net unrealized gains (losses) recognized on securities held at reporting date | | $ | 153 | | | $ | (1,867) | | | $ | (424) | | | $ | (13,400) | | |
Net impairment losses recognized in earnings
Impairments on available-for-sale securities were as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, | |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | |
Available-for-sale securities: | | | | | | | | | |
Intent to sell | | $ | (58) | | | $ | (45) | | | $ | (1,639) | | | $ | (146) | | |
Credit | | (55) | | | (130) | | | (278) | | | (283) | | |
| | | | | | | | | |
| | | | | | | | | |
Net impairment losses recognized in earnings | | $ | (113) | | | $ | (175) | | | $ | (1,917) | | | $ | (429) | | |
Note 7. Bank Line of Credit
We have access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on October 29, 2026. As of September 30, 2023, a total of $99.1 million remains available under the facility due to $0.9 million outstanding letters of credit, which reduce the availability for letters of credit to $24.1 million. We had no borrowings outstanding on our line of credit as of September 30, 2023. Investments with a fair value of $114.2 million were pledged as collateral on the line of credit at September 30, 2023. These investments have no trading restrictions and are reported as available-for-sale securities and cash and cash equivalents on our Statement of Financial Position as of September 30, 2023. The bank requires compliance with certain covenants, which include leverage ratios and debt restrictions. We are in compliance with all covenants at September 30, 2023.
Note 8. Postretirement Benefits
Pension plans
Our pension plans consist of a noncontributory defined benefit pension plan covering substantially all employees and an unfunded supplemental employee retirement plan ("SERP") for certain members of executive and senior management. Although we are the sponsor of these postretirement plans and record the funded status of these plans, the Exchange and its subsidiaries reimburse us, or are reimbursed for, their allocated share of pension cost or income, respectively. These reimbursements represent pension benefits for employees performing administrative services and an allocated share of plan (income) cost for employees in departments that support the administrative functions. As of September 30, 2023, approximately 60% of the annual defined benefit pension income and 36% of the annual SERP cost was reimbursed to and from, respectively, the Exchange and its subsidiaries.
Our defined benefit pension plan funding policy is generally to contribute an amount equal to the greater of the target normal cost for the plan year, or the amount necessary to fund the plan to 100%. Accordingly, we made a $95 million contribution during the third quarter of 2023. The contribution generated a net benefit asset of $65.2 million and is presented separately from our unfunded plan as a non-current asset on our Statement of Financial Position as of September 30, 2023.
Pension plan (income) cost includes the following components:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 |
Service cost for benefits earned | | $ | 7,190 | | | $ | 12,560 | | | $ | 21,572 | | | $ | 37,681 | |
Interest cost on benefit obligation | | 12,548 | | | 9,941 | | | 37,644 | | | 29,823 | |
Expected return on plan assets | | (17,217) | | | (13,639) | | | (51,652) | | | (40,917) | |
Prior service cost amortization | | 362 | | | 361 | | | 1,085 | | | 1,082 | |
Net actuarial (gain) loss amortization | | (3,833) | | | 1,830 | | | (11,498) | | | 5,490 | |
Pension plan (income) cost (1) | | $ | (950) | | | $ | 11,053 | | | $ | (2,849) | | | $ | 33,159 | |
(1)Pension plan (income) cost represents plan (income) cost before reimbursements between Indemnity and the Exchange and its subsidiaries. The components of pension plan (income) cost other than the service cost components are included in the line item "Other income" in the Statements of Operations, net of reimbursements between Indemnity and the Exchange and its subsidiaries.
Note 9. Income Taxes
Income tax expense is provided on an interim basis based upon our estimate of the annual effective income tax rate, adjusted each quarter for discrete items. For the three months ended September 30, 2023 and 2022, our effective tax rate was 20.0% and 20.7%, respectively. For the nine months ended September 30, 2023 and 2022, our effective tax rate was 20.6% and 20.9%, respectively.
Note 10. Capital Stock
Class A and B common stock
Holders of Class B shares may, at their option, convert their shares into Class A shares at the rate of 2,400 Class A shares per Class B share. There were no shares of Class B common stock converted into Class A common stock during the nine months ended September 30, 2023 and the year ended December 31, 2022. There is no provision for conversion of Class A shares into Class B shares, and Class B shares surrendered for conversion cannot be reissued.
Stock repurchases
In 2011, our Board of Directors approved a continuation of the current stock repurchase program of $150 million, with no time limitation. There were no shares repurchased under this program during the nine months ended September 30, 2023 and the year ended December 31, 2022. We had approximately $17.8 million of repurchase authority remaining under this program at September 30, 2023.
Note 11. Accumulated Other Comprehensive Income (Loss)
Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended | | Three months ended |
| | September 30, 2023 | | September 30, 2022 |
(in thousands) | | Before Tax | Income Tax | Net | | Before Tax | Income Tax | Net |
Investment securities: | | | | | | | | |
AOCI (loss), beginning of period | | $ | (55,497) | | $ | (11,654) | | $ | (43,843) | | | $ | (57,980) | | $ | (12,177) | | $ | (45,803) | |
OCI (loss) before reclassifications | | (10,064) | | (2,114) | | (7,950) | | | (26,524) | | (5,570) | | (20,954) | |
Realized investment losses | | 2,480 | | 521 | | 1,959 | | | 4,606 | | 968 | | 3,638 | |
Impairment losses | | 113 | | 24 | | 89 | | | 175 | | 37 | | 138 | |
| | | | | | | | |
OCI (loss) | | (7,471) | | (1,569) | | (5,902) | | | (21,743) | | (4,565) | | (17,178) | |
AOCI (loss), end of period | | $ | (62,968) | | $ | (13,223) | | $ | (49,745) | | | $ | (79,723) | | $ | (16,742) | | $ | (62,981) | |
| | | | | | | | |
Pension and other postretirement plans: | | | | | | | | |
AOCI (loss), beginning of period | | $ | 50,244 | | $ | 10,551 | | $ | 39,693 | | | $ | (35,346) | | $ | (7,424) | | $ | (27,922) | |
| | | | | | | | |
Amortization of prior service costs | | 362 | | 76 | | 286 | | | 361 | | 76 | | 285 | |
Amortization of net actuarial (gain) loss | | (3,833) | | (805) | | (3,028) | | | 1,830 | | 384 | | 1,446 | |
OCI (loss) | | (3,471) | | (729) | | (2,742) | | | 2,191 | | 460 | | 1,731 | |
AOCI (loss), end of period | | $ | 46,773 | | $ | 9,822 | | $ | 36,951 | | | $ | (33,155) | | $ | (6,964) | | $ | (26,191) | |
| | | | | | | | |
Total | | | | | | | | |
AOCI (loss), beginning of period | | $ | (5,253) | | $ | (1,103) | | $ | (4,150) | | | $ | (93,326) | | $ | (19,601) | | $ | (73,725) | |
Investment securities | | (7,471) | | (1,569) | | (5,902) | | | (21,743) | | (4,565) | | (17,178) | |
Pension and other postretirement plans | | (3,471) | | (729) | | (2,742) | | | 2,191 | | 460 | | 1,731 | |
OCI (loss) | | (10,942) | | (2,298) | | (8,644) | | | (19,552) | | (4,105) | | (15,447) | |
AOCI (loss), end of period | | $ | (16,195) | | $ | (3,401) | | $ | (12,794) | | | $ | (112,878) | | $ | (23,706) | | $ | (89,172) | |
| | | | | | | | |
| | Nine months ended | | Nine months ended |
| | September 30, 2023 | | September 30, 2022 |
(in thousands) | | Before Tax | Income Tax | Net | | Before Tax | Income Tax | Net |
Investment securities: | | | | | | | | |
AOCI (loss), beginning of period | | $ | (66,571) | | $ | (13,980) | | $ | (52,591) | | | $ | 7,722 | | $ | 1,621 | | $ | 6,101 | |
OCI (loss) before reclassifications | | (4,509) | | (947) | | (3,562) | | | (96,982) | | (20,366) | | (76,616) | |
Realized investment losses | | 6,195 | | 1,301 | | 4,894 | | | 9,108 | | 1,913 | | 7,195 | |
Impairment losses | | 1,917 | | 403 | | 1,514 | | | 429 | | 90 | | 339 | |
| | | | | | | | |
OCI (loss) | | 3,603 | | 757 | | 2,846 | | | (87,445) | | (18,363) | | (69,082) | |
AOCI (loss), end of period | | $ | (62,968) | | $ | (13,223) | | $ | (49,745) | | | $ | (79,723) | | $ | (16,742) | | $ | (62,981) | |
| | | | | | | | |
Pension and other postretirement plans: | | | | | | | | |
AOCI (loss), beginning of period | | $ | 57,186 | | $ | 12,009 | | $ | 45,177 | | | $ | (39,734) | | $ | (8,345) | | $ | (31,389) | |
| | | | | | | | |
Amortization of prior service costs | | 1,085 | | 228 | | 857 | | | 1,082 | | 227 | | 855 | |
Amortization of net actuarial (gain) loss | | (11,498) | | (2,415) | | (9,083) | | | 5,497 | | 1,154 | | 4,343 | |
OCI (loss) | | (10,413) | | (2,187) | | (8,226) | | | 6,579 | | 1,381 | | 5,198 | |
AOCI (loss), end of period | | $ | 46,773 | | $ | 9,822 | | $ | 36,951 | | | $ | (33,155) | | $ | (6,964) | | $ | (26,191) | |
| | | | | | | | |
Total | | | | | | | | |
AOCI (loss), beginning of period | | $ | (9,385) | | $ | (1,971) | | $ | (7,414) | | | $ | (32,012) | | $ | (6,724) | | $ | (25,288) | |
Investment securities | | 3,603 | | 757 | | 2,846 | | | (87,445) | | (18,363) | | (69,082) | |
Pension and other postretirement plans | | (10,413) | | (2,187) | | (8,226) | | | 6,579 | | 1,381 | | 5,198 | |
OCI (loss) | | (6,810) | | (1,430) | | (5,380) | | | (80,866) | | (16,982) | | (63,884) | |
AOCI (loss), end of period | | $ | (16,195) | | $ | (3,401) | | $ | (12,794) | | | $ | (112,878) | | $ | (23,706) | | $ | (89,172) | |
| | | | | | | | |
Note 12. Concentrations of Credit Risk
Financial instruments could potentially expose us to concentrations of credit risk, including our unsecured receivables from the Exchange. The majority of our revenue and receivables are from the Exchange and its affiliates. See also Note 1, "Nature of Operations". Net management fee amounts and other reimbursements due from the Exchange and its affiliates were $620.7 million and $524.9 million at September 30, 2023 and December 31, 2022, respectively, which includes a current expected credit loss allowance of $0.6 million in both periods.
Note 13. Commitments and Contingencies
We have an agreement with a bank for an agent loan participation program. The maximum amount of loans to be funded through this program is $100 million. We have committed to fund a minimum of 30% of each loan executed through this program. As of September 30, 2023, loans executed under this agreement totaled $59.1 million, of which our portion of the loans is $20.6 million. Additionally, we have agreed to guarantee a portion of the funding provided by the other participants in the program in the event of default. As of September 30, 2023, our maximum potential amount of future payments on the guaranteed portion is $6.9 million. All loan payments under the participation program are current as of September 30, 2023.
We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our financial condition, results of operations, or cash flows.
We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on our financial condition, results of operations, or cash flows.
Note 14. Subsequent Events
No items were identified in this period subsequent to the financial statement date that required adjustment or additional disclosure.
ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
The following discussion of financial condition and results of operations highlights significant factors influencing Erie Indemnity Company ("Indemnity", "we", "us", "our"). This discussion should be read in conjunction with the historical financial statements and the related notes thereto included in Part I, Item 1. "Financial Statements" of this Quarterly Report on Form 10-Q, and with Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" for the year ended December 31, 2022, as contained in our Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 1, 2023.
INDEX
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Statements contained herein that are not historical fact are forward-looking statements and, as such, are subject to risks and uncertainties that could cause actual events and results to differ, perhaps materially, from those discussed herein. Forward-looking statements relate to future trends, events or results and include, without limitation, statements and assumptions on which such statements are based that are related to our plans, strategies, objectives, expectations, intentions, and adequacy of resources. Examples of forward-looking statements are discussions relating to premium and investment income, expenses, operating results, and compliance with contractual and regulatory requirements. Forward-looking statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Among the risks and uncertainties, in addition to those set forth in our filings with the Securities and Exchange Commission, that could cause actual results and future events to differ from those set forth or contemplated in the forward-looking statements include the following:
•dependence upon our relationship with the Erie Insurance Exchange ("Exchange") and the management fee under the agreement with the subscribers at the Exchange;
•dependence upon our relationship with the Exchange and the growth of the Exchange, including:
◦general business and economic conditions;
◦factors affecting insurance industry competition;
◦dependence upon the independent agency system; and
◦ability to maintain our reputation;
•dependence upon our relationship with the Exchange and the financial condition of the Exchange, including:
◦the Exchange's ability to maintain acceptable financial strength ratings;
◦factors affecting the quality and liquidity of the Exchange's investment portfolio;
◦changes in government regulation of the insurance industry;
◦litigation and regulatory actions;
◦emergence of significant unexpected events, including pandemics and inflation;
◦emerging claims and coverage issues in the industry; and
◦severe weather conditions or other catastrophic losses, including terrorism;
•costs of providing policy issuance and renewal services to the Exchange under the subscriber's agreement;
•ability to attract and retain talented management and employees;
•ability to ensure system availability and effectively manage technology initiatives;
•difficulties with technology or data security breaches, including cyber attacks;
•ability to maintain uninterrupted business operations;
•outcome of pending and potential litigation;
•factors affecting the quality and liquidity of our investment portfolio; and
•our ability to meet liquidity needs and access capital.
A forward-looking statement speaks only as of the date on which it is made and reflects our analysis only as of that date. We undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events, changes in assumptions, or otherwise.
OPERATING OVERVIEW
Overview
We serve as the attorney-in-fact for the subscribers (policyholders) at the Exchange, a reciprocal insurer that writes property and casualty insurance. 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, as well as the service provider for its insurance subsidiaries, with respect to all administrative services.
The Exchange is a reciprocal insurance exchange, which is an unincorporated association of individuals, partnerships and corporations that agree to insure one another. Each applicant for insurance to the Exchange signs a subscriber's agreement, which contains an appointment of Indemnity as their attorney-in-fact to transact the business of the Exchange 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.
Our earnings are primarily driven by the management fee revenue generated for the services we provide to the Exchange. 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. Agent compensation generally comprises approximately two-thirds of our policy issuance and renewal expenses. 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.
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 in accordance with the subscriber's agreement. 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. In 2022, approximately 71% of the administrative services expenses were entirely attributable to the respective administrative functions (claims handling, life insurance management and investment management), while the remaining 29% of these expenses were allocations of costs for departments that support these administrative functions. The expenses we incur and related reimbursements we receive for administrative services are presented gross in our Statements of Operations. The subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements are settled at cost on a monthly basis. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department.
Our results of operations are tied to the growth and financial condition of the Exchange as the Exchange is our sole customer, and our earnings are largely generated from management fees based on the direct and affiliated assumed premiums written by the Exchange. The Exchange generates revenue by insuring preferred and standard risks, with personal lines comprising 69% of the 2022 direct and affiliated assumed written premiums and commercial lines comprising the remaining 31%. The principal personal lines products are private passenger automobile and homeowners. The principal commercial lines products are commercial multi-peril, commercial automobile and workers compensation.
Financial Overview
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, |
(dollars in thousands, except per share data) | | 2023 | | 2022 | | % Change | | 2023 | | 2022 | | % Change |
| | (Unaudited) | | | | | (Unaudited) | | | |
| | | | | | | | | | | | | | |
| | | | | | | | | | | | | | |
Operating income | | $ | 148,471 | | | $ | 106,472 | | | 39.4 | | % | | $ | 393,172 | | | $ | 294,784 | | | 33.4 | | % |
Total investment income (loss) | | 12,302 | | | (571) | | | NM | | | 19,197 | | | 344 | | | NM | |
Interest expense | | — | | | 115 | | | NM | | | — | | | 2,009 | | | NM | |
Other income | | 3,001 | | | 562 | | | NM | | | 9,643 | | | 1,372 | | | NM | |
Income before income taxes | | 163,774 | | | 106,348 | | | 54.0 | | | | 422,012 | | | 294,491 | | | 43.3 | | |
Income tax expense | | 32,734 | | | 22,035 | | | 48.6 | | | | 86,879 | | | 61,412 | | | 41.5 | | |
Net income | | $ | 131,040 | | | $ | 84,313 | | | 55.4 | | % | | $ | 335,133 | | | $ | 233,079 | | | 43.8 | | % |
Net income per share – diluted | | $ | 2.51 | | | $ | 1.61 | | | 55.4 | | % | | $ | 6.41 | | | $ | 4.46 | | | 43.8 | | % |
NM = not meaningful
Operating income increased in both the third quarter and nine months ended September 30, 2023, compared to the same periods in 2022, as growth in operating revenue outpaced the growth in operating expenses. Management fee revenue for policy issuance and renewal services increased 17.7% to $649.0 million in the third quarter of 2023 and 16.2% to $1.8 billion for the nine months ended September 30, 2023. Management fee revenue is based upon the management fee rate we charge and the direct and affiliated assumed premiums written by the Exchange. The management fee rate was 25% for both 2023 and 2022. The direct and affiliated assumed premiums written by the Exchange increased 17.6% to $2.7 billion in the third quarter of 2023 and increased 16.2% to $7.6 billion for the nine months ended September 30, 2023, compared to the same periods in 2022.
Cost of operations for policy issuance and renewal services increased 12.3% to $523.3 million and 12.0% to $1.5 billion in the third quarter and nine months ended September 30, 2023, compared to the same periods in 2022, primarily due to higher scheduled commissions driven by direct and affiliated assumed written premium growth, as well as increased employee compensation and technology investments, partially offset by decreased agent incentive compensation driven by higher claims severity and related loss costs experienced by the Exchange.
Management fee revenue for administrative services increased 10.2% to $16.2 million and 8.1% to $47.0 million in the third quarter and nine months ended September 30, 2023, compared to the same periods in 2022. The administrative services reimbursement revenue and corresponding cost of operations increased both total operating revenue and total operating expenses by $187.1 million in the third quarter of 2023 and $544.4 million for the nine months ended September 30, 2023, but had no net impact on operating income.
Total investment income increased $12.9 million and $18.9 million in the third quarter and nine months ended September 30, 2023, compared to the same periods in 2022. The results from both periods were primarily due to lower net realized and unrealized investment losses and an increase in net investment income in 2023 compared to 2022.
General Conditions and Trends Affecting Our Business
Economic conditions
Unfavorable changes in economic conditions, including declining consumer confidence, inflation, high unemployment, and the threat of recession, among others, may lead the Exchange’s customers to modify coverage, not renew policies, or even cancel policies, which could adversely affect the premium revenue of the Exchange, and consequently our management fee revenue. Inflation remained elevated from historical levels during the third quarter of 2023. Continued elevated inflation or supply chain disruptions could impact the Exchange's operations and our management fees. In particular, unanticipated increased inflation costs including medical cost inflation, building material cost inflation, auto repair and replacement cost inflation, and tort issues may impact adequacy of estimated loss reserves and future premium rates of the Exchange. The extent and duration of the impacts to economic conditions remain uncertain. If any of these items impacted the financial condition or operations of the Exchange, it could have an impact on our financial results. See Financial Condition and Liquidity and Capital Resources contained within this report, as well as Part I. Item 1A. "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the Securities and Exchange Commission on March 1, 2023 for a discussion of the potential impacts to our operations or those of the Exchange.
Financial market volatility
Our portfolio of fixed maturity and equity security investments is subject to market volatility, especially in periods of instability in the worldwide financial markets. Over time, net investment income could also be impacted by volatility and by the general level of interest rates, which impact reinvested cash flow from the portfolio and business operations. Depending upon market conditions, considerable fluctuation could occur in the fair value of our investment portfolio and reported total investment income, which could have an adverse impact on our financial condition, results of operations, and cash flows. Various ongoing geopolitical events, the uncertain inflationary environment, and a potential economic slowdown could have a significant impact on the global financial markets with the potential for future losses and/or impairments on our investment portfolio.
RESULTS OF OPERATIONS
Management fee revenue
We have two performance obligations in the subscriber’s agreement, providing policy issuance and renewal services and acting as attorney-in-fact for the Exchange, as well as the service provider for its insurance subsidiaries with respect to all administrative services. We earn management fees for acting as the attorney-in-fact for the subscribers at the Exchange in these two capacities, and allocate our revenues between our performance obligations.
The management fee is calculated by multiplying all direct and affiliated assumed premiums written by the Exchange by the management fee rate, which is determined by our Board of Directors at least annually. The management fee rate was set at 25%, the maximum rate, for both 2023 and 2022. Changes in the management fee rate can affect our revenue and net income significantly. The transaction price, including management fee revenue and administrative services reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price.
The following table presents the allocation and disaggregation of revenue for our two performance obligations:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
(dollars in thousands) | 2023 | 2022 | % Change | | 2023 | 2022 | % Change |
| (Unaudited) | | | | (Unaudited) | | |
Policy issuance and renewal services | | | | | | | | | |
Direct and affiliated assumed premiums written by the Exchange | $ | 2,670,186 | | $ | 2,271,033 | | 17.6 | | % | | $ | 7,587,185 | | $ | 6,528,996 | | 16.2 | | % |
Management fee rate | 24.30 | % | 24.30 | % | | | | 24.30 | % | 24.30 | % | | |
Management fee revenue | 648,855 | | 551,861 | | 17.6 | | | | 1,843,686 | | 1,586,546 | | 16.2 | | |
Change in estimate for management fee returned on cancelled policies (1) | 194 | | (195) | | NM | | | (3,208) | | (2,333) | | (37.5) | | |
Management fee revenue - policy issuance and renewal services | $ | 649,049 | | $ | 551,666 | | 17.7 | | % | | $ | 1,840,478 | | $ | 1,584,213 | | 16.2 | | % |
| | | | | | | | | |
Administrative services | | | | | | | | | |
Direct and affiliated assumed premiums written by the Exchange | $ | 2,670,186 | | $ | 2,271,033 | | 17.6 | | % | | $ | 7,587,185 | | $ | 6,528,996 | | 16.2 | | % |
Management fee rate | 0.70 | % | 0.70 | % | | | | 0.70 | % | 0.70 | % | | |
Management fee revenue | 18,691 | | 15,897 | | 17.6 | | | | 53,110 | | 45,703 | | 16.2 | | |
Change in contract liability (2) | (2,529) | | (1,244) | | NM | | | (6,108) | | (2,272) | | NM | |
Change in estimate for management fee returned on cancelled policies (1) | (11) | | 4 | | NM | | | (26) | | 15 | | NM | |
| | | | | | | | | |
Management fee revenue - administrative services | 16,151 | | 14,657 | | 10.2 | | | | 46,976 | | 43,446 | | 8.1 | | |
Administrative services reimbursement revenue | 187,118 | | 168,653 | | 10.9 | | | | 544,411 | | 492,655 | | 10.5 | | |
Total revenue from administrative services | $ | 203,269 | | $ | 183,310 | | 10.9 | | % | | $ | 591,387 | | $ | 536,101 | | 10.3 | | % |
NM = not meaningful
(1)A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policies are cancelled mid-term and unearned premiums are refunded.
(2)Management fee revenue - administrative services is recognized over time as the services are provided. See Part I, Item 1. "Financial Statements - Note 3, Revenue, of Notes to Financial Statements" contained within this report.
Direct and affiliated assumed premiums written by the Exchange
Direct and affiliated assumed premiums include premiums written directly by the Exchange and premiums assumed from its wholly owned property and casualty subsidiaries. Direct and affiliated assumed premiums written by the Exchange increased 17.6% to $2.7 billion in the third quarter of 2023 compared to the third quarter of 2022, primarily driven by increased personal lines and commercial multi-peril premiums written. Year-over-year policies in force for all lines of business increased 6.1% in the third quarter of 2023 compared to 3.3% in the third quarter of 2022. The year-over-year average premium per policy for all lines of business increased 8.7% at September 30, 2023 compared to 4.1% at September 30, 2022.
Premiums generated from new business increased 39.7% to $403 million in the third quarter of 2023 compared to the same period in 2022, primarily driven by increased premiums written in the personal auto, commercial multi-peril and homeowners lines. Contributing to this change was a 21.3% increase in new business policies written and a 12.1% increase in year-over-year average premium per policy on new business at September 30, 2023. Premiums generated from new business increased 20.9% to $288 million in the third quarter of 2022 compared to the same period in 2021, primarily driven by increased premium written in the personal auto and commercial multi-peril lines. Contributing to this change was a 10.0% increase in new business policies written and a 7.8% increase in year-over-year average premium per policy on new business at September 30, 2022.
Premiums generated from renewal business increased 14.4% to $2.3 billion in the third quarter of 2023 compared to the third quarter of 2022 and increased 7.9% to $2.0 billion in the third quarter of 2022 compared to the third quarter of 2021. Underlying the trend in renewal business premiums in both periods was an 8.1% increase in year-over-year average premium
per policy at September 30, 2023, and 3.5% at September 30, 2022, as well as an increase in year-over-year policies in force of 4.2% and 3.5% in the third quarters of 2023 and 2022, respectively, driven by a slight increase in the policy retention ratios.
Personal lines – Total personal lines premiums written increased 19.6% to $1.9 billion in the third quarter of 2023, compared to 8.7% in the third quarter of 2022, driven by a 9.2% increase in total personal lines year-over-year average premium per policy and a 6.6% increase in total personal lines policies in force.
Commercial lines – Total commercial lines premiums written increased 12.4% to $727 million in the third quarter of 2023, compared to 11.2% in the third quarter of 2022, driven by a 10.0% increase in total commercial lines year-over-year average premium per policy and a 2.7% increase in total commercial lines policies in force.
Future trends-premium revenue – Through a careful agency selection and monitoring process, the Exchange plans to continue its effort to expand the size of its agency force to increase market penetration in existing operating territories to contribute to future growth.
Changes in premium levels attributable to the growth in policies in force and rate changes affect the profitability of the Exchange and have a direct bearing on our management fee revenue. Future premiums could be impacted by potential regulatory changes and continued inflationary trends, among others. Inflation-driven severity continued to impact underwriting results in the third quarter of 2023, and will continue to impact future rate decisions. See also Part I. Item 1A. "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the Securities and Exchange Commission on March 1, 2023.
Policy issuance and renewal services
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
(dollars in thousands) | 2023 | 2022 | % Change | | 2023 | 2022 | % Change |
| (Unaudited) | | | | (Unaudited) | | |
Management fee revenue - policy issuance and renewal services | $ | 649,049 | $ | 551,666 | 17.7 | | % | | $ | 1,840,478 | $ | 1,584,213 | 16.2 | | % |
Service agreement revenue | 6,620 | 6,260 | 5.7 | | | | 19,408 | 19,175 | 1.2 | | |
| 655,669 | 557,926 | 17.5 | | | | 1,859,886 | 1,603,388 | 16.0 | | |
Cost of operations - policy issuance and renewal services | 523,349 | 466,111 | 12.3 | | | | 1,513,690 | 1,352,050 | 12.0 | | |
Operating income - policy issuance and renewal services | $ | 132,320 | $ | 91,815 | 44.1 | | % | | $ | 346,196 | $ | 251,338 | 37.7 | | % |
| | | | | | | | | |
Policy issuance and renewal services
The management fee revenue allocated for providing policy issuance and renewal services was 24.30% of the direct and affiliated assumed premiums written by the Exchange for both three and nine month periods ended September 30, 2023 and 2022. This portion of the management fee is recognized as revenue when the policy is issued or renewed because it is at that time that the services we provide are substantially complete and the executed insurance policy is transferred to the customer. The increase in management fee revenue for policy issuance and renewal services was driven by the increase in the direct and affiliated assumed premiums written by the Exchange discussed previously.
Service agreement revenue
Service agreement revenue primarily consists of service charges we collect from subscribers/policyholders for providing multiple payment plans on policies written by the Exchange and its property and casualty subsidiaries and also includes late payment and policy reinstatement fees. The service charges are fixed dollar amounts per billed installment. Service agreement revenue also includes fees received from the Exchange for the use of shared office space. The increase in service agreement revenue for the three and nine month periods ended September 30, 2023 compared to the same periods in 2022 is primarily due to an increase in shared office space revenue.
Cost of policy issuance and renewal services
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
(dollars in thousands) | 2023 | 2022 | % Change | | 2023 | 2022 | % Change |
| (Unaudited) | | | | (Unaudited) | | |
Commissions: | | | | | | | | | |
Total commissions | $ | 354,169 | $ | 309,597 | 14.4 | | % | | $ | 1,014,121 | $ | 898,215 | 12.9 | | % |
Non-commission expense: | | | | | | | | | |
Underwriting and policy processing | $ | 46,387 | $ | 43,627 | 6.3 | | % | | $ | 136,624 | $ | 127,483 | 7.2 | | % |
Information technology | 51,201 | 50,345 | 1.7 | | | | 162,810 | 147,117 | 10.7 | | |
Sales and advertising | 14,355 | 15,011 | (4.4) | | | | 43,283 | 42,007 | 3.0 | | |
Customer service | 8,643 | 8,675 | (0.4) | | | | 25,066 | 25,760 | (2.7) | | |
Administrative and other | 48,594 | 38,856 | 25.1 | | | | 131,786 | 111,468 | 18.2 | | |
Total non-commission expense | 169,180 | 156,514 | 8.1 | | | | 499,569 | 453,835 | 10.1 | | |
Total cost of operations - policy issuance and renewal services | $ | 523,349 | $ | 466,111 | 12.3 | | % | | $ | 1,513,690 | $ | 1,352,050 | 12.0 | | % |
Commissions – Commissions increased $44.6 million in the third quarter of 2023 and $115.9 million for the nine months ended September 30, 2023 compared to the same periods in 2022, primarily driven by the growth in direct and affiliated assumed written premium, partially offset by a decrease in agent incentive compensation. The estimated agent incentive payouts at September 30, 2023 are based on actual underwriting results for the two prior years and current year-to-date and forecasted results for the remainder of 2023. The profitability component of agent incentive compensation decreased due to higher claims severity and related loss costs in the three-year period ending 2023 compared to the three-year period ended 2022.
Non-commission expense – Non-commission expense increased $12.7 million in the third quarter of 2023 compared to the third quarter of 2022. Underwriting and policy processing expense increased $2.8 million primarily due to increased underwriting report costs. Information technology costs increased $0.9 million primarily due to increased professional fees. Administrative and other costs increased $9.7 million primarily due to an increase in personnel costs and professional fees.
Non-commission expense increased $45.7 million in the nine months ended September 30, 2023 compared to the same period in 2022. Underwriting and policy processing expense increased $9.1 million primarily due to increased underwriting report, personnel, and postage costs. Information technology costs increased $15.7 million primarily due to increased professional fees, hardware and software costs, and personnel costs. Administrative and other costs increased $20.3 million primarily due to an increase in personnel costs. Personnel costs in both the third quarter and nine months ended September 30, 2023 were impacted by increased compensation including higher estimated costs for incentive plan awards, partially offset by lower pension costs due to an increase in the discount rate compared to 2022. Increases in incentive plan costs in both periods were driven by improved direct written premium and policies in force growth and a higher company stock price at September 30, 2023 compared to September 30, 2022.
Administrative services
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended September 30, | | Nine months ended September 30, |
(dollars in thousands) | 2023 | 2022 | % Change | | 2023 | 2022 | % Change |
| (Unaudited) | | | | (Unaudited) | | |
Management fee revenue - administrative services | $ | 16,151 | $ | 14,657 | 10.2 | | % | | $ | 46,976 | $ | 43,446 | 8.1 | | % |
Administrative services reimbursement revenue | 187,118 | 168,653 | 10.9 | | | | 544,411 | 492,655 | 10.5 | | |
Total revenue allocated to administrative services | 203,269 | 183,310 | 10.9 | | | | 591,387 | 536,101 | 10.3 | | |
Administrative services expenses | | | | | | | | | |
Claims handling services | 163,164 | 146,097 | 11.7 | | | | 470,959 | 427,483 | 10.2 | | |
Investment management services | 9,148 | 9,273 | (1.4) | | | | 26,366 | 28,264 | (6.7) | | |
Life management services | 14,806 | 13,283 | 11.5 | | | | 47,086 | 36,908 | 27.6 | | |
Operating income - administrative services | $ | 16,151 | $ | 14,657 | 10.2 | | % | | $ | 46,976 | $ | 43,446 | 8.1 | | % |
Administrative services
The management fee revenue allocated to administrative services was 0.70% of the direct and affiliated assumed premiums written by the Exchange for both the three and nine month periods ended September 30, 2023 and 2022. This portion of the management fee is recognized as revenue over a four-year period representing the time over which the services are provided. We also report reimbursed costs as revenues, which are recognized monthly as services are provided. The administrative services expenses we incur and the related reimbursements we receive are recorded gross in the Statements of Operations.
Cost of administrative services
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 in accordance with the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. The subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements due from the Exchange and its insurance subsidiaries are recorded as a receivable and settled at cost.
Total investment income (loss)
A summary of the results of our investment operations is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, |
(dollars in thousands) | | 2023 | 2022 | | % Change | | 2023 | 2022 | | % Change |
| | (Unaudited) | | | | | (Unaudited) | | | |
Net investment income | | $ | 14,642 | | $ | 5,834 | | | NM | % | | $ | 30,360 | | $ | 24,606 | | | 23.4 | | % |
Net realized and unrealized investment losses | | (2,227) | | (6,230) | | | 64.3 | | | | (9,246) | | (23,833) | | | 61.2 | | |
Net impairment losses recognized in earnings | | (113) | | (175) | | | (35.2) | | | | (1,917) | | (429) | | | NM | |
Total investment income (loss) | | $ | 12,302 | | $ | (571) | | | NM | % | | $ | 19,197 | | $ | 344 | | | NM | % |
NM = not meaningful
Net investment income
Net investment income includes interest and dividends on our fixed maturity and equity security portfolios and the results of our limited partnership investments, net of investment expenses. Net investment income increased $8.8 million and $5.8 million in the third quarter and nine months ended September 30, 2023, compared to the same periods in 2022. The increase in the third quarter of 2023 was primarily due to a decrease in limited partnership losses and an increase in bond income due to higher yields. The increase for the nine months ended September 30, 2023 was primarily due to an increase in bond and cash and cash equivalent income driven by higher yields and increased rates, partially offset by an increase in limited partnership losses. Net investment income included limited partnership losses of less than $0.1 million in the third quarter of 2023 compared to $4.6 million for the same period in 2022 and $10.7 million of limited partnership losses for the nine months ended September 30, 2023, compared to $2.2 million for the same period in 2022.
Net realized and unrealized investment losses
A breakdown of our net realized and unrealized investment (losses) gains is as follows:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended September 30, | | Nine months ended September 30, | |
(in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | |
Securities sold: | | (Unaudited) | | (Unaudited) | |
Available-for-sale securities | | $ | (2,480) | | | $ | (4,606) | | | $ | (6,195) | | | $ | (9,108) | | |
Equity securities | | 91 | | | 243 | | | (2,636) | | | (1,327) | | |
Equity securities change in fair value | | 153 | | | (1,867) | | | (424) | | | (13,400) | | |
Miscellaneous | | 9 | | | 0 | | | 9 | | | 2 | | |
Net realized and unrealized investment losses | | $ | (2,227) | | | $ | (6,230) | | | $ | (9,246) | | | $ | (23,833) | | |
Net realized and unrealized losses during the three and nine months ended September 30, 2023 were primarily due to disposals of available-for-sale securities. The nine months ended September 30, 2023 also included disposals of equity securities impacted by the banking industry events in the first quarter of 2023. Net realized and unrealized losses during the same periods in 2022 were primarily due to market value adjustments on equity securities and disposals of available-for-sale securities.
Net impairment losses recognized in earnings
Net impairment losses during the three and nine months ended September 30, 2023 and 2022 were related to available-for-sale securities in an unrealized loss position where we had the intent to sell prior to recover of our amortized cost basis, as well as credit impairment losses.
Financial condition of Erie Insurance Exchange
Serving in the capacity of attorney-in-fact for the Exchange, we are dependent on the growth and financial condition of the Exchange, who is our sole customer. The strength of the Exchange and its wholly owned subsidiaries is rated annually by A.M. Best Company through assessing its financial stability and ability to pay claims. The ratings are generally based upon factors relevant to policyholders and are not directed toward return to investors. The Exchange and each of its property and casualty subsidiaries are rated A+ "Superior", the second highest financial strength rating, which is assigned to companies that have achieved superior overall performance when compared to the standards established by A.M. Best and have a superior ability to meet obligations to policyholders over the long term. On August 10, 2023, the outlook for the financial strength rating was affirmed as stable. As of December 31, 2022, only approximately 12% of insurance groups, in which the Exchange is included, are rated A+ or higher.
The financial statements of the Exchange are prepared in accordance with statutory accounting principles prescribed by the Commonwealth of Pennsylvania. Financial statements prepared under statutory accounting principles focus on the solvency of the insurer and generally provide a more conservative approach than under U.S. generally accepted accounting principles. Statutory direct written premiums of the Exchange and its wholly owned property and casualty subsidiaries grew 16.2% to $7.6 billion in the first nine months of 2023 compared to the first nine months of 2022. These premiums, along with investment income, are the major sources of cash that support the operations of the Exchange. Policyholders’ surplus determined under statutory accounting principles was $9.1 billion at September 30, 2023 and $10.1 billion at December 31, 2022. The Exchange and its wholly owned property and casualty subsidiaries' year-over-year policy retention ratio continues to be high at 91.1% at September 30, 2023 and 90.5% at December 31, 2022.
We have prepared our financial statements considering the financial strength of the Exchange based on its A.M. Best rating and strong level of surplus. See Part I. Item 1A. "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the Securities and Exchange Commission on March 1, 2023 for possible outcomes that could impact that determination.
FINANCIAL CONDITION
Investments
Our investment portfolio is managed with the objective of maximizing after-tax returns on a risk-adjusted basis. The following table presents the carrying value of our investments as of:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(dollars in thousands) | | September 30, 2023 | | % to total | | December 31, 2022 | | % to total |
| | (Unaudited) | | | | |
Fixed maturities | | $ | 915,237 | | | 85 | % | | $ | 894,661 | | | 84 | % |
Equity securities | | 79,516 | | | 7 | | | 72,560 | | | 7 | |
Agent loans (1) | | 68,192 | | | 6 | | | 69,476 | | | 7 | |
Other investments | | 17,196 | | | 2 | | | 30,511 | | | 2 | |
Total investments | | $ | 1,080,141 | | | 100 | % | | $ | 1,067,208 | | | 100 | % |
(1)The current portion of agent loans is included in the line item "Prepaid expenses and other current assets" in the Statements of Financial Position.
Fixed maturities
Under our investment strategy, we maintain a fixed maturity portfolio that is of high quality and well diversified within each market sector. This investment strategy also achieves a balanced maturity schedule. Our fixed maturity portfolio is managed with the goal of achieving reasonable returns while limiting exposure to risk.
Fixed maturities are carried at fair value with unrealized gains and losses, net of deferred taxes, included in shareholders’ equity. Net unrealized losses on fixed maturities, net of deferred taxes, totaled $49.7 million at September 30, 2023, compared to $52.5 million at December 31, 2022.
The following table presents a breakdown of the fair value of our fixed maturity portfolio by industry sector and rating as of:
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
(in thousands) | | September 30, 2023 (1) |
| | AAA | | AA | | A | | BBB | | Non- investment grade | | Fair value |
| | (Unaudited) |
Basic materials | | $ | 0 | | | $ | 0 | | | $ | 919 | | | $ | 4,277 | | | $ | 5,981 | | | $ | 11,177 | |
Communications | | 0 | | | 2,845 | | | 13,502 | | | 11,360 | | | 14,293 | | | 42,000 | |
Consumer | | 0 | | | 1,926 | | | 16,537 | | | 72,127 | | | 36,663 | | | 127,253 | |
Diversified | | 0 | | | 0 | | | 0 | | | 0 | | | 186 | | | 186 | |
Energy | | 0 | | | 0 | | | 3,771 | | | 19,370 | | | 9,340 | | | 32,481 | |
Financial | | 0 | | | 1,998 | | | 94,085 | | | 117,595 | | | 12,586 | | | 226,264 | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
| | | | | | | | | | | | |
Industrial | | 0 | | | 0 | | | 7,741 | | | 18,214 | | | 24,152 | | | 50,107 | |
Structured securities (2) | | 124,505 | | | 182,051 | | | 24,139 | | | 16,529 | | | 162 | | | 347,386 | |
Technology | | 1,858 | | | 0 | | | 2,946 | | | 20,765 | | | 12,780 | | | 38,349 | |
| | | | | | | | | | | | |
Utilities | | 0 | | | 0 | | | 3,118 | | | 33,175 | | | 3,741 | | | 40,034 | |
Total | | $ | 126,363 | | | $ | 188,820 | | | $ | 166,758 | | | $ | 313,412 | | | $ | 119,884 | | | $ | 915,237 | |
(1)Ratings are supplied by S&P, Moody’s, and Fitch. The table is based upon the lowest rating for each security.
(2)Structured securities include residential and commercial mortgage-backed securities, collateralized debt obligations, and asset-backed securities.
Equity securities
Equity securities primarily include nonredeemable preferred stocks and are carried at fair value in the Statements of Financial Position with all changes in unrealized gains and losses reflected in the Statements of Operations.
The following table presents an analysis of the fair value of our equity securities by sector as of:
| | | | | | | | | | | | | | | | | | |
(in thousands) | | September 30, 2023 | | December 31, 2022 | | | | |
| | (Unaudited) | | | | | | |
Financial services | | $ | 65,071 | | | $ | 61,084 | | | | | |
| | | | | | | | |
Utilities | | 7,291 | | | 5,708 | | | | | |
Energy | | 4,131 | | | 3,576 | | | | | |
Consumer | | 2,288 | | | 1,854 | | | | | |
Technology | | 500 | | | 0 | | | | | |
Industrial | | 177 | | | 0 | | | | | |
Communications | | 58 | | | 338 | | | | | |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Total | | $ | 79,516 | | | $ | 72,560 | | | | | |
LIQUIDITY AND CAPITAL RESOURCES
We continue to monitor the sufficiency of our liquidity and capital resources given the potential impact of current economic conditions, including inflationary pressures and rising interest rates. We maintain relationships and cash balances at diversified and well-capitalized financial institutions and have established processes to monitor them. While we did not see a significant impact on our sources or uses of cash in the first nine months of 2023, future market disruptions could occur, which may affect our liquidity position. If our normal operating and investing cash activities were to become insufficient to meet future funding requirements, we believe we have sufficient access to liquidity through our cash position, diverse liquid marketable securities and our $100 million bank revolving line of credit that does not expire until October 2026. See broader discussions of potential risks to our operations in the Operating Overview contained within this report and Part I. Item 1A. "Risk Factors" included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the Securities and Exchange Commission on March 1, 2023.
Sources and Uses of Cash
Liquidity is a measure of a company’s ability to generate sufficient cash flows to meet the short- and long-term cash requirements of its business operations and growth needs. Our liquidity requirements have been met primarily by funds generated from management fee revenue and income from investments. Cash provided from these sources is used primarily to fund the costs of our management operations including commissions, salaries and wages, pension plans, share repurchases, dividends to shareholders, the purchase and development of information technology, and other capital expenditures. See Part I, Item 1. "Financial Statements - Note 8, Postretirement Benefits, of Notes to Financial Statements" contained within this report for our defined benefit pension plan funding policy. We expect that our operating cash needs will be met by funds generated from operations. Cash in excess of our operating needs is primarily invested in investment grade fixed maturities. As part of our liquidity review, we regularly evaluate our capital needs based on current and projected results and consider the potential impacts to our liquidity, borrowing capacity, financial covenants and capital availability.
Volatility in the financial markets presents challenges to us as we do occasionally access our investment portfolio as a source of cash. Some of our fixed income investments, despite being publicly traded, may be illiquid. Volatility in these markets could impair our ability to sell certain fixed income securities or cause such securities to sell at deep discounts. We believe we have sufficient liquidity to meet our needs from sources other than the liquidation of securities.
Cash flow activities
The following table provides condensed cash flow information as follows for the nine months ended September 30:
| | | | | | | | | | | | | | |
| | |
| | |
(in thousands) | | 2023 | | 2022 |
| | (Unaudited) |
Net cash provided by operating activities | | $ | 232,769 | | | $ | 238,108 | |
Net cash used in investing activities | | (105,730) | | | (74,997) | |
Net cash used in financing activities | | (166,256) | | | (249,149) | |
Net decrease in cash and cash equivalents | | $ | (39,217) | | | $ | (86,038) | |
Net cash provided by operating activities was $232.8 million in the first nine months of 2023, compared to $238.1 million for the same period in 2022. Decreased cash provided by operating activities was primarily due to an increase in cash paid for agent commissions of $117.8 million due to higher scheduled commissions driven by premium growth, and increases in pension and employee benefits paid of $93.8 million and general operating expenses paid of $39.8 million driven by higher hardware and software costs and information technology-related professional fees. Pension contributions totaled $95.0 million in 2023 compared to $25.0 million in 2022. Partially offsetting this decrease in cash provided by operating activities was an increase in management fees received of $225.0 million driven by growth in direct and affiliated assumed premiums written by the Exchange and a decrease in agent bonuses paid of $18.7 million.
Net cash used in investing activities was $105.7 million in the first nine months of 2023, compared to $75.0 million for the same period in 2022. Increased cash used in investing activities was primarily due to an increase in fixed asset purchases of $21.2 million and an increase in purchases of equity securities of $13.2 million. The decrease in proceeds from sales and maturities/calls of available-for-sale securities was mostly offset by a similar decrease in purchases of those securities.
Net cash used in financing activities was $166.3 million in the first nine months of 2023, compared to $249.1 million for the same period in 2022. Decreased cash used in financing activities was primarily due to activity during the first nine months of 2022, which included repayment of the remaining $93.2 million balance on the term loan credit facility in May 2022.
Capital Outlook
We regularly prepare forecasts evaluating the current and future cash requirements for both normal and extreme risk events, including under current inflationary conditions and rising interest rates. Should an extreme risk event result in a cash requirement exceeding normal cash flows, we have the ability to meet our future funding requirements through various alternatives available to us.
Outside of our normal operating and investing cash activities, future funding requirements could be met through: 1) unpledged cash and cash equivalents, which totaled approximately $87.5 million at September 30, 2023, 2) $100 million bank revolving line of credit, and 3) liquidation of unpledged assets held in our investment portfolio, including preferred stock and investment grade bonds, which totaled approximately $759.4 million at September 30, 2023. Volatility in the financial markets could impair our ability to sell certain fixed income securities or cause such securities to sell at deep discounts. Additionally, we have the ability to curtail or modify discretionary cash outlays such as those related to shareholder dividends and share repurchase activities.
As of September 30, 2023, we have access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on October 29, 2026. As of September 30, 2023, a total of $99.1 million remains available under the facility due to $0.9 million outstanding letters of credit, which reduce the availability for letters of credit to $24.1 million. We had no borrowings outstanding on our line of credit as of September 30, 2023. Investments with a fair value of $114.2 million were pledged as collateral on the line of credit at September 30, 2023. These investments have no trading restrictions and are reported as available-for-sale securities and cash and cash equivalents in the Statement of Financial Position. The bank requires compliance with certain covenants, which include leverage ratios and debt restrictions. We were in compliance with all covenants at September 30, 2023.
CRITICAL ACCOUNTING ESTIMATES
We make estimates and assumptions that have a significant effect on the amounts and disclosures reported in the financial statements. The most significant estimates relate to investment valuation and retirement benefit plans for employees. While management believes its estimates are appropriate, the ultimate amounts may differ from estimates provided. Our most critical accounting estimates are described in Item 7. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" for the year ended December 31, 2022 of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 1, 2023. See Part I, Item 1. "Financial Statements - Note 5, Fair Value, of Notes to Financial Statements" contained within this report for additional information on our valuation of investments.
ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our exposure to market risk is primarily related to fluctuations in interest rates and prices. Quantitative and qualitative disclosures about market risk resulting from changes in interest rates, prices, and other risk exposures for the year ended December 31, 2022 are included in Item 7A. "Quantitative and Qualitative Disclosures About Market Risk" of our Annual Report on Form 10-K as filed with the Securities and Exchange Commission on March 1, 2023.
The current inflationary environment, rising interest rates, and a potential economic slowdown may create future volatility; however, there have been no material changes that impacted our portfolio or reshaped our periodic investment reviews of asset allocations during the nine months ended September 30, 2023. We continue to closely monitor the economic environment and financial markets and will take appropriate measures, when necessary, to minimize potential risk exposure to our cash and investment balances. For a recent discussion of conditions surrounding our investment portfolio, see the "Operating Overview", "Results of Operations", and "Financial Condition" discussions contained in Part I, Item 2. "Management’s Discussion and Analysis of Financial Condition and Results of Operations" contained within this report.
ITEM 4. CONTROLS AND PROCEDURES
We carried out an evaluation, with the participation of management, including the Chief Executive Officer and Chief Financial Officer, of the effectiveness of our disclosure controls and procedures (pursuant to Rule 13a-15(e) under the Securities Exchange Act of 1934, as amended) as of the end of the period covered by this report. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that our disclosure controls and procedures are effective.
Our management evaluated, with the participation of the Chief Executive Officer and Chief Financial Officer, any change in our internal control over financial reporting and determined there has been no change in our internal control over financial reporting during the nine months ended September 30, 2023 that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.
PART II. OTHER INFORMATION
ITEM 1. LEGAL PROCEEDINGS
Erie Indemnity Company ("Indemnity") was named as a defendant in a complaint filed on August 24, 2021, by alleged subscribers of the Erie Insurance Exchange (the "Exchange") in the Court of Common Pleas Civil Division of Allegheny County, Pennsylvania captioned TROY STEPHENSON, CHRISTINA STEPHENSON, SUSAN RUBEL, and STEVEN BARNETT, individually and on behalf of all others similarly situated (Plaintiffs) v. Erie Indemnity Company (Defendant).
The complaint seeks relief for alleged breaches of fiduciary duty by Indemnity in connection with the setting of the management fee it receives, pursuant to the terms of the Subscribers Agreement executed between Indemnity and all policyholders of the Exchange, as compensation for acting as the attorney-in-fact in the management of the Exchange. The relief sought is for the period beginning two years prior to the date of the filing of the complaint and continuing through 2021.
The complaint seeks (i) a finding that Indemnity has breached its fiduciary duties; (ii) an award of damages in an amount to be determined at trial; and (iii) such other relief, including disgorgement of profits or other injunctive relief, that the Court deems just and proper.
Service of the complaint was effectuated on September 20, 2021. A Notice of Removal to the United States District Court for the Western District of Pennsylvania was filed on October 20, 2021. On November 2, 2021, Plaintiffs filed a Notice of Voluntary Dismissal. As a result, the action was dismissed without prejudice.
On December 6, 2021, another Complaint was filed in the Court of Common Pleas of Allegheny County, Pennsylvania captioned ERIE INSURANCE EXCHANGE, an unincorporated association, by TROY STEPHENSON, CHRISTINA STEPHENSON, and STEVEN BARNETT, trustees ad litem, and alternatively, ERIE INSURANCE EXCHANGE, by TROY STEPHENSON, CHRISTINA STEPHENSON, and STEVEN BARNETT, (Plaintiff), v. ERIE INDEMNITY COMPANY, (Defendant).
This most recent complaint has the same allegation of breach of fiduciary duty by Indemnity in connection with the setting of the management fee it receives, pursuant to the terms of the Subscribers Agreement executed between Indemnity and all policyholders of the Exchange, as compensation for acting as the attorney-in-fact in the management of the Exchange.
This most recent complaint seeks the same relief, specifically, (i) a finding that Indemnity has breached its fiduciary duties; (ii) an award of damages in an amount to be determined at trial; and (iii) such other relief, including disgorgement of profits or other injunctive relief, that the Court deems just and proper.
A Notice of Removal to the United States District Court for the Western District of Pennsylvania was filed on January 27, 2022. Indemnity intends to vigorously defend against all of the allegations and requests for relief in the complaint.
By Memorandum Opinion and Order dated September 28, 2022, the Court granted the Motion for Remand and directed the case be remanded to the Court of Common Pleas of Allegheny County, Pennsylvania. On September 30, 2022, Indemnity filed a Motion to Stay the Remand Order pending an appeal to the United States Court of Appeals for the Third Circuit. On October 3, 2022, the Court granted the Stay. On October 11, 2022, Indemnity filed a Petition for Permission to Appeal the Remand Order with the Third Circuit. By Order dated November 7, 2022, a three judge panel of the Court denied the Petition to Appeal.
On November 21, 2022, Indemnity filed a Petition for Rehearing requesting that the Third Circuit permit the appeal. By Order dated January 9, 2023, the Court granted the petition for rehearing and vacated the prior Order of October 7, 2022, denying permission to appeal. On April 20, 2023, argument was held before a three-judge panel of the Third Circuit. By Opinion dated May 22, 2023, the Court affirmed the decision of the District Court finding that there was no basis for federal court jurisdiction and that the matter had been properly remanded to state court. On June 5, 2023, Indemnity filed a Petition for Panel Rehearing or Rehearing En Banc. By Order dated June 22, 2023, the Court denied the Petition. The United States District Court thereafter extended its stay of the issuance of the remand order through the conclusion of any proceedings in the United States Supreme Court challenging the decision of the United States Court of Appeals for the Third Circuit that no federal jurisdiction exists in this case.
Indemnity intends to vigorously defend against all of the allegations and requests for relief in the complaint.
Separately, Indemnity filed a Complaint in Federal Court to invoke certain provisions of the “All Writs Act” and the “Anti-Injunction Act.” By filing this complaint, Indemnity seeks to protect the federal court’s prior binding, final judgments in favor of Indemnity and thereby foreclose further litigation of the claims and issues pertaining to the compensation practices that were the subject of the prior judgments.
For additional information on contingencies, see Part I, Item 1. "Financial Statements - Note 13, Commitment and Contingencies, of Notes to Financial Statements".
ITEM 1A. RISK FACTORS
There have been no material changes from the risk factors previously disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2022 as filed with the Securities and Exchange Commission on March 1, 2023.
ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES AND USE OF PROCEEDS
Issuer Purchases of Equity Securities
In 2011, our Board of Directors approved a continuation of the current stock repurchase program, authorizing repurchases for a total of $150 million with no time limitation. This repurchase authority included, and was not in addition to, any unspent amounts remaining under the prior authorization.
The following table provides information regarding our Class A nonvoting common stock share repurchases during the quarter ending September 30, 2023:
| | | | | | | | | | | | | | | | | | | | | | | | | | |
(dollars in thousands, except per share data) | | | | | | |
Period | | Total number of shares purchased | | Average price paid per share | | Total number of shares purchased as part of publicly announced program | | Dollar value of shares that may yet be purchased under the program |
| | | | | | | | |
July 1-31, 2023 | | — | | $ | — | | | — | | $ | 17,754 | |
August 1-31, 2023 (1) | | 1,445 | | 220.79 | | | — | | 17,754 | |
September 1-30, 2023 | | — | | — | | | — | | 17,754 | |
Total | | 1,445 | | 220.79 | | | — | | |
| | | | | | | | |
(1)Represents shares purchased on the open market to fund the rabbi trust for the outside director deferred stock compensation plan.
ITEM 6. EXHIBITS
| | | | | | | | |
Exhibit | | |
Number | | Description of Exhibit |
| | |
10.1+* | | |
| | |
31.1+ | | |
| | |
31.2+ | | |
| | |
32++ | | |
| | |
101.INS+ | | Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document. |
| | |
101.SCH+ | | Inline XBRL Taxonomy Extension Schema Document. |
| | |
101.CAL+ | | Inline XBRL Taxonomy Extension Calculation Linkbase Document. |
| | |
101.DEF+ | | Inline XBRL Taxonomy Extension Definition Linkbase Document. |
| | |
101.LAB+ | | Inline XBRL Taxonomy Extension Label Linkbase Document. |
| | |
101.PRE+ | | Inline XBRL Taxonomy Extension Presentation Linkbase Document. |
| | |
104+ | | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |
* Indicates management compensatory plan, contract, or arrangement.
+ Filed herewith.
++ Furnished herewith.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| | | | | | | | | | | | | | |
| | | Erie Indemnity Company | |
| | | (Registrant) | |
| | | | |
| | | | |
Date: | October 26, 2023 | By: | /s/ Timothy G. NeCastro | |
| | | Timothy G. NeCastro, President & CEO | |
| | | | |
| | By: | /s/ Julie M. Pelkowski | |
| | | Julie M. Pelkowski, Executive Vice President & CFO | |
Exhibit 10.1
SUPPLEMENTAL RETIREMENT PLAN FOR CERTAIN MEMBERS OF THE
ERIE INSURANCE GROUP RETIREMENT PLAN FOR EMPLOYEES
(Amended and Restated as of January 1, 2023)
This Supplemental Retirement Plan for Certain Members of the Erie Insurance Group Retirement Plan for Employees (the “Plan”) is an unfunded, non-qualified, deferred compensation arrangement created for a select group of management and highly compensated employees of Erie Indemnity Company (the “Company”) and its affiliates. It is intended that the Plan will aid in retaining and attracting qualified executives by providing retirement benefits in addition to the retirement benefits that may be provided under the tax-qualified Erie Insurance Group Retirement Plan for Employees (the “Qualified Plan”).
The Plan was established effective as of December 31, 1986, has been amended from time to time and was last amended and restated effective January 1, 2009. This amendment and restatement of the Plan shall constitute an amendment, restatement and continuation of the Plan and is generally effective as of January 1, 2023. However, certain provisions of this amendment and restatement are effective as of some other date. Events occurring before the applicable effective date of any provision of this amendment and restatement shall be governed by the applicable provision of the Plan as in effect on the date of the event.
SECTION 1 - INCORPORATION OF THE QUALIFIED PLAN
AND DEFINITIONS
1.1 The Qualified Plan, with any amendments thereto in effect as of January 1, 2023, shall be attached hereto as Exhibit I and is hereby incorporated by reference into and shall be a part of this Plan as fully as if set forth herein verbatim. Any amendment made to the Qualified Plan shall also be incorporated by reference into, and form a part of, the Plan
effective as of the effective date of such amendment; provided, however, that such incorporation of a Qualified Plan amendment shall not apply with respect to any term or provision that is expressly addressed in this Plan document. The Qualified Plan, whenever referred to in the Plan, shall mean the Qualified Plan existing as of the date the relevant determination is being made under the Plan. To the extent the provisions of the Qualified Plan, as applicable to the Supplemental Plan Benefits of Participants hereunder and all persons claiming by or through such Participants, are inconsistent with the provisions of the Plan, the provisions of the Plan shall govern. Notwithstanding any provision of the Plan to the contrary, in no event shall the Supplemental Plan Benefits accrued and payable hereunder be paid from the trust fund under the Qualified Plan or have any effect whatsoever upon the Qualified Plan or the payment of benefits from the trust fund under the Qualified Plan. Words and phrases with initial capital letters which are used in the Qualified Plan and in the Plan shall have the meanings assigned to them under the provisions of the Qualified Plan unless otherwise specified herein or as otherwise qualified by the context in which the term is used in the Plan.
1.2 Without limiting the generality of Section 1.1, the following terms shall be given the meanings described in this Section 1.2:
(a) “Actuarial Equivalent” shall mean a benefit of equivalent value to the benefit otherwise described as determined on the basis of the actuarial assumptions specified under the Qualified Plan as of the date of determination; provided, however, that for purposes of determining either the Pre-2022 Supplemental Plan Benefit lump sum equivalent to any Supplemental Plan Benefit or Post-2021 Supplemental Plan Benefit installments equivalent to any Supplemental Plan Benefit, equivalent value shall be determined on the basis of the applicable mortality table under Section 417(e)(3)(B) of the Code in effect as of the date of determination (the 1994 Group Annuity Reserving table, as defined in IRS
Revenue Ruling 2001-62, with respect to determinations before December 31, 2008) and an interest rate equal to the average of the Moody’s Aa corporate bond rates for the second calendar month immediately preceding the calendar month as of which the lump sum distribution is made or installments are scheduled to commence, as applicable.
(b) “Administrator” shall mean the person or committee, appointed by the Chief Executive Officer of the Company, who shall be responsible for the administrative functions assigned to it under the Plan.
(c) “Affiliate” shall mean a corporation or partnership in which more than 50% of the equity is owned directly or indirectly by the Company including, without limitation, the following: Erie Family Life Insurance Company, Erie Insurance Company, EI Holding Corp., EI Service Corp., Erie Insurance Company of New York, Erie Insurance Property & Casualty Company, Flagship City Insurance Company and Erie Resource Management Corp.
(d) “Beneficiary” shall mean, effective January 1, 2022, the individual(s), trust(s) or other entity(ies) permitted by the Administrator and selected by a Participant to receive payment of amounts credited under the Plan in the event of the Participant’s death, as evidenced by the most recent, properly completed and executed, Beneficiary designation which the Participant has delivered to the Administrator prior to the Participant’s death. Any such Beneficiary designation shall apply in the event of the Participant’s death before commencement of payments and to any payments to a Beneficiary after the Participant’s death. A Participant may change his Beneficiary at any time by delivering a new designation of Beneficiary to the Administrator in such manner as may be satisfactory to the Administrator. A new designation of Beneficiary shall be effective upon receipt by the Administrator of the completed and executed designation. As of such effective date, the new designation shall divest any
Beneficiary named in a prior designation in that interest indicated in the prior designation. Any marriage or divorce finalized after the date of a Beneficiary designation shall not serve to revoke the prior designation. If no effective Beneficiary designation is in effect on the death of the Participant, or if all designated Beneficiaries have predeceased the Participant, any payments to be made under the Plan on account of the Participant’s death shall be paid to the estate of the Participant.
A Beneficiary of a Participant who has died may designate, in accordance with the foregoing procedures, a Beneficiary to receive payment of amounts remaining under the Plan.
(e) “Board” shall mean the Board of Directors of the Erie Indemnity Company.
(f) “Code” shall mean the Internal Revenue Code of 1986, as amended.
(g) “Committee” shall mean the Executive Compensation and Development Committee of the Board, or its successor, as designated by the Board.
(h) “Company” shall mean the Erie Indemnity Company, a Pennsylvania business corporation.
(i) “Controlled Group Member” shall mean any organization which, together with the Company, is a member of a controlled group of corporations under Sections 414(b), 414(c) and 1563(a) of the Code, applying an 80% test for purposes of Section 1563(a).
(j) “Covered Employee” is a term that is defined in Article II of the Qualified Plan document.
(k) “Earliest Retirement Date” means the first date on which a Participant has both attained age 55 years and completed at least 15 years of Credited Service. The attainment of age 65 years shall be the Earliest Retirement Date with respect to a
Participant who has incurred a Separation from Service before satisfying the criteria set forth in the preceding sentence.
(l) “Employer” is a term that is defined in Article II of the Qualified Plan document.
(m) “ERISA” shall mean the Employee Retirement Income Security Act of 1974, as amended.
(n) “Normal Retirement Date” shall be the first day of the month next following the month in which a Participant attains age 65 years.
(o) “Participant” shall mean a Covered Employee who participates in the Plan in accordance with the terms and conditions of this Plan document. Participant shall also include a former Covered Employee who had become a Participant as a Covered Employee and who is, at the time of determination, receiving a benefit (or entitled to receive a benefit) payable from the Company pursuant to the terms of the Plan.
(p) “Plan” shall mean this Supplemental Retirement Plan for Certain Members of the Erie Insurance Group Retirement Plan for Employees, including any amendments hereto.
(q) “Post-2021 Supplemental Plan Benefit” shall mean the Supplemental Plan Benefit, if any, earned by a Participant under Section 4 on and after January 1, 2022.
(r) “Pre-2022 Supplemental Plan Benefit” shall mean the Supplemental Plan Benefit, if any, earned by a Participant under Section 4 as of the earlier of December 31, 2021 and the date the Participant incurred a Separation from Service.
(s) “Qualified Plan” shall mean the Erie Insurance Group Retirement Plan for Employees, as in effect as of the date the relevant determination is being made under the Plan.
(t) “Restoration Benefit” shall mean the benefit provided under Section 4.2. A Restoration Benefit shall be expressed in the form of a single life annuity.
(u) “Separation from Service” shall mean an individual’s complete cessation of all services as an Employee for the Company and all Controlled Group Members or as otherwise set forth below:
(i) A Separation from Service shall not be considered to have occurred if the individual’s employment relationship is treated by an Employer as continuing while the individual is on military leave, sick leave, or other bona fide leave of absence if such period of leave does not exceed six months or, if longer, so long as the individual’s right to reemployment is provided by statute or by contract. If the period of leave exceeds six months and such reemployment rights are not provided, the employment relationship is deemed to cease on the first date immediately following such six-month period.
(ii) A Separation from Service shall also not be considered to have occurred if the individual’s employment relationship is treated by an Employer as continuing while the individual is on a leave of absence due to any medically determinable physical or mental impairment that can be expected to result in death or to last for a continuous period of not less than six months, where such impairment causes the individual to be unable to perform the duties of his position or any substantially similar position, provided that, for purposes of the Plan, the employment relationship shall be considered to continue no longer than 29 months or, if longer, so long as the individual’s right to reemployment is provided by statute or by contract. If the period of leave exceeds 29 months and such
reemployment rights are not provided, the employment relationship is deemed to cease on the first date immediately following such 29-month period.
(iii) A Separation from Service shall also not be considered to have occurred, regardless of the level of services anticipated or provided by the individual as an employee, if the individual continues to provide services to the Employer in a capacity other than as an employee of the Employer at a rate that is fifty percent (50%) or more of the level of services rendered, on average, during the immediately preceding 36-month period (or the full period of such services, if less than 36 months) and the remuneration for such services is fifty percent (50%) or more of the average remuneration earned during the 36-month period (or the full period of such services, if less than 36 months).
(iv) Otherwise, a Separation from Service is presumed to have occurred if the facts and circumstances indicate that (A) an Employer and the individual reasonably anticipated that no further services would be performed after a certain date or that the level of bona fide services the individual would perform after such date would permanently decrease to 20% or less of the average level of bona fide services over the immediately preceding 36-month period (or the full period of such services, if less than 36 months) or (B) the level of bona fide services the individual performs after a given date decreases to a level equal to 20% or less of the average level of bona fide services performed by the individual over the immediately preceding 36-month period (or the full period of such services, if less than 36 months).
(v) “Specified Employee” shall mean, for any period during which the Company remains publicly traded, an individual who is included in the group of employees who are determined to be “key employees” under Section 416(i)(1)(A)(i), (ii), or (iii) of the Code (as applied in accordance with regulations thereunder and
disregarding Section 416(i)(5) of the Code), identified in the manner and under the procedures specified in a writing adopted by the Committee.
(w) “Supplemental Plan Benefit” shall mean, to the extent applicable to any given Participant, the Restoration Benefit or the Supplemental Retirement Income Benefit and, as applicable to any given Participant, shall include the Participant’s Pre-2022 Supplemental Plan Benefit and Post-2021 Supplemental Plan Benefit.
(x) “Supplemental Plan Service” shall mean the greater of:
(i) An Employee’s period of employment with an Employer as both a Covered Employee and an Executive Vice President or higher-ranking executive; and
(ii) An Employee’s period of employment with an Employer during which he is both a Covered Employee and a Participant in the Plan.
Supplemental Plan Service shall be measured in consecutive twelve-month periods, including leaves of absence. Notwithstanding the foregoing, the Committee, in a separate writing, may provide that a given Participant’s Supplemental Plan Service be determined in a manner that is different than that set forth above.
(y) “Supplemental Retirement Income Benefit” shall mean the benefit provided under Section 4.1. A Supplemental Retirement Income Benefit shall be expressed in the form of a ten-year certain and life thereafter annuity.
SECTION 2 - ADMINISTRATION
2.1 The Administrator shall be charged with the administration of the Plan. The Administrator shall have all such powers as may be necessary to discharge its duties relative to the administration of the Plan, including by way of illustration and not limitation, discretionary authority to interpret and construe the Plan, to determine and decide all questions of fact, and all disputes arising under the Plan including, but not
limited to, the eligibility of any employee to participate in the Plan, the validity of any election or designation as may be necessary or appropriate hereunder and the right of any Participant, surviving spouse or Beneficiary to receive payment of all or any portion of a Supplemental Plan Benefit otherwise determined hereunder. The Administrator shall have all power necessary to adopt, alter and repeal such administrative rules, regulations and practices governing the operation of the Plan as it, in its sole discretion, may from time to time deem advisable and shall have the power to make equitable adjustments to remedy any mistakes or errors made in the administration of the Plan. The Administrator shall not be liable to any person for any action taken or omitted in connection with the interpretation and administration of the Plan unless attributable to willful misconduct. The Administrator, the Company and its respective officers and directors shall be entitled to conclusively rely upon all tables, valuations, certificates, opinions and reports furnished by any actuary, accountant, controller, counsel or other person employed or engaged by the Company with respect to the Plan insofar as such reliance is consistent with ERISA and other applicable law. The service providers to the Plan may act and rely upon all information reported to them by the Administrator and/or the Company and need not inquire into the accuracy thereof nor shall be charged with any notice to the contrary. Any individual serving as Administrator shall not participate in any action or determination regarding solely his own benefits payable hereunder. Decisions of the Administrator made in good faith shall be final, conclusive and binding upon all parties. Until modified by the Administrator, the claims and review procedures set forth in Section 2.2 shall be the exclusive procedures for the disposition of claims for benefits arising under the Plan.
2.2 Claims Review Procedure. The Administrator shall be responsible for the claims procedure under the Plan.
(a)Original Claim. In the event a claim of any Participant, surviving spouse, Beneficiary, or other person (hereinafter referred to in this Section as the “Claimant”) for a benefit is partially or completely denied, the Administrator shall give, within ninety (90) days after receipt of the claim (or if special circumstances, made known to the Claimant, require an extension of time for processing the claim, within one hundred eighty (180) days after receipt of the claim), written notice of such denial to the Claimant. Such notice shall set forth, in a manner calculated to be understood by the Claimant, the specific reason or reasons for the denial (with reference to pertinent Supplemental Plan provisions upon which the denial is based); an explanation of additional material or information, if any, necessary for the Claimant to perfect the claim; a statement of why the material or information is necessary; a statement of the Claimant’s right to bring a civil action under Section 502(a) of ERISA; and an explanation of the Supplemental Plan’s claims review procedure, including the time limits applicable to such procedure.
(b)Review of Denied Claim.
(i)A Claimant whose claim is partially or completely denied shall have the right to request a full and fair review of the denial by a written request delivered to the Administrator within sixty (60) days of receipt of the written notice of claim denial, or within such longer time as the Administrator, under uniform rules, determines. In such review, the Claimant or his duly authorized representative shall have the right to review, upon request and free of charge, all documents, records or other information relevant to the claim and to submit any written comments, documents, or records relating to the claim to the Administrator.
(ii)The Administrator, within sixty (60) days after the request for review, or in special circumstances, such as where the Administrator in its sole
discretion holds a hearing, within one hundred twenty (120) days of the request for review, will submit its decision in writing. Such decision shall take into account all comments, documents, records and other information properly submitted by the Claimant, whether or not such information was considered in the original claim determination. The decision on review will be binding on all parties, will be written in a manner calculated to be understood by the Claimant, will contain specific reasons for the decision and specific references to the pertinent Supplemental Plan provisions upon which the decision is based, will indicate that the Claimant may review, upon request and free of charge, all documents, records or other information relevant to the claim and will contain a statement of the parties rights to arbitration and Claimant’s right to bring a civil action under Section 502(a) of ERISA.
(iii)If a Claimant fails to file a claim or request for review in the manner and in accordance with the time limitations specified herein, such claim or request for review shall be waived, and the Claimant shall thereafter be barred from again asserting such claim.
(c)Determination by the Administrator is Conclusive. The Administrator’s determination of factual matter relating to Participants, surviving spouses, Beneficiaries and other persons including, without limitation, a Participant’s compensation, years of service credit and any other factual matters, shall be conclusive.
2.3 Arbitration. In the event that a claimant’s claim is denied by the Administrator and the claimant has exhausted all remedies (including all mandatory levels of appeal) under the Plan’s claims procedures, the claimant or the Administrator will have the right to compel binding arbitration with respect to the claim. The process and procedure shall be
governed by the Employer’s arbitration policy, if any, and if none, by the rules of the American Arbitration Association for commercial transactions. Claims may not be litigated or arbitrated on a class action basis or on bases involving claims brought in a representative capacity on behalf of any other similarly situated party. The arbitrator will be bound by the substantive terms of the Plan and applicable ERISA provisions (including, but not limited to, the standard of review required by ERISA, which requires the arbitrator to defer to the Administrator and its factual findings and interpretations unless such findings and interpretations are arbitrary and capricious and requires that any assertions the claimant wishes to present to an arbitrator or court first have been presented in the claims and appeals process). All claims pertaining to the Plan shall be required to be submitted to binding arbitration in this manner, unless such a requirement is prohibited by applicable law or regulation. Except with respect to claims as to which binding arbitration may not be compelled, no claim may be brought in any other manner.
2.4 Exhaustion of Administrative Remedies. The exhaustion of the claims review procedure is mandatory for resolving every claim and dispute arising under the Plan. As to such claims and disputes:
(a) No claimant shall be permitted to commence any civil action or arbitration proceeding to recover Plan benefits or to enforce or clarify rights under the Plan under Section 502 or Section 510 of ERISA or under any other provision of law, whether or not statutory, until the claims review procedure set forth herein has been exhausted in its entirety; and
(b) In any such civil action or arbitration proceeding all explicit and all implicit determinations by the Administrator (including, but not limited to, determinations as to whether the claim, or a request for a review of a denied claim, was timely filed) shall be afforded the maximum deference permitted by law.
2.5 Deadline to File Civil Action. No civil action to recover Plan benefits or to enforce or clarify rights under the Plan under Section 502 or Section 510 of ERISA or under any other provision of law, whether or not statutory, may be brought by any claimant on any matter pertaining to the Plan unless the civil action is commenced in the proper forum before the earlier of:
(a) Twelve months after the claimant knew or reasonably should have known of the principal facts on which the claim is based; or
(b) Ninety days after the claimant has exhausted the claims review procedure.
2.6 Forum Selection. Any arbitration proceeding or civil action with respect to a claim involving the Plan must, unless otherwise agreed by the Administrator or required by law, take place in Erie, Pennsylvania (and, in the case of a civil action, in the federal district court serving Erie, Pennsylvania). Enforcement of an arbitrator’s award may be sought in federal court in accordance with the Federal Arbitration Act, with any such enforcement action to be filed in the federal district court serving Erie, Pennsylvania.
SECTION 3 - ELIGIBILITY AND PARTICIPATION
3.1 A Covered Employee shall be eligible to participate in the Plan only as provided under Sections 3.2 and 3.3 and only if such Covered Employee is considered management or highly compensated.
3.2 Except as the Committee may provide in a separate writing, each Covered Employee who was considered an eligible Employee under the Plan as of December 31, 2008 and each former Covered Employee who is receiving a Supplemental Plan Benefit (or entitled to receive a Supplemental Plan Benefit) as of December 31, 2008 shall be considered a Participant as of January 1, 2009. Effective on and after January 1, 2009, any Covered Employee shall become a Participant in the Plan (if not already a Participant under
Section 3.3) as of the January 1 of the calendar year with respect to which the Committee selects the Covered Employee for participation in the Supplemental Retirement Income Benefit provisions of the Plan. The Administrator shall be responsible for identifying those Covered Employees who participate in the Plan pursuant to the foregoing provisions of this Section 3.2. Except as may otherwise be provided in an individual agreement between the Company and a Participant, a Participant (or his surviving spouse or Beneficiary) will be eligible for a Supplemental Retirement Income Benefit only in the event that:
(a) Such Participant is vested under the Qualified Plan; and
(b) Such Participant (or his surviving spouse or Beneficiary) is entitled to receive a benefit under the Qualified Plan; and
(c) Prior to his Separation from Service, such Participant has become vested in the Supplemental Retirement Income Benefit pursuant to the following schedule:
Supplemental Plan Service Vested Percentage
Less than 1 year 0%
1 but less than 2 years 20%
2 but less than 3 years 40%
3 but less than 4 years 60%
4 but less than 5 years 80%
5 years or more 100%
Notwithstanding the foregoing provisions of this Section 3.2 or any provision of the Plan to the contrary, the Committee, at any time and for any reason, may determine that a Participant shall cease active participation in the Supplemental Retirement Income Benefit provisions of the Plan. Except as may otherwise be provided by the Committee in a separate writing, a cessation of a Participant’s active participation in the Supplemental Retirement Income Benefit provisions of the Plan shall freeze the Participant’s Supplemental Retirement Income Benefit as of the effective date determined by the Committee with the result that periods of the Participant’s employment and compensation
earned by the Participant on and after such effective date shall not be recognized in computing the amount of the Participant’s Supplemental Retirement Income Benefit nor in determining the Participant’s vested percentage under this Section 3.2.
3.3 Any Covered Employee whose benefit under the Qualified Plan is limited on account of restrictions imposed for any year by Sections 401(a)(17) and/or 415 of the Code shall become a Participant in the Plan (if not already a Participant under Section 3.2) as of the later of the December 31 of the Plan Year in which his Qualified Plan benefit is first so limited or January 1, 1996. Notwithstanding his status as a Participant or non-Participant under Section 3.2, a Covered Employee who satisfies the foregoing criteria of this Section 3.3 shall participate in the Restoration Benefit provisions of the Plan. The Administrator shall be responsible for identifying those Covered Employees whose Qualified Plan benefits are limited in accordance with the foregoing provisions of this Section 3.3, the time at which such limitations first apply to said Employees and the extent to which such limitations do apply. Except as may otherwise be provided in an individual agreement between the Company and a Participant, a Participant (or his surviving spouse or Beneficiary) will be eligible for a Restoration Benefit only in the event that:
(a) Such Participant is vested under the Qualified Plan; and
(b) Such Participant (or his surviving spouse or Beneficiary) is entitled to receive a benefit under the Qualified Plan; and
(b) Payment of such Qualified Plan benefit is restricted by the application of Section 401(a)(17) and/or Section 415 of the Code; and
(d) Such individual is not entitled to a Supplemental Retirement Income Benefit hereunder.
Notwithstanding the foregoing provisions of this Section 3.3 or any provision of the Plan to the contrary, the Committee, at any time and for any reason, may determine that a
Participant shall cease active participation in the Restoration Benefit provisions of the Plan. Except as may otherwise be provided by the Committee in a separate writing, a cessation of a Participant’s active participation in the Restoration Benefit provisions of the Plan shall freeze the Participant’s Restoration Benefit as of the effective date determined by the Committee with the result that periods of the Participant’s employment and compensation earned by the Participant on and after such effective date shall not be recognized in computing the amount of the Participant’s Restoration Benefit. However, for purposes of the Participant’s Qualified Plan accrued benefit, adjustments to the limitations of Section 401(a)(17) and/or Section 415 of the Code that occur on or after such effective date shall be recognized and such adjustments may result in a reduced Restoration Benefit.
SECTION 4 - AMOUNT OF SUPPLEMENTAL PLAN BENEFITS
4.1 Except as otherwise specifically provided herein or in an individual agreement between the Company and a Participant, the Supplemental Retirement Income Benefit determined with respect to a Participant who satisfies the provisions of Section 3.2 hereof, and which is paid in accordance with Section 5, shall be the Actuarial Equivalent of the product of (1) the excess, if any, of the amount determined under paragraph (a) below over the amount determined under paragraph (b) below, and (2) the percentage determined under (c) below, where:
(a) Equals the monthly benefit which would have been payable to such Participant (or on his behalf to his surviving spouse or other Beneficiary) under the Qualified Plan, assuming for this purpose that the following modifications were a part of the Qualified Plan:
(i) “Compensation” shall be as defined in the Qualified Plan on the date of determination provided that:
(A) All otherwise current base salary which is deferred at the Participant’s election under any qualified or nonqualified deferred compensation plan or annuity arrangement shall be includable in “Compensation”; and
(B) “Compensation” (as defined in accordance with the foregoing) shall be determined without regard to the annual limitation on compensation set forth in Section 401(a)(17) of the Code; and
(ii) “Final Average Earnings” shall be equal to 1/24th of the aggregate Compensation received by the Participant during the twenty-four consecutive calendar months as a Covered Employee which produces the greatest aggregate Compensation out of the one hundred twenty calendar month period ending on the earlier of (A) the date on which the Participant incurs a Separation from Service or (B) the date on which the Participant is no longer considered a Covered Employee; and
(iii) The monthly benefit under the Qualified Plan shall be equal to 60% of Final Average Earnings, reduced proportionately if the Participant’s years of Credited Service are less than 30 years or 25 years, whichever limitation applied to the Participant under the provisions of Section 6.1 of the Qualified Plan as in effect on December 30, 1989; and
(iv) The monthly benefit under the Qualified Plan is accrued in the normal form of a ten-year certain and life thereafter annuity.
(b) Equals the monthly benefit payable to such Participant (or on his behalf to his surviving spouse or other Beneficiary) under the Qualified Plan and under any other qualified or nonqualified (funded or unfunded) defined benefit retirement plan sponsored by the Company or an Affiliate; provided, however, that for purposes of this offset, such a monthly benefit which is expressed in a form of payment other than a ten-year certain and life thereafter annuity shall be
converted to a monthly benefit which is the Actuarial Equivalent of a ten-year certain and life thereafter annuity.
(c) Equals the Participant’s vested percentage as of his Separation from Service, determined in accordance with Section 3.2(c) hereof.
4.2 The monthly Restoration Benefit determined with respect to a Participant who satisfies the provisions of Section 3.3 hereof, and which is paid in accordance with Section 5, shall be the Actuarial Equivalent of the excess, if any, of the amount determined under paragraph (a) below over the amount determined under paragraph (b) below, where:
(a) Equals the monthly benefit which would have been payable under the form of a single life annuity to such Participant (or on his behalf to his surviving spouse or other Beneficiary) under the Qualified Plan, if the provisions of the Qualified Plan were administered without regard to the annual limitation on compensation set forth in Section 401(a)(17) of the Code and without regard to the limitations on benefits set forth in Section 415 of the Code; and
(b) Equals the monthly benefit which is payable under the form of a single life annuity to such Participant (or on his behalf to his surviving spouse or other Beneficiary) under the Qualified Plan.
The Restoration Benefits payable under the Plan to, or on behalf of, a Participant shall be computed in accordance with the foregoing and with the objective that the Participant, his surviving spouse or other Beneficiary should receive under the Supplemental Plan and the Qualified Plan, the total amount which would otherwise have been payable to that recipient solely under the Qualified Plan, as of the date payment is made, had the provisions of Section 401(a)(17) and Section 415 of the Code not been applicable thereto.
4.3 Except as otherwise specifically provided herein or in an individual agreement between the Company and a Participant, any Supplemental Plan Benefit payable before a
Participant’s Normal Retirement Date shall be reduced for early commencement under the same terms and conditions applicable to a payment commencing as of the same date under the Qualified Plan.
4.4 Notwithstanding any provision of the Plan to the contrary, the Supplemental Plan Benefits provided under the foregoing provisions of this Section 4 shall be determined and coordinated by the Administrator so as to prevent any duplication of Supplemental Plan Benefits or duplication of benefits provided by any other plan or program sponsored by the Company or an Affiliate which is intended to supplement the Qualified Plan or any individual agreement between the Participant and an Employer providing for retirement benefits. For purposes of this Section 4.4, any benefits provided by, or in reference to, a Participant’s salary and/or bonus deferral under individual deferred compensation contracts and annuities, the Erie Insurance Group Employee Savings Plan or the Deferred Compensation Plan of Erie Indemnity Company are not intended to supplement the Qualified Plan.
4.5 Unless otherwise specifically provided in the Plan or in an individual agreement between the Company and a Participant:
(a) A Participant who retired or terminated employment under the provisions of the Plan as in effect prior to this amendment and restatement and who has commenced payment of the Supplemental Plan Benefit accrued on his behalf prior to January 1, 2009 shall continue to receive such benefits in accordance with the provisions of the Plan as in effect at the time of commencement; and
(b) A Participant who retired or terminated employment under the provisions of the Plan as in effect prior to this amendment and restatement and who has not commenced payment of the Supplemental Plan Benefit accrued on his behalf prior to January 1, 2009 shall be eligible to receive payment of such benefits in
accordance with the provisions of the Plan as in effect on and after January 1, 2009.
SECTION 5 - COMMENCEMENT AND FORM OF
SUPPLEMENTAL PLAN BENEFITS TO PARTICIPANT
5.1 Except as specifically provided herein or in an individual agreement between the Company and a Participant, payment of any Pre-2022 Supplemental Plan Benefit to a Participant shall be determined under Section 5.2 and payment of any Post-2021 Supplemental Plan Benefit to a Participant shall be determined under Section 5.3.
5.2 Payment of any Pre-2022 Supplemental Plan Benefit to a Participant hereunder shall:
(a) Commence as of the later of:
(i) The first day of the first month that follows the date that is six months after the Participant’s Separation from Service; and
(ii) The first day of the month next following the Participant’s attainment of the Earliest Retirement Date; and
(b) Be made in the form of a cash lump sum in the amount determined as follows:
(i) With respect to a Participant to whom a Supplemental Plan Benefit is payable in accordance with Section 5.2(a)(i), the lump sum distribution shall be equal to the sum of (A) and (B) where:
(A) Equals the lump sum Actuarial Equivalent of the Participant’s Pre-2022 Supplemental Plan Benefit, determined as the greater of the annuity payable as of the first day of the month that next follows the Participant’s Separation from Service or the
annuity payable as of the Participant’s Normal Retirement Date; and
(B) Interest on the amount determined under clause (A) above, calculated from the first day of the month that follows the Participant’s Separation from Service through the date described in Section 5.2(a)(i), based on the interest rate applicable for lump sum determinations as of the date the Participant incurred a Separation from Service.
(ii) With respect to a Participant to whom a Supplemental Plan Benefit is payable in accordance with Section 5.2(a)(ii), the lump sum distribution shall be the lump sum Actuarial Equivalent of the Participant’s Pre-2022 Supplemental Plan Benefit, determined at the time of payment as the greater of the annuity payable as of the Participant’s Earliest Retirement Date or the annuity payable as of the Participant’s Normal Retirement Date. No interest adjustment shall be made to such lump sum amount.
5.3 Payment of any Post-2021 Supplemental Plan Benefit to a Participant hereunder shall commence as of the applicable date provided in paragraph (a) below and shall be paid as provided in paragraph (b) below:
(a) The Post-2021 Supplemental Plan Benefit payable to a Participant shall commence:
(i) In the January of the second calendar year following the calendar year in which the Participant’s Separation from Service occurs, for a Participant who had attained the Earliest Retirement Date before incurring a Separation from Service; and
(ii) On the Participant’s Normal Retirement Date, for a Participant who had not attained the Earliest Retirement Date before incurring a Separation from Service.
(b) The Post-2021 Supplemental Plan Benefit shall be paid in the form of ten (10) annual installments. Annual installments shall be equal to the Actuarial Equivalent of the Participant’s Post-2021 Supplemental Plan Benefit, determined as of the applicable commencement date under paragraph (a) above, and payments shall continue on each anniversary thereof until ten (10) installment payments have been made. For purposes of this Section 5.3(b), installment payments shall be treated as a single form of payment.
5.4 Except as otherwise provided in this Section 5, no payment of a Supplemental Plan Benefit to a Participant shall commence before or after the applicable commencement dates provided in Sections 5.2(a) and 5.3(a). For purposes of this Section 5.4, if the Company makes a lump sum payment or an installment payment within the permitted distribution period (as defined below) for such payment and the actual date of such payment is not within the direct or indirect control of the Participant, such payment shall be treated as having been made on the payment date provided in Section 5.2(a) or Section 5.3(a), as applicable. The “permitted distribution period” for this purpose shall begin on the thirtieth day before the applicable commencement date provided in Section 5.2(a) or Section 5.3(a) and shall end on the last day of the calendar year that includes the applicable commencement date provided in Section 5.2(a) or Section 5.3(a).
5.5 Notwithstanding the provisions of Sections 5.1 through 5.4 but subject to the terms of an individual agreement between the Company and a Participant, the Company shall pay a Participant all or any portion of the Supplemental Plan Benefit accrued on the
Participant’s behalf in a lump sum as soon as is administratively reasonable following the occurrence of any of the events or conditions identified below. Such lump sum payment shall be equal to the amount, as determined by the Administrator, as is reasonably estimated to be required to satisfy the purpose of the accelerated payment. The events or conditions to which this Section 5.5 applies are:
(a) The Participant needs to avoid a violation of an applicable federal, state, local, or foreign ethics law or conflicts of interest law.
(b) The Participant incurs state, local, or foreign tax obligations arising from participation in the Plan that apply to a Plan interest before such interest is otherwise payable from the Plan.
(c) The Participant incurs federal employment tax obligations under Sections 3101, 3121(a), or 3121(v)(2) of the Code with respect to a Supplemental Plan Benefit and any federal, state, local, or foreign tax obligations arising from such employment tax obligations.
(d) The Plan is terminated and liquidated in accordance with generally applicable guidance prescribed by the Commissioner of Internal Revenue and published in the Internal Revenue Bulletin.
(e) Such other events or conditions as the Commissioner of Internal Revenue may prescribe in generally applicable guidance published in the Internal Revenue Bulletin which the Administrator, in its discretion, chooses to apply under the Plan; provided, however, that a Participant shall have no direct or indirect election as to the application of such events or conditions to his individual circumstances.
Any payment under this Section 5.5 shall be contingent upon the Administrator’s decision that a Participant has satisfied all material elements of an applicable event or condition and that the Participant produces evidence to that effect that is satisfactory to the Administrator. If any payment under this Section 5.5 is made and such
payment is less than the entire Supplemental Plan Benefit accrued on the Participant’s behalf, the Actuarial Equivalent of such payment shall offset any future payment of the Supplemental Plan Benefit to the Participant or any surviving spouse, Beneficiary or other person.
5.6 Notwithstanding the provisions of Sections 5.1 through 5.4 but subject to the terms of an individual agreement between the Company and a Participant, the Company may delay the payment of all or any portion of the Supplemental Plan Benefit accrued on the Participant’s behalf in connection with any of the events or conditions identified below; provided, however that, with respect to any given event or condition, the Administrator shall treat Plan payments to all similarly-situated Participants in a reasonably consistent manner:
(a) The Administrator reasonably anticipates that making scheduled Plan payments will violate federal securities laws or other applicable law; provided that the scheduled payments are then made at the earliest date at which the Administrator reasonably contemplates that making the scheduled payments will not cause such a violation.
(b) Such other events or conditions as the Commissioner of Internal Revenue may prescribe in generally applicable guidance published in the Internal Revenue Bulletin which the Administrator, in its discretion, chooses to apply under the Plan; provided, however, that a Participant shall have no direct or indirect election as to the application of such events or conditions to his individual circumstances.
5.7 If a Participant incurs a Separation from Service and payment of the Participant’s Supplemental Plan Benefit has commenced under this Section 5, payments shall not
be cancelled or suspended if the Participant is subsequently reemployed by the Company or an Affiliate.
SECTION 6 - COMMENCEMENT AND FORM OF
SUPPLEMENTAL PLAN BENEFITS TO SURVIVING SPOUSE
OR BENEFICIARY
6.1 Except as specifically provided herein or in an individual agreement between the Company and a Participant:
(a) Any Pre-2022 Supplemental Plan Benefit payable as a result of the Participant’s death, either prior to or following commencement of such benefit hereunder, shall be paid to the Participant’s surviving spouse or Beneficiary as soon as administratively practicable following the Participant’s death in the form of a cash lump sum equal to the lump sum Actuarial Equivalent of the surviving spouse’s benefit that would be payable under the Qualified Plan if such survivor benefit was derived from the Pre-2022 Supplemental Plan Benefit;
(b) Any Post-2021 Supplemental Plan Benefit payable as a result of the Participant’s death prior to commencement of a benefit hereunder shall be paid to the Participant’s surviving spouse or Beneficiary in the form of ten (10) annual installments commencing as of the date provided in Section 5.3(a). The amount of such installment payments shall be determined under Section 5.3(b); provided, however, that such installment payments shall be the Actuarial Equivalent of the surviving spouse’s benefit that would be payable under the Qualified Plan if such survivor benefit was derived from the Post-2021 Supplemental Plan Benefit; and
(c) Any Post-2021 Supplemental Plan Benefit payable as a result of the Participant’s death following commencement of such benefit hereunder shall be paid to the Participant’s surviving spouse or Beneficiary as a continuation of the annual installments that were being made to the Participant.
6.2 Notwithstanding the foregoing:
(a) Payment of a Supplemental Plan Benefit to a surviving spouse, or Beneficiary to the extent the Participant has reached their Earliest Retirement Date, as a result of a Participant’s death prior to commencement of a benefit hereunder shall not be made before the first day a spouse could commence payment of a surviving spouse’s benefit under the Qualified Plan;
(b) Except as provided in Section 6.2(c) or an individual agreement between an Employer and a Participant, payment of a Supplemental Plan Benefit to a surviving spouse or Beneficiary shall be subject to the same eligibility conditions and reductions for early commencement as are applied to corresponding benefits under the Qualified Plan. Without limiting the generality of the above, a Supplemental Plan Benefit shall be payable upon the death of a Participant who incurs a Separation from Service before his Earliest Retirement Date and dies before the Supplemental Plan Benefit accrued on his behalf is otherwise paid only if the Participant has satisfied all requirements of either Section 3.2 or Section 3.3 and is survived by a spouse who herself survives until the date a surviving spouse’s benefit would otherwise be payable under the Qualified Plan;
(c) Notwithstanding the foregoing provisions of this Section 6 but subject to the terms of an individual agreement between the Company and a Participant, a death benefit shall be payable from the Plan with respect to a Participant who incurs a Separation from Service on or after his Earliest Retirement Date and
dies before the Supplemental Plan Benefit accrued on his behalf is otherwise paid. Such death benefit shall be paid to the Participant’s surviving spouse or Beneficiary. The amount of the death benefit and the form in which it is paid shall be equal to the amount that would have been paid to the Participant on the date the death benefit is paid had the Participant survived to receive payment on such date, applying the principles of Sections 5.2 and 5.3; and
(d) The provisions of Sections 5.4, 5.5 and 5.6 shall apply with respect to Supplemental Plan Benefits payable to a surviving spouse of Beneficiary, substituting “surviving spouse” or “Beneficiary” for “Participant”, as appropriate.
SECTION 7 - AMENDMENT AND TERMINATION
The Company expects to continue the Plan indefinitely but reserves the right to amend or terminate the Plan at any time, if, in its sole judgment, such amendment or termination is necessary or desirable. Any such amendment or termination shall be made pursuant to a resolution of the Committee and shall be effective as of the date specified in such resolution. Without consent of the Participant, no amendment or termination of the Plan shall reduce the amount of any Participant’s Supplemental Plan Benefit earned as of the time of amendment or termination. For purposes of this limitation, an amendment that changes the assumptions used to determine Actuarial Equivalent optional forms of
benefit (including, without limitation, lump sum payments) shall not be considered to reduce the amount of any Participant’s Supplemental Plan Benefit. Except as may otherwise be provided by the Company, in the event of a termination of the Plan, the Company (or any transferee, or successor entity of the Company) shall be obligated to pay Supplemental Plan Benefits to Participants, surviving spouses and Beneficiaries at such time or times and in such forms as provided under the terms of the Plan. Notwithstanding the foregoing provisions of this Section 7, the Company reserves the
right to terminate and liquidate the Plan in accordance with generally applicable guidance prescribed by the Commissioner of Internal Revenue and published in the Internal Revenue Bulletin.
SECTION 8 - MISCELLANEOUS
8.1 NO EFFECT ON EMPLOYMENT RIGHTS
Nothing contained herein shall be construed as creating any contract of employment between the Company or any Affiliate and any Participant nor shall any provision hereof confer upon any Participant the right to be retained in the service of the Company or any Affiliate nor limit the right of the Company or any Affiliate to discharge or otherwise deal with Participants without regard to the existence of the Plan.
8.2 GENERAL CONTRACTUAL OBLIGATION
It is the intent of this Plan, and each Participant understands, that no trust has been created for his or her benefit in connection with this Plan and that eligibility and participation in this Plan does not grant any Participant, surviving spouse or Beneficiary any interest in any asset of the Company or any Affiliate. The Company’s obligation to pay to the Participant, surviving spouse or Beneficiary the amounts credited hereunder is a general contract obligation and shall be satisfied solely from the general assets of the Company. Nothing contained in the Plan shall constitute a guaranty by the Company, any Affiliate, or any other entity or person that the assets of the Company will be sufficient to pay amounts determined in accordance with the Plan. The obligation of the Company under the Plan shall be merely that of an unfunded and unsecured promise of the Company to pay amounts in the future. In each case in which amounts represented by a Participant’s Supplemental Retirement Benefit have been distributed to the Participant, surviving spouse, Beneficiary, or other person entitled to receipt thereof and which
purports to cover in full the benefits hereunder, such Participant, surviving spouse, Beneficiary or other person shall have no further right or interest in the other assets of the Company on account of participation in the Plan. Notwithstanding a Participant’s entitlement to any amounts under the terms of the Plan, the status of the Participant, or of any person claiming by or through the Participant, is that of an unsecured general creditor to the extent of his entire interest under the Plan as herein described.
8.3 BINDING ON COMPANY, PARTICIPANTS AND THEIR SUCCESSORS
The Plan shall be binding upon and inure to the benefit of the Company and Affiliates, their successors and assigns and Participants and their heirs, executors, administrators and legal representatives. In the event of the merger or consolidation of the Company with or into any other corporation, or in the event substantially all of the assets of the Company shall be transferred to another corporation, the successor corporation resulting from the merger or consolidation, or the transferee of such assets, as the case may be, shall, as a condition to the consummation of the merger, consolidation or transfer, assume the obligations of the Company hereunder and shall be substituted for the Company hereunder.
8.4 SPENDTHRIFT PROVISIONS
The interest of a Participant, or of his surviving spouse or Beneficiary, under the Plan shall not be subject in any manner to anticipation, alienation, sale, transfer, assignment, pledge, encumbrance, or charge, either voluntarily or involuntarily, prior to the Participant’s, spouse’s or Beneficiary’s actual receipt of amounts represented by the Supplemental Plan Benefits credited under the Plan on his or her behalf; any attempt to anticipate, alienate, sell, transfer, assign, pledge, encumber or charge any such interest prior to such receipt shall be void. Amounts credited hereunder and not paid to a Participant, surviving spouse or Beneficiary shall not be subject to garnishment, attachment or other legal or equitable
process nor shall they be an asset in bankruptcy. Notwithstanding the preceding sentence, no amount shall be payable from this Plan to a Participant, or any person claiming by or through a Participant, unless and until any and all amounts representing debts or other obligations owed to the Company or any Affiliate by the Participant have been fully paid and satisfied; provided, however, that any such offset, as applicable to a person’s Plan interest, shall not exceed such offset as is permitted under Section 409A of the Code. The Company shall not be liable in any manner for or subject to the debts, contracts, liabilities, torts or engagements of any person on whose behalf a Supplemental Plan Benefit is being maintained under the Plan.
8.5 DISCLOSURE
Each Participant, upon his written request, shall receive a copy of the Plan and the Administrator will make available for inspection by any Participant a copy of any written rules and regulations used by the Administrator in administering the Plan.
8.6 INCAPACITY OF RECIPIENT
In the event a Participant, surviving spouse or Beneficiary is declared incompetent and a guardian, conservator or other person legally charged with the care of his person or of his estate is appointed, any Supplemental Plan Benefit to which such Participant, surviving spouse or Beneficiary is entitled shall be paid to such guardian, conservator or other person legally charged with the care of his person or his estate. Except as provided in the preceding sentence, when the Administrator, in its sole discretion, determines that a Participant, surviving spouse or Beneficiary is unable to manage his financial affairs, the Administrator may direct the Company to make a distribution(s) of all or a portion of the Supplemental Plan Benefit maintained on behalf of such Participant, surviving spouse or Beneficiary to any one or more of the spouse, lineal ascendants or descendants or other closest living relatives of such Participant, surviving spouse or Beneficiary who
demonstrates to the satisfaction of the Administrator the propriety of making such a distribution(s). Any payment so made shall not exceed such amount as is permitted under Section 409A of the Code and shall be in complete discharge of any liability of the Company and Administrator under the Plan for such payment. The Administrator shall not be required to see to the application of any such distribution made as provided above.
8.7 INFORMATION FURNISHED BY PARTICIPANTS AND BENEFICIARIES
Neither the Company nor the Administrator shall be liable or responsible for any error in the computation of a Participant’s, surviving spouse’s or Beneficiary’s interest under the Plan resulting from any misstatement of fact made by the Participant, surviving spouse or Beneficiary, directly or indirectly, to the Company or to the Administrator and used by it in determining any benefit under the Plan to the Participant, surviving spouse or Beneficiary. Neither the Company nor the Administrator shall be obligated or required to increase the Plan interest of any such Participant, surviving spouse or Beneficiary which, on discovery of the misstatement, is found to be understated as a result of such misstatement. However, the Plan interest of any Participant, surviving spouse or Beneficiary which is overstated by reason of any such misstatement shall be reduced to the amount appropriate in view of accurate facts.
8.8 OVERPAYMENTS
If a payment made from the Plan is found to be greater than the payment to which a Participant, surviving spouse or Beneficiary is entitled due to factual errors, mathematical errors or otherwise, the Administrator may, in its discretion and to the extent consistent with Section 409A of the Code, exercise such legal or equitable remedies as it deems appropriate to correct the overpayment.
8.9 UNCLAIMED BENEFIT
In the event that any amount determined to be payable to a Participant, surviving spouse or Beneficiary hereunder remains unclaimed by such Participant, surviving spouse or Beneficiary for a period of four years after the whereabouts or existence of such person was last known to the Administrator, the Administrator may direct that all rights of such person to such amounts be terminated absolutely; provided, however, that if such Participant, surviving spouse or Beneficiary subsequently appears and files a claim for payment in accordance with Section 2 and such claim is fully or partially successful, the liability under the Plan for an amount equal to the successful claim shall be reinstated.
8.10 ELECTIONS, APPLICATIONS, NOTICES
Every designation, direction, election, revocation or notice authorized or required under the Plan which is to be delivered to the Company or the Administrator shall be deemed delivered to the Company or the Administrator as the case may be: (a) on the date it is personally delivered to the Administrator at the Company’s executive offices at 100 Erie Insurance Place, Erie, Pennsylvania 16530 or (b) three business days after it is sent by registered or certified mail, postage prepaid, addressed to the Administrator at the offices indicated above. Every such item which is to be delivered to a person or entity designated by the Administrator to perform recordkeeping and other administrative services on behalf of the Plan shall be deemed delivered to such person or entity when it is actually received (either physically or through interactive electronic communication) by such person or entity. Every designation, direction, election, revocation or notice authorized or required which is to be delivered to a Participant, surviving spouse or Beneficiary shall be deemed delivered to a Participant, surviving spouse or Beneficiary: (a) on the date it is personally delivered to such individual (either physically or through interactive electronic communication), or (b) three business days after it is sent by
registered or certified mail, postage prepaid, addressed to such individual at the last address shown for him on the Company’s records. Any notice required under the Plan may be waived by the person entitled thereto.
8.11 COUNTERPARTS
This Plan may be executed in any number of counterparts, each of which shall be considered as an original, and no other counterparts need be produced.
8.12 SEVERABILITY
In the event any provision of this Plan shall be held illegal or invalid for any reason, such illegality or invalidity shall not affect the remaining provisions of the Plan. This Plan shall be construed and enforced as if such illegal or invalid provision had never been contained herein.
8.13 GOVERNING LAW
The Plan is established under and will be construed according to the laws of the Commonwealth of Pennsylvania to the extent that such laws are not preempted by
ERISA and regulations promulgated thereunder.
8.14 HEADINGS
The headings of Sections of this Plan are for convenience of reference only and shall have no substantive effect on the provisions of this Plan.
8.15 CONSTRUCTION
(a) The masculine gender, where appearing in this Plan, shall be deemed to also include the feminine gender. The singular shall also include the plural, where appropriate.
(b) This document is intended to memorialize the provisions of the Plan as amended to comply with guidance promulgated by the Internal Revenue Service pursuant to Section 409A of the Code. As a result, the Administrator shall interpret and construe the terms of the document to be consistent with such Internal Revenue Service guidance. No Plan interest is treated as “grandfathered” within the meaning of such Internal Revenue Service guidance.
Executed at Erie, Pennsylvania this 15th day of August, 2023, effective as of
January 1, 2023.
| | | | | | | | | | | | | | |
| | | | |
| | | | |
| | | ERIE INDEMNITY COMPANY |
| | | | |
| | | | |
| | | By: | /s/ Brian W. Bolash |
| | | | |
| | | Title: | Executive Vice President Secretary & General Counsel |
ATTEST: | | | | |
| | | | |
/s/ Nathaniel Ehrman | | | |
Exhibit 31.1
CERTIFICATION OF CHIEF EXECUTIVE OFFICER
PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Timothy G. NeCastro, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Erie Indemnity Company;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected or is reasonably likely to materially affect the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
Date: | October 26, 2023 | |
| | |
| | /s/ Timothy G. NeCastro |
| | Timothy G. NeCastro |
| | President & CEO |
Exhibit 31.2
CERTIFICATION OF CHIEF FINANCIAL OFFICER
PURSUANT TO SECTION 302
OF THE SARBANES-OXLEY ACT OF 2002
I, Julie M. Pelkowski, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Erie Indemnity Company;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected or is reasonably likely to materially affect the registrant's internal control over financial reporting; and
5. The registrant's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors:
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| | | | | | | | |
Date: | October 26, 2023 | |
| | |
| | /s/ Julie M. Pelkowski |
| | Julie M. Pelkowski |
| | Executive Vice President & CFO |
Exhibit 32
CERTIFICATION PURSUANT TO
18 U.S.C. SECTION 1350,
AS ADOPTED PURSUANT TO
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
We, Timothy G. NeCastro, Chief Executive Officer of the Erie Indemnity Company (the "Company"), and Julie M. Pelkowski, Chief Financial Officer of the Company, certify, pursuant to § 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, that:
(1)The Quarterly Report on Form 10-Q of the Company for the quarterly period ended September 30, 2023 (the "Report") fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m); and
(2)The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company.
| | | | | |
/s/ Timothy G. NeCastro | |
Timothy G. NeCastro | |
President & CEO | |
| |
/s/ Julie M. Pelkowski | |
Julie M. Pelkowski | |
Executive Vice President & CFO | |
| |
| |
October 26, 2023 | |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.3
Cover Page - shares
|
9 Months Ended |
|
Sep. 30, 2023 |
Oct. 20, 2023 |
Document Information [Line Items] |
|
|
Document Type |
10-Q
|
|
Document Quarterly Report |
true
|
|
Document Period End Date |
Sep. 30, 2023
|
|
Document Transition Report |
false
|
|
Entity File Number |
0-24000
|
|
Entry Registrant Name |
ERIE INDEMNITY COMPANY
|
|
Entity Incorporation, State or Country Code |
PA
|
|
Entity Tax Identification Number |
25-0466020
|
|
Entity Address, Address Line One |
100 Erie Insurance Place,
|
|
Entity Address, City or Town |
Erie,
|
|
Entity Address, State or Province |
PA
|
|
Entity Address, Postal Zip Code |
16530
|
|
City Area Code |
814
|
|
Local Phone Number |
870-2000
|
|
Title of 12(b) Security |
Class A common stock,
|
|
Trading Symbol |
ERIE
|
|
Security Exchange Name |
NASDAQ
|
|
Entity Current Reporting Status |
Yes
|
|
Entity Interactive Data Current |
Yes
|
|
Entity Filer Category |
Large Accelerated Filer
|
|
Entity Small Business |
false
|
|
Entity Emerging Growth Company |
false
|
|
Entity Shell Company |
false
|
|
Entity Central Index Key |
0000922621
|
|
Amendment Flag |
false
|
|
Document Fiscal Year Focus |
2023
|
|
Document Fiscal Period Focus |
Q3
|
|
Current Fiscal Year End Date |
--12-31
|
|
Class A common stock |
|
|
Document Information [Line Items] |
|
|
Entity Common Stock, Shares Outstanding |
|
46,189,068
|
Class B common stock |
|
|
Document Information [Line Items] |
|
|
Entity Common Stock, Shares Outstanding |
|
2,542
|
X |
- DefinitionBoolean flag that is true when the XBRL content amends previously-filed or accepted submission.
+ References
+ Details
Name: |
dei_AmendmentFlag |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionEnd date of current fiscal year in the format --MM-DD.
+ References
+ Details
Name: |
dei_CurrentFiscalYearEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gMonthDayItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.
+ References
+ Details
Name: |
dei_DocumentFiscalPeriodFocus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fiscalPeriodItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThis is focus fiscal year of the document report in YYYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.
+ References
+ Details
Name: |
dei_DocumentFiscalYearFocus |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:gYearItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFor the EDGAR submission types of Form 8-K: the date of the report, the date of the earliest event reported; for the EDGAR submission types of Form N-1A: the filing date; for all other submission types: the end of the reporting or transition period. The format of the date is YYYY-MM-DD.
+ References
+ Details
Name: |
dei_DocumentPeriodEndDate |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:dateItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as an quarterly report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Form 10-Q -Number 240 -Section 308 -Subsection a
+ Details
Name: |
dei_DocumentQuarterlyReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true only for a form used as a transition report.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Forms 10-K, 10-Q, 20-F -Number 240 -Section 13 -Subsection a-1
+ Details
Name: |
dei_DocumentTransitionReport |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.
+ References
+ Details
Name: |
dei_DocumentType |
Namespace Prefix: |
dei_ |
Data Type: |
dei:submissionTypeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAddress Line 1 such as Attn, Building Name, Street Name
+ References
+ Details
Name: |
dei_EntityAddressAddressLine1 |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Definition
+ References
+ Details
Name: |
dei_EntityAddressCityOrTown |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCode for the postal or zip code
+ References
+ Details
Name: |
dei_EntityAddressPostalZipCode |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the state or province.
+ References
+ Details
Name: |
dei_EntityAddressStateOrProvince |
Namespace Prefix: |
dei_ |
Data Type: |
dei:stateOrProvinceItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityCentralIndexKey |
Namespace Prefix: |
dei_ |
Data Type: |
dei:centralIndexKeyItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.
+ References
+ Details
Name: |
dei_EntityCommonStockSharesOutstanding |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionIndicate 'Yes' or 'No' whether registrants (1) have filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ References
+ Details
Name: |
dei_EntityCurrentReportingStatus |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate if registrant meets the emerging growth company criteria.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityEmergingGrowthCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionCommission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.
+ References
+ Details
Name: |
dei_EntityFileNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:fileNumberItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityFilerCategory |
Namespace Prefix: |
dei_ |
Data Type: |
dei:filerCategoryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTwo-character EDGAR code representing the state or country of incorporation.
+ References
+ Details
Name: |
dei_EntityIncorporationStateCountryCode |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarStateCountryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-T -Number 232 -Section 405
+ Details
Name: |
dei_EntityInteractiveDataCurrent |
Namespace Prefix: |
dei_ |
Data Type: |
dei:yesNoItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityRegistrantName |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionBoolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityShellCompany |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicates that the company is a Smaller Reporting Company (SRC).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntitySmallBusiness |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:booleanItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b-2
+ Details
Name: |
dei_EntityTaxIdentificationNumber |
Namespace Prefix: |
dei_ |
Data Type: |
dei:employerIdItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLocal phone number for entity.
+ References
+ Details
Name: |
dei_LocalPhoneNumber |
Namespace Prefix: |
dei_ |
Data Type: |
xbrli:normalizedStringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTitle of a 12(b) registered security.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection b
+ Details
Name: |
dei_Security12bTitle |
Namespace Prefix: |
dei_ |
Data Type: |
dei:securityTitleItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionName of the Exchange on which a security is registered.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Exchange Act -Number 240 -Section 12 -Subsection d1-1
+ Details
Name: |
dei_SecurityExchangeName |
Namespace Prefix: |
dei_ |
Data Type: |
dei:edgarExchangeCodeItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTrading symbol of an instrument as listed on an exchange.
+ References
+ Details
Name: |
dei_TradingSymbol |
Namespace Prefix: |
dei_ |
Data Type: |
dei:tradingSymbolItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Operating revenue |
|
|
|
|
Total operating revenue |
$ 858,938
|
$ 741,236
|
$ 2,451,273
|
$ 2,139,489
|
Operating expenses |
|
|
|
|
Total operating expenses |
710,467
|
634,764
|
2,058,101
|
1,844,705
|
Operating income |
148,471
|
106,472
|
393,172
|
294,784
|
Investment income |
|
|
|
|
Net investment income |
14,642
|
5,834
|
30,360
|
24,606
|
Net realized and unrealized investment losses |
(2,227)
|
(6,230)
|
(9,246)
|
(23,833)
|
Net impairment losses recognized in earnings |
(113)
|
(175)
|
(1,917)
|
(429)
|
Total investment income (loss) |
12,302
|
(571)
|
19,197
|
344
|
Interest expense |
0
|
115
|
0
|
2,009
|
Other income |
3,001
|
562
|
9,643
|
1,372
|
Income before income taxes |
163,774
|
106,348
|
422,012
|
294,491
|
Income tax expense |
32,734
|
22,035
|
86,879
|
61,412
|
Net income |
$ 131,040
|
$ 84,313
|
$ 335,133
|
$ 233,079
|
Class A common stock |
|
|
|
|
Earnings per share - Basic and diluted: |
|
|
|
|
Common stock - basic (in dollars per share) |
$ 2.81
|
$ 1.81
|
$ 7.20
|
$ 5.00
|
Common stock - diluted (in dollars per share) |
$ 2.51
|
$ 1.61
|
$ 6.41
|
$ 4.46
|
Weighted average shares outstanding – Basic |
|
|
|
|
Common stock - basic (in shares) |
46,189,037
|
46,189,025
|
46,188,962
|
46,188,878
|
Weighted average shares outstanding – Diluted |
|
|
|
|
Common stock - diluted (in shares) |
52,299,369
|
52,296,411
|
52,298,655
|
52,297,685
|
Dividends declared per share |
|
|
|
|
Dividends declared (in dollars per share) |
$ 1.19
|
$ 1.11
|
$ 3.57
|
$ 3.33
|
Class B common stock |
|
|
|
|
Earnings per share - Basic and diluted: |
|
|
|
|
Common stock - basic (in dollars per share) |
422
|
272
|
1,079
|
751
|
Common stock - diluted (in dollars per share) |
$ 422
|
$ 272
|
$ 1,079
|
$ 751
|
Weighted average shares outstanding – Basic |
|
|
|
|
Common stock - basic (in shares) |
2,542
|
2,542
|
2,542
|
2,542
|
Weighted average shares outstanding – Diluted |
|
|
|
|
Common stock - diluted (in shares) |
2,542
|
2,542
|
2,542
|
2,542
|
Dividends declared per share |
|
|
|
|
Dividends declared (in dollars per share) |
$ 178.50
|
$ 166.50
|
$ 535.50
|
$ 499.50
|
Management fee revenue - policy issuance and renewal services |
|
|
|
|
Operating revenue |
|
|
|
|
Total operating revenue |
$ 649,049
|
$ 551,666
|
$ 1,840,478
|
$ 1,584,213
|
Operating expenses |
|
|
|
|
Total operating expenses |
523,349
|
466,111
|
1,513,690
|
1,352,050
|
Management fee revenue - administrative services |
|
|
|
|
Operating revenue |
|
|
|
|
Total operating revenue |
16,151
|
14,657
|
46,976
|
43,446
|
Administrative services reimbursement revenue |
|
|
|
|
Operating revenue |
|
|
|
|
Total operating revenue |
187,118
|
168,653
|
544,411
|
492,655
|
Operating expenses |
|
|
|
|
Total operating expenses |
187,118
|
168,653
|
544,411
|
492,655
|
Service agreement revenue |
|
|
|
|
Operating revenue |
|
|
|
|
Total operating revenue |
$ 6,620
|
$ 6,260
|
$ 19,408
|
$ 19,175
|
X |
- DefinitionAvailable-For-Sale Debt Securities And Financing Receivables, Impairment Loss (Recovery) Recognized in Earnings
+ References
+ Details
Name: |
erie_AvailableForSaleDebtSecuritiesAndFinancingReceivablesImpairmentLossRecoveryNet |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionEarnings Per Share Basic And Diluted Abstract1
+ References
+ Details
Name: |
erie_EarningsPerShareBasicAndDilutedAbstract1Abstract |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, after investment expense, of income earned from investments in securities and limited partnerships. Includes, but is not limited to, dividends, interest, and amount of income (loss) for proportionate share of equity method investee's income (loss).
+ References
+ Details
Name: |
erie_NetInvestmentIncomeAndIncomeLossFromEquityMethodInvestments |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAggregate dividends declared during the period for each share of common stock outstanding.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_CommonStockDividendsPerShareDeclared |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of unrealized and realized gain (loss) on investment in debt and equity securities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_DebtAndEquitySecuritiesGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_DividendsCommonStockAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(27)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 52 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
+ Details
Name: |
us-gaap_EarningsPerShareBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(27)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 52 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
+ Details
Name: |
us-gaap_EarningsPerShareDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of the cost of borrowed funds accounted for as interest expense.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 835 -SubTopic 30 -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482925/835-30-45-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (210.5-03(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 835 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483013/835-20-50-1
+ Details
Name: |
us-gaap_InterestExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentIncomeNonoperatingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after investment expense, of income earned from investments in securities and real estate. Includes, but is not limited to, real estate investment, policy loans, dividends, and interest. Excludes realized gain (loss) on investments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 45 -Paragraph 5 -SubTopic 220 -Topic 946 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-5
+ Details
Name: |
us-gaap_NetInvestmentIncome |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionGenerally recurring costs associated with normal operations except for the portion of these expenses which can be clearly related to production and included in cost of sales or services. Includes selling, general and administrative expense.
+ References
+ Details
Name: |
us-gaap_OperatingExpenses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OperatingExpensesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe net result for the period of deducting operating expenses from operating revenues.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
+ Details
Name: |
us-gaap_OperatingIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of income (expense) related to nonoperating activities, classified as other.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_OtherNonoperatingIncomeExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 924 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 11.L) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RevenuesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-16
+ Details
Name: |
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
+ Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingBasicAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=erie_PolicyIssuanceandRenewalServicesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=erie_AdministrativeServicesManagementFeeMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=erie_AdministrativeServicesReimbursementsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=erie_ServiceAgreementMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Statement of Comprehensive Income [Abstract] |
|
|
|
|
Net income |
$ 131,040
|
$ 84,313
|
$ 335,133
|
$ 233,079
|
Other comprehensive loss, net of tax |
|
|
|
|
Change in unrealized holding (losses) gains on available-for-sale securities |
(5,902)
|
(17,178)
|
2,846
|
(69,082)
|
Amortization of prior service costs and net actuarial (gain) loss on pension and other postretirement plans |
(2,742)
|
1,731
|
(8,226)
|
5,198
|
Total other comprehensive loss, net of tax |
(8,644)
|
(15,447)
|
(5,380)
|
(63,884)
|
Comprehensive income |
$ 122,396
|
$ 68,866
|
$ 329,753
|
$ 169,195
|
X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(24)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(26)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-5
+ Details
Name: |
us-gaap_ComprehensiveIncomeNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after tax and reclassification adjustment, of gain (loss) in value of unsold investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), attributable to parent.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after tax and reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan, attributable to parent.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 10A -Subparagraph (i-k) -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-10A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of other comprehensive income (loss) attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_StatementOfIncomeAndComprehensiveIncomeAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
STATEMENTS OF FINANCIAL POSITION - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Current assets: |
|
|
Cash and cash equivalents |
$ 102,873
|
$ 142,090
|
Available-for-sale securities |
69,822
|
24,267
|
Receivables from Erie Insurance Exchange and affiliates, net |
620,683
|
524,937
|
Prepaid expenses and other current assets |
71,480
|
79,201
|
Accrued investment income |
8,968
|
8,301
|
Total current assets |
873,826
|
778,796
|
Available-for-sale securities, net |
845,415
|
870,394
|
Equity securities |
79,516
|
72,560
|
Fixed assets, net |
434,975
|
413,874
|
Agent loans, net |
59,544
|
60,537
|
Defined benefit pension plan |
65,163
|
0
|
Other assets |
36,110
|
43,295
|
Total assets |
2,394,549
|
2,239,456
|
Current liabilities: |
|
|
Commissions payable |
357,614
|
300,028
|
Agent bonuses |
50,252
|
95,166
|
Accounts payable and accrued liabilities |
165,797
|
165,915
|
Dividends payable |
55,419
|
55,419
|
Contract liability |
40,831
|
36,547
|
Deferred executive compensation |
11,000
|
12,036
|
Total current liabilities |
680,913
|
665,111
|
Defined benefit pension plans |
27,744
|
51,224
|
Contract liability |
19,653
|
17,895
|
Deferred executive compensation |
18,547
|
13,724
|
Deferred income taxes, net |
11,045
|
14,075
|
Other long-term liabilities |
24,758
|
29,019
|
Total liabilities |
782,660
|
791,048
|
Shareholders’ equity |
|
|
Additional paid-in-capital |
16,466
|
16,481
|
Accumulated other comprehensive loss |
(12,794)
|
(7,414)
|
Retained earnings |
2,752,137
|
2,583,261
|
Total contributed capital and retained earnings |
2,757,979
|
2,594,498
|
Treasury stock, at cost; 22,110,132 shares held |
(1,168,761)
|
(1,168,949)
|
Deferred compensation |
22,671
|
22,859
|
Total shareholders’ equity |
1,611,889
|
1,448,408
|
Total liabilities and shareholders’ equity |
2,394,549
|
2,239,456
|
Class A common stock |
|
|
Shareholders’ equity |
|
|
Common stock |
1,992
|
1,992
|
Class B common stock |
|
|
Shareholders’ equity |
|
|
Common stock |
$ 178
|
$ 178
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred and payable for incentive compensation awarded to independent agents or earned by them based on the terms of one or more relevant arrangements. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ References
+ Details
Name: |
erie_AgentBonusesPayableCurrent |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionValue of common stock issued to a trust (for example, a 'rabbi trust') set up specifically to accumulate stock for the sole purpose of distribution to deferred compensation plan participants. This trust does not allow participants to immediately or after a holding period diversify into nonemployer securities. The deferred compensation plan for which this trust is set up must be settled by the delivery of a fixed number of shares of employer stock.
+ References
+ Details
Name: |
erie_CommonStockIssuedStockTrust |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount after amortization, accumulated depreciation and depletion, of assets, excluding financial assets and goodwill, lacking physical substance with a finite life and physical assets used in the normal conduct of business to produce goods and services and not intended for resale. Examples include, but are not limited to, capitalized internally developed software, land, buildings, machinery and equipment, office equipment, and furniture and fixtures.
+ References
+ Details
Name: |
erie_FiniteLivedIntangibleAssetsAndPropertyPlantAndEquipmentNet |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying values as of the balance sheet date of obligations incurred through that date and due within one year (or the operating cycle, if longer), including liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received, taxes, interest, rent and utilities, accrued salaries and bonuses, payroll taxes and fringe benefits.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19,20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AccountsPayableAndAccruedLiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-9
+ Details
Name: |
us-gaap_AccountsReceivableNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionInterest, dividends, rents, ancillary and other revenues earned but not yet received by the entity on its investments.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_AccruedInvestmentIncomeReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred through that date and payable for sales commissions. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 8 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AccruedSalesCommissionCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionValue received from shareholders in common stock-related transactions that are in excess of par value or stated value and amounts received from other stock-related transactions. Includes only common stock transactions (excludes preferred stock transactions). May be called contributed capital, capital in excess of par, capital surplus, or paid-in capital.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_AdditionalPaidInCapitalCommonStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are recognized. Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(8)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 20: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 23: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 26: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(11)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_Assets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all assets that are expected to be realized in cash, sold, or consumed within one year (or the normal operating cycle, if longer). Assets are probable future economic benefits obtained or controlled by an entity as a result of past transactions or events.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
+ Details
Name: |
us-gaap_AssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_AssetsCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481830/320-10-45-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtSecuritiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481830/320-10-45-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtSecuritiesNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAggregate par or stated value of issued nonredeemable common stock (or common stock redeemable solely at the option of the issuer). This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable common shares, par value and other disclosure concepts are in another section within stockholders' equity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-2
+ Details
Name: |
us-gaap_ContractWithCustomerLiabilityCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479837/606-10-45-2
+ Details
Name: |
us-gaap_ContractWithCustomerLiabilityNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements payable beyond one year (or the operating cycle, if longer).
+ References
+ Details
Name: |
us-gaap_DeferredCompensationLiabilityClassifiedNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAggregate carrying value as of the balance sheet date of the liabilities for all deferred compensation arrangements payable within one year (or the operating cycle, if longer). Represents currently earned compensation under compensation arrangements that is not actually paid until a later date.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 710 -SubTopic 10 -Name Accounting Standards Codification -Section 25 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483070/710-10-25-9
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 710 -SubTopic 10 -Section 30 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483043/710-10-30-2
+ Details
Name: |
us-gaap_DeferredCompensationLiabilityCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liability, recognized in statement of financial position, for defined benefit pension plan, classified as noncurrent. Excludes other postretirement benefit plan.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480535/715-20-45-3
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(24)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480535/715-20-45-2
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 715 -SubTopic 20 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
+ Details
Name: |
us-gaap_DefinedBenefitPensionPlanLiabilitiesNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(7)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480535/715-20-45-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480535/715-20-45-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionCarrying value as of the balance sheet date of dividends declared but unpaid on equity securities issued by the entity and outstanding. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.20) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_DividendsPayableCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI), classified as noncurrent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482736/825-10-45-1A
+ Details
Name: |
us-gaap_EquitySecuritiesFVNINoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionSum of the carrying amounts as of the balance sheet date of all liabilities that are recognized. Liabilities are probable future sacrifices of economic benefits arising from present obligations of an entity to transfer assets or provide services to other entities in the future.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(14)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 21: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 22: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19-26) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_Liabilities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities and equity items, including the portion of equity attributable to noncontrolling interests, if any.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(32)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilitiesAndStockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionTotal obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (bb) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483467/210-10-45-5
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 19: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481404/852-10-50-7
Reference 21: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.21) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LiabilitiesCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_LiabilitiesCurrentAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, after allowance for credit loss, of financing receivable, classified as noncurrent.
+ References
+ Details
Name: |
us-gaap_NotesAndLoansReceivableNetNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of noncurrent assets classified as other.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_OtherAssetsNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of liabilities classified as other, due after one year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.24) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_OtherLiabilitiesNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of asset related to consideration paid in advance for costs that provide economic benefits in future periods, and amount of other assets that are expected to be realized or consumed within one year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_PrepaidExpenseAndOtherAssetsCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of accumulated undistributed earnings (deficit).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-11
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(17)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 8: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_RetainedEarningsAccumulatedDeficit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 4.E) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_StockholdersEquityAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTotal amount of stockholders' equity (deficit) items including stock value, paid in capital, retained earnings and including equity attributable to noncontrolling interests and before deducting the carrying value of treasury stock.
+ References
+ Details
Name: |
us-gaap_StockholdersEquityBeforeTreasuryStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount allocated to previously issued common shares repurchased by the issuing entity and held in treasury.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481520/505-30-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481549/505-30-45-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.30) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_TreasuryStockCommonValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
STATEMENTS OF FINANCIAL POSITION (Parenthetical)
|
Sep. 30, 2023
$ / shares
shares
|
Dec. 31, 2022
$ / shares
shares
|
Treasury stock (in shares) |
22,110,132
|
22,110,132
|
Class A common stock |
|
|
Common stock, stated value per share (in dollars per share) | $ / shares |
$ 0.0292
|
$ 0.0292
|
Common stock, authorized (in shares) |
74,996,930
|
74,996,930
|
Common stock, issued (in shares) |
68,299,200
|
68,299,200
|
Common stock, outstanding (in shares) |
46,189,068
|
46,189,068
|
Class B common stock |
|
|
Common stock, stated value per share (in dollars per share) | $ / shares |
$ 70
|
$ 70
|
Common stock, authorized (in shares) |
3,070
|
3,070
|
Common stock, issued (in shares) |
2,542
|
2,542
|
Common stock, outstanding (in shares) |
2,542
|
2,542
|
Ratio for converting shares of Class B common stock into shares of Class A common stock |
2,400
|
2,400
|
X |
- DefinitionThe ratio applied to Class B common stock shares for purposes of determining the number of Class A common stock shares into which the stock will be converted (the number of Class A common stock shares into which one Class B common stock share may be converted).
+ References
+ Details
Name: |
erie_CommonStockConversionRatio |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:pureItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionFace amount or stated value per share of common stock.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockParOrStatedValuePerShare |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionThe maximum number of common shares permitted to be issued by an entity's charter and bylaws.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesAuthorized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionTotal number of common shares of an entity that have been sold or granted to shareholders (includes common shares that were issued, repurchased and remain in the treasury). These shares represent capital invested by the firm's shareholders and owners, and may be all or only a portion of the number of shares authorized. Shares issued include shares outstanding and shares held in the treasury.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesIssued |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares of common stock outstanding. Common stock represent the ownership interest in a corporation.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(16)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_CommonStockSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionNumber of previously issued common shares repurchased by the issuing entity and held in treasury.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 505 -SubTopic 30 -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481549/505-30-45-1
+ Details
Name: |
us-gaap_TreasuryStockCommonShares |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands |
Total |
Class A common stock |
Class B common stock |
Common stock
Class A common stock
|
Common stock
Class B common stock
|
Additional paid-in-capital |
Accumulated other comprehensive (loss) income |
Retained earnings |
Retained earnings
Class A common stock
|
Retained earnings
Class B common stock
|
Treasury stock |
Deferred compensation |
Beginning balance at Dec. 31, 2021 |
|
$ 1,342,478
|
|
|
$ 1,992
|
$ 178
|
$ 16,496
|
$ (25,288)
|
$ 2,495,190
|
|
|
$ (1,167,828)
|
$ 21,738
|
Increase (decrease) in shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
68,619
|
|
|
|
|
|
|
68,619
|
|
|
|
|
Other comprehensive income (loss) |
|
(25,189)
|
|
|
|
|
|
(25,189)
|
|
|
|
|
|
Dividends declared: |
|
|
$ (51,270)
|
$ (423)
|
|
|
|
|
|
$ (51,270)
|
$ (423)
|
|
|
Net purchase of treasury stock |
[1] |
(15)
|
|
|
|
|
(15)
|
|
|
|
|
0
|
|
Deferred compensation |
|
0
|
|
|
|
|
|
|
|
|
|
(802)
|
802
|
Rabbi trust distribution |
[2] |
0
|
|
|
|
|
|
|
|
|
|
298
|
(298)
|
Ending balance at Mar. 31, 2022 |
|
1,334,200
|
|
|
1,992
|
178
|
16,481
|
(50,477)
|
2,512,116
|
|
|
(1,168,332)
|
22,242
|
Beginning balance at Dec. 31, 2021 |
|
1,342,478
|
|
|
1,992
|
178
|
16,496
|
(25,288)
|
2,495,190
|
|
|
(1,167,828)
|
21,738
|
Increase (decrease) in shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
233,079
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
(63,884)
|
|
|
|
|
|
(63,884)
|
|
|
|
|
|
Ending balance at Sep. 30, 2022 |
|
1,356,579
|
|
|
1,992
|
178
|
16,481
|
(89,172)
|
2,573,190
|
|
|
(1,168,482)
|
22,392
|
Beginning balance at Mar. 31, 2022 |
|
1,334,200
|
|
|
1,992
|
178
|
16,481
|
(50,477)
|
2,512,116
|
|
|
(1,168,332)
|
22,242
|
Increase (decrease) in shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
80,147
|
|
|
|
|
|
|
80,147
|
|
|
|
|
Other comprehensive income (loss) |
|
(23,248)
|
|
|
|
|
|
(23,248)
|
|
|
|
|
|
Dividends declared: |
|
|
(51,270)
|
(423)
|
|
|
|
|
|
(51,270)
|
(423)
|
|
|
Net purchase of treasury stock |
[1] |
0
|
|
|
|
|
0
|
|
|
|
|
0
|
|
Deferred compensation |
|
0
|
|
|
|
|
|
|
|
|
|
(907)
|
907
|
Rabbi trust distribution |
[2] |
0
|
|
|
|
|
|
|
|
|
|
99
|
(99)
|
Ending balance at Jun. 30, 2022 |
|
1,339,406
|
|
|
1,992
|
178
|
16,481
|
(73,725)
|
2,540,570
|
|
|
(1,169,140)
|
23,050
|
Increase (decrease) in shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
84,313
|
|
|
|
|
|
|
84,313
|
|
|
|
|
Other comprehensive income (loss) |
|
(15,447)
|
|
|
|
|
|
(15,447)
|
|
|
|
|
|
Dividends declared: |
|
|
(51,270)
|
(423)
|
|
|
|
|
|
(51,270)
|
(423)
|
|
|
Net purchase of treasury stock |
[1] |
0
|
|
|
|
|
0
|
|
|
|
|
0
|
|
Deferred compensation |
|
0
|
|
|
|
|
|
|
|
|
|
(799)
|
799
|
Rabbi trust distribution |
[2] |
0
|
|
|
|
|
|
|
|
|
|
1,457
|
(1,457)
|
Ending balance at Sep. 30, 2022 |
|
1,356,579
|
|
|
1,992
|
178
|
16,481
|
(89,172)
|
2,573,190
|
|
|
(1,168,482)
|
22,392
|
Beginning balance at Dec. 31, 2022 |
|
1,448,408
|
|
|
1,992
|
178
|
16,481
|
(7,414)
|
2,583,261
|
|
|
(1,168,949)
|
22,859
|
Increase (decrease) in shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
86,241
|
|
|
|
|
|
|
86,241
|
|
|
|
|
Other comprehensive income (loss) |
|
7,752
|
|
|
|
|
|
7,752
|
|
|
|
|
|
Dividends declared: |
|
|
(54,965)
|
(454)
|
|
|
|
|
|
(54,965)
|
(454)
|
|
|
Net purchase of treasury stock |
[3] |
(15)
|
|
|
|
|
(15)
|
|
|
|
|
0
|
|
Deferred compensation |
|
0
|
|
|
|
|
|
|
|
|
|
(822)
|
822
|
Rabbi trust distribution |
[4] |
0
|
|
|
|
|
|
|
|
|
|
416
|
(416)
|
Ending balance at Mar. 31, 2023 |
|
1,486,967
|
|
|
1,992
|
178
|
16,466
|
338
|
2,614,083
|
|
|
(1,169,355)
|
23,265
|
Beginning balance at Dec. 31, 2022 |
|
1,448,408
|
|
|
1,992
|
178
|
16,481
|
(7,414)
|
2,583,261
|
|
|
(1,168,949)
|
22,859
|
Increase (decrease) in shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
335,133
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive income (loss) |
|
(5,380)
|
|
|
|
|
|
(5,380)
|
|
|
|
|
|
Ending balance at Sep. 30, 2023 |
|
1,611,889
|
|
|
1,992
|
178
|
16,466
|
(12,794)
|
2,752,137
|
|
|
(1,168,761)
|
22,671
|
Beginning balance at Mar. 31, 2023 |
|
1,486,967
|
|
|
1,992
|
178
|
16,466
|
338
|
2,614,083
|
|
|
(1,169,355)
|
23,265
|
Increase (decrease) in shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
117,852
|
|
|
|
|
|
|
117,852
|
|
|
|
|
Other comprehensive income (loss) |
|
(4,488)
|
|
|
|
|
|
(4,488)
|
|
|
|
|
|
Dividends declared: |
|
|
(54,965)
|
(454)
|
|
|
|
|
|
(54,965)
|
(454)
|
|
|
Net purchase of treasury stock |
[3] |
0
|
|
|
|
|
0
|
|
|
|
|
0
|
|
Deferred compensation |
|
0
|
|
|
|
|
|
|
|
|
|
(621)
|
621
|
Rabbi trust distribution |
[4] |
0
|
|
|
|
|
|
|
|
|
|
1,596
|
(1,596)
|
Ending balance at Jun. 30, 2023 |
|
1,544,912
|
|
|
1,992
|
178
|
16,466
|
(4,150)
|
2,676,516
|
|
|
(1,168,380)
|
22,290
|
Increase (decrease) in shareholders' equity |
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income |
|
131,040
|
|
|
|
|
|
|
131,040
|
|
|
|
|
Other comprehensive income (loss) |
|
(8,644)
|
|
|
|
|
|
(8,644)
|
|
|
|
|
|
Dividends declared: |
|
|
$ (54,965)
|
$ (454)
|
|
|
|
|
|
$ (54,965)
|
$ (454)
|
|
|
Net purchase of treasury stock |
[3] |
0
|
|
|
|
|
0
|
|
|
|
|
0
|
|
Deferred compensation |
|
0
|
|
|
|
|
|
|
|
|
|
(381)
|
381
|
Ending balance at Sep. 30, 2023 |
|
$ 1,611,889
|
|
|
$ 1,992
|
$ 178
|
$ 16,466
|
$ (12,794)
|
$ 2,752,137
|
|
|
$ (1,168,761)
|
$ 22,671
|
|
|
X |
- DefinitionDeferred compensation under rabbi trust plans that represents the value of common stock issued to the rabbi trust set up specifically to accumulate stock for the sole purpose of distribution to participants, which is part of stockholders' equity.
+ References
+ Details
Name: |
erie_DeferredCompensationUnderRabbiTrustPlans |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionDistributions From Rabbi Trust Plans
+ References
+ Details
Name: |
erie_DistributionsFromRabbiTrustPlans |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionEquity impact of the cost of common stock that was repurchased under a publicly announced share repurchase program and equity impact of common stock repurchased, held, or reissued during the period for any equity-based compensation plan, recorded using the cost method.
+ References
+ Details
Name: |
erie_NetTreasuryStockValueAcquiredHeldAndReissued |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of paid and unpaid common stock dividends declared with the form of settlement in cash.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_DividendsCommonStockCash |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
+ References
+ Details
Name: |
us-gaap_IncreaseDecreaseInStockholdersEquityRollForward |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482765/220-10-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-8
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-9
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 13: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483581/946-220-45-7
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(18)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-07(9)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(1)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 19: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 20: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 21: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 22: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 23: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1A -Subparagraph (SX 210.13-01(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A
Reference 24: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 25: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(A)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 26: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iii)(B)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 27: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(4)(iv)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 28: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1B -Subparagraph (SX 210.13-02(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B
Reference 29: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 30: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 31: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 32: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 33: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 34: http://www.xbrl.org/2003/role/disclosureRef -Topic 205 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483499/205-20-50-7
Reference 35: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 36: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
Reference 37: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 38: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(20)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 39: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(22)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_NetIncomeLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of other comprehensive income (loss) attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of equity (deficit) attributable to parent. Excludes temporary equity and equity attributable to noncontrolling interest.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 852 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-12
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.6-05(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-2
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(4)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-09(7)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(g)(1)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 825 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 28 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(31)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 4.E) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2
+ Details
Name: |
us-gaap_StockholdersEquity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
v3.23.3
X |
- DefinitionNumber of Incentive Compensation Deferral Plan Participants
+ References
+ Details
Name: |
erie_NumberOfIncentiveCompensationDeferralPlanParticipants |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionAggregate dividends declared during the period for each share of common stock outstanding.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
+ Details
Name: |
us-gaap_CommonStockDividendsPerShareDeclared |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Cash flows from operating activities |
|
|
Management fee received |
$ 1,799,681
|
$ 1,574,694
|
Administrative services reimbursements received |
538,943
|
487,081
|
Service agreement revenue received |
19,367
|
19,025
|
Net investment income received |
42,579
|
28,901
|
Commissions paid to agents |
(889,510)
|
(771,664)
|
Agents bonuses paid |
(112,968)
|
(131,699)
|
Salaries and wages paid |
(178,176)
|
(164,726)
|
Pension contribution and employee benefits paid |
(150,992)
|
(57,222)
|
General operating expenses paid |
(226,949)
|
(187,152)
|
Administrative services expenses paid |
(540,834)
|
(497,007)
|
Income taxes paid |
(68,372)
|
(59,989)
|
Interest paid |
0
|
(2,134)
|
Net cash provided by operating activities |
232,769
|
238,108
|
Purchase of investments: |
|
|
Available-for-sale securities |
(206,616)
|
(375,466)
|
Equity securities |
(26,195)
|
(12,956)
|
Other investments |
(7)
|
(157)
|
Proceeds from investments: |
|
|
Available-for-sale securities sales |
126,361
|
238,732
|
Available-for-sale securities maturities/calls |
55,772
|
111,419
|
Equity securities |
14,919
|
16,679
|
Other investments |
853
|
429
|
Purchase of fixed assets |
(72,101)
|
(50,885)
|
Proceeds from disposal of fixed assets |
0
|
265
|
Loans to agents |
(5,473)
|
(9,570)
|
Collections on agent loans |
6,757
|
6,513
|
Net cash used in investing activities |
(105,730)
|
(74,997)
|
Cash flows from financing activities |
|
|
Dividends paid to shareholders |
(166,256)
|
(155,079)
|
Proceeds from short-term borrowings |
0
|
55,000
|
Payments on short-term borrowings |
0
|
(55,000)
|
Payments on long-term borrowings |
0
|
(94,070)
|
Net cash used in financing activities |
(166,256)
|
(249,149)
|
Net decrease in cash and cash equivalents |
(39,217)
|
(86,038)
|
Cash and cash equivalents, beginning of period |
142,090
|
183,702
|
Cash and cash equivalents, end of period |
102,873
|
97,664
|
Supplemental disclosure of noncash transactions |
|
|
Liability incurred to purchase fixed assets |
0
|
26,386
|
Operating lease assets obtained in exchange for lease liabilities |
$ 7,674
|
$ 3,176
|
X |
- DefinitionAdministrative Services Expenses Paid
+ References
+ Details
Name: |
erie_AdministrativeServicesExpensesPaid |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAdministrative Services Reimbursements Received
+ References
+ Details
Name: |
erie_AdministrativeServicesReimbursementsReceived |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of cash paid for agent bonuses during the current period.
+ References
+ Details
Name: |
erie_PaymentsForAgentBonuses |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionCash received for management fees during the current period.
+ References
+ Details
Name: |
erie_ProceedsFromInsuranceAgencyManagementFeesReceived |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionCash received for dividends and interest on the entity's equity and debt investments during the current period and amount of distribution received from equity method investee for return on investment, classified as operating activities. Excludes distribution for return of investment, classified as investing activities.
+ References
+ Details
Name: |
erie_ProceedsFromInterestAndDividendsReceivedAndEquityMethodInvestmentDividendsOrDistributions |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash and cash equivalents, and cash and cash equivalents restricted to withdrawal or usage. Excludes amount for disposal group and discontinued operations. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-8
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-4
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of increase (decrease) in cash, cash equivalents, and cash and cash equivalents restricted to withdrawal or usage; including effect from exchange rate change. Cash includes, but is not limited to, currency on hand, demand deposits with banks or financial institutions, and other accounts with general characteristics of demand deposits. Cash equivalents include, but are not limited to, short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 1 -SubTopic 230 -Topic 830 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481877/830-230-45-1
+ Details
Name: |
us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash paid for interest, excluding capitalized interest, classified as operating activity. Includes, but is not limited to, payment to settle zero-coupon bond for accreted interest of debt discount and debt instrument with insignificant coupon interest rate in relation to effective interest rate of borrowing attributable to accreted interest of debt discount.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-17
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-2
+ Details
Name: |
us-gaap_InterestPaidNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInFinancingActivitiesContinuingOperationsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInInvestingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 24 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-24
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetCashProvidedByUsedInOperatingActivitiesContinuingOperationsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of fixed assets that an Entity acquires in a noncash (or part noncash) acquisition. Noncash is defined as information about all investing and financing activities of an enterprise during a period that affect recognized assets or liabilities but that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5
+ Details
Name: |
us-gaap_NoncashOrPartNoncashAcquisitionFixedAssetsAcquired1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of cash paid for commissions during the current period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (g) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_PaymentsForCommissions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash outflow for operating activities classified as other.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 25 -Subparagraph (g) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_PaymentsForOtherOperatingActivities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash outflow in the form of ordinary dividends to common shareholders of the parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_PaymentsOfDividendsCommonStock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash outflow to acquire investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481830/320-10-45-11
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-13
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-11
+ Details
Name: |
us-gaap_PaymentsToAcquireAvailableForSaleSecuritiesDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash outflow to acquire investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI), classified as investing activity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-19
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 45 -Paragraph 1 -SubTopic 10 -Topic 321 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479567/321-10-45-1
+ Details
Name: |
us-gaap_PaymentsToAcquireEquitySecuritiesFvNi |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_PaymentsToAcquireInvestmentsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow for the purchase of loan receivable arising from the financing of goods and services.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-13
+ Details
Name: |
us-gaap_PaymentsToAcquireLoansReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash outflow to acquire investments classified as other.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-13
+ Details
Name: |
us-gaap_PaymentsToAcquireOtherInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 25 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480060/805-50-25-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 30 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480027/805-50-30-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 805 -SubTopic 50 -Name Accounting Standards Codification -Section 30 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480027/805-50-30-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 45 -Paragraph 13 -Subparagraph (c) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-13
+ Details
Name: |
us-gaap_PaymentsToAcquireProductiveAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionPayments of cash to employees, including wages and salaries, during the current period.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-17
+ Details
Name: |
us-gaap_PaymentsToEmployees |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow associated with the collection, including prepayments, of loans receivable issued for financing of goods and services.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
+ Details
Name: |
us-gaap_ProceedsFromCollectionOfLoansReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionCash received for fees during the current period. This element excludes cash proceeds from license fees.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 25 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-25
+ Details
Name: |
us-gaap_ProceedsFromFeesReceived |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow from maturity, prepayment and call of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481830/320-10-45-11
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
+ Details
Name: |
us-gaap_ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow associated with the sale and maturity (principal being due) of other investments, prepayment and call (request of early payment) of other investments not otherwise defined in the taxonomy.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
+ Details
Name: |
us-gaap_ProceedsFromSaleAndMaturityOfOtherInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_ProceedsFromSaleMaturityAndCollectionsOfInvestmentsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow from sale of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481830/320-10-45-11
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-11
+ Details
Name: |
us-gaap_ProceedsFromSaleOfAvailableForSaleSecuritiesDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cash inflow from sale of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI), classified as investing activity.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-19
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 45 -Paragraph 1 -SubTopic 10 -Topic 321 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479567/321-10-45-1
+ Details
Name: |
us-gaap_ProceedsFromSaleOfEquitySecuritiesFvNi |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 230 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-12
+ Details
Name: |
us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipment |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash inflow from a borrowing having initial term of repayment within one year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-14
+ Details
Name: |
us-gaap_ProceedsFromShortTermDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow to repay long-term debt that is wholly or partially secured by collateral. Excludes repayments of tax exempt secured debt.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_RepaymentsOfSecuredDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe cash outflow for a borrowing having initial term of repayment within one year or the normal operating cycle, if longer.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 45 -Paragraph 15 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-15
+ Details
Name: |
us-gaap_RepaymentsOfShortTermDebt |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase in right-of-use asset obtained in exchange for operating lease liability.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 53 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479589/842-20-55-53
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (g)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147478964/842-20-50-4
+ Details
Name: |
us-gaap_RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_SupplementalCashFlowElementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Nature of Operations
|
9 Months Ended |
Sep. 30, 2023 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] |
|
Nature of Operations |
Nature of Operations 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.
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.
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.
The Exchange, by virtue of its legal structure as a reciprocal insurer, 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 in accordance with the subscriber's agreement. 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 subscriber's agreement and service agreements provide for reimbursement of amounts incurred for these services to Indemnity. Reimbursements are settled at cost. State insurance regulations require that intercompany service agreements and any material amendments be approved in advance by the state insurance department.
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".
|
X |
- DefinitionThe entire disclosure for the nature of an entity's business, major products or services, principal markets including location, and the relative importance of its operations in each business and the basis for the determination, including but not limited to, assets, revenues, or earnings. For an entity that has not commenced principal operations, disclosures about the risks and uncertainties related to the activities in which the entity is currently engaged and an understanding of what those activities are being directed toward.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 275 -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
+ Details
Name: |
us-gaap_NatureOfOperations |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Significant Accounting Policies
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Significant Accounting Policies |
Significant Accounting Policies Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the financial statements and footnotes included in our Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission on March 1, 2023.
Use of estimates 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.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for the basis of presentation and significant accounting policies concepts. Basis of presentation describes the underlying basis used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS). Accounting policies describe all significant accounting policies of the reporting entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 235 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//235/tableOfContent
+ Details
Name: |
us-gaap_BasisOfPresentationAndSignificantAccountingPoliciesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Revenue
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Revenue |
Revenue The majority of our revenue is derived from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange. Pursuant to the subscriber’s agreement, we earn a management fee calculated as a percentage, not to exceed 25%, of all direct and affiliated assumed written premiums of the Exchange. We allocate a portion of our management fee revenue, currently 25% of the direct and affiliated assumed written premiums of the Exchange, between the two performance obligations we have under the subscriber’s agreement. The first performance obligation is to provide policy issuance and renewal services to the subscribers (policyholders) at the Exchange, and the second is to act as attorney-in-fact on behalf of the Exchange, as well as the service provider for its insurance subsidiaries, with respect to all administrative services.
The transaction price, including management fee revenue and administrative services reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policyholders cancel their insurance coverage mid-term and premiums are refunded to them. The constraining estimate is determined using the expected value method, based on both historical and current information. The estimated transaction price, as reduced by the constraint, reflects consideration expected for performance of our services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price.
The first performance obligation is to provide policy issuance and renewal services that result in executed insurance policies between the Exchange or one of its insurance subsidiaries and the subscriber (policyholder). The subscriber (policyholder) receives economic benefits when substantially all the policy issuance or renewal services are complete and an insurance policy is issued or renewed by the Exchange or one of its insurance subsidiaries. It is at the time of policy issuance or renewal that the allocated portion of revenue is recognized.
The Exchange, by virtue of its legal structure as a reciprocal insurer, 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 in accordance with the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Collectively, these services represent a second performance obligation under the subscriber’s agreement and the service agreements. The revenue allocated to this performance obligation is recognized over a four-year period representing the time over which these services are provided. The portion of revenue not yet earned is recorded as a contract liability in the Statements of Financial Position. During the three and nine months ended September 30, 2023, we recognized revenue of $7.7 million and $31.5 million, respectively, that was included in the contract liability balance as of December 31, 2022. During the three and nine months ended September 30, 2022, we recognized revenue of $7.4 million and $30.1 million, respectively, that was included in the contract liability balance as of December 31, 2021. The administrative services expenses we incur and the related reimbursements we receive are recorded gross in the Statements of Operations.
Indemnity records a receivable from the Exchange for management fee revenue when the premium is written or assumed from affiliates by the Exchange. Indemnity collects the management fee from the Exchange when the Exchange collects the premiums from the subscribers (policyholders). As the Exchange issues policies with annual terms only, cash collections generally occur within one year.
The following table disaggregates revenue by our two performance obligations: | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | | Nine months ended September 30, | | | (in thousands) | 2023 | 2022 | | | | 2023 | 2022 | | Management fee revenue - policy issuance and renewal services | $ | 649,049 | | $ | 551,666 | | | | | $ | 1,840,478 | | $ | 1,584,213 | | | | | | | | | | | | | | Management fee revenue - administrative services | 16,151 | | 14,657 | | | | | 46,976 | | 43,446 | | | | Administrative services reimbursement revenue | 187,118 | | 168,653 | | | | | 544,411 | | 492,655 | | | | Total revenue from administrative services | $ | 203,269 | | $ | 183,310 | | | | | $ | 591,387 | | $ | 536,101 | | | | | | | | | | | | | | | | | | | | | | | |
|
X |
- References
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-9
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-10
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-15
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-12
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Earnings Per Share
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Earnings Per Share |
Earnings Per Share Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 10, "Capital Stock".
Class A diluted earnings per share is calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method.
A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | | 2023 | | 2022 | (dollars in thousands, except per share data) | | Allocated net income (numerator) | | Weighted shares (denominator) | | Per-share amount | | Allocated net income (numerator) | | Weighted shares (denominator) | | Per-share amount | Class A – Basic EPS: | | | | | | | | | | | | | Income available to Class A stockholders | | $ | 129,967 | | | 46,189,037 | | | $ | 2.81 | | | $ | 83,623 | | | 46,189,025 | | | $ | 1.81 | | Dilutive effect of stock-based awards | | 0 | | | 9,532 | | | — | | | 0 | | | 6,586 | | | — | | Assumed conversion of Class B shares | | 1,073 | | | 6,100,800 | | | — | | | 690 | | | 6,100,800 | | | — | | Class A – Diluted EPS: | | | | | | | | | | | | | Income available to Class A stockholders on Class A equivalent shares | | $ | 131,040 | | | 52,299,369 | | | $ | 2.51 | | | $ | 84,313 | | | 52,296,411 | | | $ | 1.61 | | Class B – Basic and diluted EPS: | | | | | | | | | | | | | Income available to Class B stockholders | | $ | 1,073 | | | 2,542 | | | $ | 422 | | | $ | 690 | | | 2,542 | | | $ | 272 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, | | | 2023 | | 2022 | (dollars in thousands, except per share data) | | Allocated net income (numerator) | | Weighted shares (denominator) | | Per-share amount | | Allocated net income (numerator) | | Weighted shares (denominator) | | Per-share amount | Class A – Basic EPS: | | | | | | | | | | | | | Income available to Class A stockholders | | $ | 332,389 | | | 46,188,962 | | | $ | 7.20 | | | $ | 231,171 | | | 46,188,878 | | | $ | 5.00 | | Dilutive effect of stock-based awards | | 0 | | | 8,893 | | | — | | | 0 | | | 8,007 | | | — | | Assumed conversion of Class B shares | | 2,744 | | | 6,100,800 | | | — | | | 1,908 | | | 6,100,800 | | | — | | Class A – Diluted EPS: | | | | | | | | | | | | | Income available to Class A stockholders on Class A equivalent shares | | $ | 335,133 | | | 52,298,655 | | | $ | 6.41 | | | $ | 233,079 | | | 52,297,685 | | | $ | 4.46 | | Class B – Basic and diluted EPS: | | | | | | | | | | | | | Income available to Class B stockholders | | $ | 2,744 | | | 2,542 | | | $ | 1,079 | | | $ | 1,908 | | | 2,542 | | | $ | 751 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for earnings per share.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//260/tableOfContent
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-3
+ Details
Name: |
us-gaap_EarningsPerShareTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Fair Value
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Fair Value |
Fair Value Financial instruments carried at fair value Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques:
•Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
•Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value.
In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of September 30, 2023, nearly all of our available-for-sale and equity securities were priced using a third party pricing service. The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | (in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 | Available-for-sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 566,967 | | | $ | 0 | | | $ | 562,862 | | | $ | 4,105 | | Collateralized debt obligations | | 110,488 | | | 0 | | | 110,488 | | | 0 | | Commercial mortgage-backed securities | | 72,032 | | | 0 | | | 64,625 | | | 7,407 | | Residential mortgage-backed securities | | 150,394 | | | 0 | | | 150,389 | | | 5 | | Other debt securities | | 15,356 | | | 0 | | | 15,356 | | | 0 | | | | | | | | | | | Total available-for-sale securities | | 915,237 | | | 0 | | | 903,720 | | | 11,517 | | Equity securities: | | | | | | | | | Financial services sector | | 65,071 | | | 796 | | | 60,819 | | | 3,456 | | Utilities sector | | 7,291 | | | 0 | | | 7,291 | | | 0 | | Energy sector | | 4,131 | | | 0 | | | 4,131 | | | 0 | | Consumer sector | | 2,288 | | | 0 | | | 2,288 | | | 0 | | Technology sector | | 500 | | | 0 | | | 0 | | | 500 | | Industrial sector | | 177 | | | 0 | | | 177 | | | 0 | | Communications sector | | 58 | | | 58 | | | 0 | | | 0 | | Total equity securities | | 79,516 | | | 854 | | | 74,706 | | | 3,956 | | Total | | $ | 994,753 | | | $ | 854 | | | $ | 978,426 | | | $ | 15,473 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | (in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 | Available-for-sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 553,382 | | | $ | 0 | | | $ | 549,696 | | | $ | 3,686 | | Collateralized debt obligations | | 102,537 | | | 0 | | | 102,537 | | | 0 | | Commercial mortgage-backed securities | | 66,054 | | | 0 | | | 55,144 | | | 10,910 | | Residential mortgage-backed securities | | 150,415 | | | 0 | | | 146,231 | | | 4,184 | | Other debt securities | | 22,273 | | | 0 | | | 22,273 | | | 0 | | | | | | | | | | | Total available-for-sale securities | | 894,661 | | | 0 | | | 875,881 | | | 18,780 | | Equity securities: | | | | | | | | | Financial services sector | | 61,084 | | | 0 | | | 57,305 | | | 3,779 | | Utilities sector | | 5,708 | | | 0 | | | 5,708 | | | 0 | | Energy sector | | 3,576 | | | 0 | | | 3,576 | | | 0 | | Consumer sector | | 1,854 | | | 0 | | | 1,854 | | | 0 | | Communications sector | | 338 | | | 0 | | | 338 | | | 0 | | | | | | | | | | | Total equity securities | | 72,560 | | | 0 | | | 68,781 | | | 3,779 | | Total | | $ | 967,221 | | | $ | 0 | | | $ | 944,662 | | | $ | 22,559 | |
We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs.
Level 3 Assets – 2023 Quarterly Change: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Beginning balance at June 30, 2023 | | Included in earnings(1) | | Included in other comprehensive income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2023 | Available-for-sale securities: | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 5,123 | | | $ | 10 | | | $ | 123 | | | $ | 1,661 | | | $ | (511) | | | $ | 730 | | | $ | (3,031) | | | $ | 4,105 | | | | | | | | | | | | | | | | | | | Commercial mortgage-backed securities | | 6,533 | | | (182) | | | (56) | | | 0 | | | (366) | | | 1,478 | | | 0 | | | 7,407 | | Residential mortgage- backed securities | | 12 | | | 0 | | | 0 | | | 0 | | | (7) | | | 0 | | | 0 | | | 5 | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | | 11,668 | | | (172) | | | 67 | | | 1,661 | | | (884) | | | 2,208 | | | (3,031) | | | 11,517 | | Equity securities | | 4,730 | | | 33 | | | — | | | 1,000 | | | 0 | | | 0 | | | (1,807) | | | 3,956 | | Total Level 3 securities | | $ | 16,398 | | | $ | (139) | | | $ | 67 | | | $ | 2,661 | | | $ | (884) | | | $ | 2,208 | | | $ | (4,838) | | | $ | 15,473 | |
Level 3 Assets – 2023 Year-to-Date Change: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Beginning balance at December 31, 2022 | | Included in earnings(1) | | Included in other comprehensive income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2023 | Available-for-sale securities: | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 3,686 | | | $ | (4) | | | $ | 245 | | | $ | 3,193 | | | $ | (1,256) | | | $ | 3,883 | | | $ | (5,642) | | | $ | 4,105 | | | | | | | | | | | | | | | | | | | Commercial mortgage-backed securities | | 10,910 | | | (542) | | | 44 | | | 1,455 | | | (551) | | | 1,944 | | | (5,853) | | | 7,407 | | Residential mortgage- backed securities | | 4,184 | | | (5) | | | 96 | | | 0 | | | (115) | | | 33 | | | (4,188) | | | 5 | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | | 18,780 | | | (551) | | | 385 | | | 4,648 | | | (1,922) | | | 5,860 | | | (15,683) | | | 11,517 | | Equity securities | | 3,779 | | | 26 | | | — | | | 1,958 | | | 0 | | | 0 | | | (1,807) | | | 3,956 | | Total Level 3 securities | | $ | 22,559 | | | $ | (525) | | | $ | 385 | | | $ | 6,606 | | | $ | (1,922) | | | $ | 5,860 | | | $ | (17,490) | | | $ | 15,473 | |
Level 3 Assets – 2022 Quarterly Change: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Beginning balance at June 30, 2022 | | Included in earnings(1) | | Included in other comprehensive income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2022 | Available-for-sale securities: | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 6,109 | | | $ | (7) | | | $ | (28) | | | $ | 753 | | | $ | (495) | | | $ | 2,899 | | | $ | (1,956) | | | $ | 7,275 | | | | | | | | | | | | | | | | | | | Commercial mortgage-backed securities | | 8,871 | | | (188) | | | (413) | | | 0 | | | (660) | | | 1,174 | | | (3,417) | | | 5,367 | | Residential mortgage- backed securities | | 42,549 | | | (667) | | | (1,708) | | | 0 | | | (6,626) | | | 674 | | | (30,560) | | | 3,662 | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | | 57,529 | | | (862) | | | (2,149) | | | 753 | | | (7,781) | | | 4,747 | | | (35,933) | | | 16,304 | | Equity securities | | 1,866 | | | (18) | | | — | | | 0 | | | 0 | | | 0 | | | 0 | | | 1,848 | | Total Level 3 securities | | $ | 59,395 | | | $ | (880) | | | $ | (2,149) | | | $ | 753 | | | $ | (7,781) | | | $ | 4,747 | | | $ | (35,933) | | | $ | 18,152 | |
Level 3 Assets – 2022 Year-to-Date Change: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Beginning balance at December 31, 2021 | | Included in earnings(1) | | Included in other comprehensive income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2022 | Available-for-sale securities: | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 5,256 | | | $ | (2) | | | $ | (417) | | | $ | 5,687 | | | $ | (3,614) | | | $ | 8,673 | | | $ | (8,308) | | | $ | 7,275 | | | | | | | | | | | | | | | | | | | Commercial mortgage-backed securities | | 15,728 | | | (892) | | | (1,071) | | | 0 | | | (3,825) | | | 5,509 | | | (10,082) | | | 5,367 | | Residential mortgage-backed securities | | 8,814 | | | (643) | | | (2,042) | | | 4,887 | | | (9,472) | | | 38,214 | | | (36,096) | | | 3,662 | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | | 29,798 | | | (1,537) | | | (3,530) | | | 10,574 | | | (16,911) | | | 52,396 | | | (54,486) | | | 16,304 | | Equity securities | | 2,083 | | | (235) | | | — | | | 0 | | | 0 | | | 0 | | | 0 | | | 1,848 | | Total Level 3 securities | | $ | 31,881 | | | $ | (1,772) | | | $ | (3,530) | | | $ | 10,574 | | | $ | (16,911) | | | $ | 52,396 | | | $ | (54,486) | | | $ | 18,152 | |
(1)These amounts are reported as net investment income and net realized and unrealized investment gains (losses) for each of the periods presented above. (2)Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
Financial instruments not carried at fair value The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | (in thousands) | | Carrying value | | Fair value | | Carrying value | | Fair value | Agent loans | | $ | 68,192 | | | $ | 58,955 | | | $ | 69,476 | | | $ | 62,954 | | | | | | | | | | | | | | | | | | | |
|
X |
- References
+ Details
Name: |
us-gaap_FairValueDisclosuresAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
+ Details
Name: |
us-gaap_FairValueDisclosuresTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Investments
|
9 Months Ended |
Sep. 30, 2023 |
Investments [Abstract] |
|
Investments |
Investments Available-for-sale securities See Note 5, "Fair Value" for additional fair value disclosures. The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our available-for-sale securities as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | (in thousands) | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Estimated fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 596,538 | | | $ | 776 | | | $ | 30,347 | | | $ | 566,967 | | Collateralized debt obligations | | 113,252 | | | 64 | | | 2,828 | | | 110,488 | | Commercial mortgage-backed securities | | 78,491 | | | 90 | | | 6,549 | | | 72,032 | | Residential mortgage-backed securities | | 173,529 | | | 11 | | | 23,146 | | | 150,394 | | Other debt securities | | 16,298 | | | 0 | | | 942 | | | 15,356 | | | | | | | | | | | Total available-for-sale securities, net | | $ | 978,108 | | | $ | 941 | | | $ | 63,812 | | | $ | 915,237 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | (in thousands) | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Estimated fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 588,536 | | | $ | 657 | | | $ | 35,811 | | | $ | 553,382 | | Collateralized debt obligations | | 107,730 | | | 11 | | | 5,204 | | | 102,537 | | Commercial mortgage-backed securities | | 73,855 | | | 157 | | | 7,958 | | | 66,054 | | Residential mortgage-backed securities | | 166,412 | | | 72 | | | 16,069 | | | 150,415 | | Other debt securities | | 24,602 | | | 0 | | | 2,329 | | | 22,273 | | | | | | | | | | | Total available-for-sale securities, net | | $ | 961,135 | | | $ | 897 | | | $ | 67,371 | | | $ | 894,661 | |
The amortized cost and estimated fair value of available-for-sale securities at September 30, 2023 are shown below by remaining contractual term to maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | | | | | | | | September 30, 2023 | | | Amortized | | Estimated | (in thousands) | | cost | | fair value | Due in one year or less | | $ | 63,056 | | | $ | 61,957 | | Due after one year through five years | | 431,382 | | | 409,557 | | Due after five years through ten years | | 171,654 | | | 164,848 | | Due after ten years | | 312,016 | | | 278,875 | | Total available-for-sale securities, net (1) | | $ | 978,108 | | | $ | 915,237 | |
(1)The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Statement of Financial Position at September 30, 2023. The below securities have been evaluated and determined to be temporary declines in fair value for which we expect to recover our entire principal plus interest. The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | | Less than 12 months | | 12 months or longer | | Total | (dollars in thousands) | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | | No. of holdings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 173,565 | | | $ | 4,529 | | | $ | 345,584 | | | $ | 25,818 | | | $ | 519,149 | | | $ | 30,347 | | | 832 | | Collateralized debt obligations | | 7,010 | | | 39 | | | 93,940 | | | 2,789 | | | 100,950 | | | 2,828 | | | 154 | | Commercial mortgage-backed securities | | 33,208 | | | 1,064 | | | 30,692 | | | 5,485 | | | 63,900 | | | 6,549 | | | 156 | | Residential mortgage-backed securities | | 48,919 | | | 3,118 | | | 97,676 | | | 20,028 | | | 146,595 | | | 23,146 | | | 182 | | Other debt securities | | 7,605 | | | 121 | | | 7,752 | | | 821 | | | 15,357 | | | 942 | | | 39 | | | | | | | | | | | | | | | | | Total available-for-sale securities | | $ | 270,307 | | | $ | 8,871 | | | $ | 575,644 | | | $ | 54,941 | | | $ | 845,951 | | | $ | 63,812 | | | 1,363 | | Quality breakdown of available-for-sale securities: | | | | | | | | | | | | | | | Investment grade | | $ | 241,402 | | | $ | 8,142 | | | $ | 523,719 | | | $ | 48,245 | | | $ | 765,121 | | | $ | 56,387 | | | 814 | | Non-investment grade | | 28,905 | | | 729 | | | 51,925 | | | 6,696 | | | 80,830 | | | 7,425 | | | 549 | | Total available-for-sale securities | | $ | 270,307 | | | $ | 8,871 | | | $ | 575,644 | | | $ | 54,941 | | | $ | 845,951 | | | $ | 63,812 | | | 1,363 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | Less than 12 months | | 12 months or longer | | Total | (dollars in thousands) | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | | No. of holdings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 397,511 | | | $ | 21,371 | | | $ | 121,094 | | | $ | 14,440 | | | $ | 518,605 | | | $ | 35,811 | | | 916 | | Collateralized debt obligations | | 44,823 | | | 2,529 | | | 55,335 | | | 2,675 | | | 100,158 | | | 5,204 | | | 159 | | Commercial mortgage-backed securities | | 41,139 | | | 5,124 | | | 15,864 | | | 2,834 | | | 57,003 | | | 7,958 | | | 131 | | Residential mortgage-backed securities | | 109,499 | | | 9,131 | | | 31,465 | | | 6,938 | | | 140,964 | | | 16,069 | | | 161 | | Other debt securities | | 15,682 | | | 1,323 | | | 6,591 | | | 1,006 | | | 22,273 | | | 2,329 | | | 46 | | | | | | | | | | | | | | | | | Total available-for-sale securities | | $ | 608,654 | | | $ | 39,478 | | | $ | 230,349 | | | $ | 27,893 | | | $ | 839,003 | | | $ | 67,371 | | | 1,413 | | Quality breakdown of available-for-sale securities: | | | | | | | | | | | | | | | Investment grade | | $ | 525,805 | | | $ | 31,904 | | | $ | 215,742 | | | $ | 25,205 | | | $ | 741,547 | | | $ | 57,109 | | | 761 | | Non-investment grade | | 82,849 | | | 7,574 | | | 14,607 | | | 2,688 | | | 97,456 | | | 10,262 | | | 652 | | Total available-for-sale securities | | $ | 608,654 | | | $ | 39,478 | | | $ | 230,349 | | | $ | 27,893 | | | $ | 839,003 | | | $ | 67,371 | | | 1,413 | |
Credit loss allowance on investments The current expected credit loss allowance on agent loans was $1.0 million at both September 30, 2023 and December 31, 2022. The current expected credit loss allowance on available-for-sale securities was $0.4 million at September 30, 2023 and $0.2 million at December 31, 2022.
Net investment income Investment income (loss), net of expenses, was generated from the following portfolios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | Available-for-sale securities | | $ | 11,037 | | | $ | 8,546 | | | $ | 31,404 | | | $ | 21,919 | | | Equity securities | | 1,161 | | | 979 | | | 3,260 | | | 2,942 | | | Limited partnerships (1) | | (13) | | | (4,643) | | | (10,725) | | | (2,158) | | | Cash equivalents and other | | 2,687 | | | 1,251 | | | 6,714 | | | 2,901 | | | Total investment income | | 14,872 | | | 6,133 | | | 30,653 | | | 25,604 | | | Less: investment expenses | | 230 | | | 299 | | | 293 | | | 998 | | | Net investment income | | $ | 14,642 | | | $ | 5,834 | | | $ | 30,360 | | | $ | 24,606 | | |
(1)Limited partnership losses include both realized gains (losses) and unrealized valuation changes. Our limited partnership investments are included in the line item "Other assets" in the Statements of Financial Position. We have made no new significant limited partnership commitments since 2006, and the balance of limited partnership investments is expected to decline over time as additional distributions are received. Net realized and unrealized investment losses Realized and unrealized gains (losses) on investments were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | Available-for-sale securities: | | | | | | | | | | Gross realized gains | | $ | 213 | | | $ | 146 | | | $ | 519 | | | $ | 1,055 | | | Gross realized losses | | (2,693) | | | (4,752) | | | (6,714) | | | (10,163) | | | Net realized losses on available-for-sale securities | | (2,480) | | | (4,606) | | | (6,195) | | | (9,108) | | | Equity securities | | 244 | | | (1,624) | | | (3,060) | | | (14,727) | | | Miscellaneous | | 9 | | | 0 | | | 9 | | | 2 | | | Net realized and unrealized investment losses | | $ | (2,227) | | | $ | (6,230) | | | $ | (9,246) | | | $ | (23,833) | | |
The portion of net unrealized gains (losses) recognized during the reporting period related to equity securities held at the reporting date is calculated as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | Equity securities: | | | | | | | | | | Net gains (losses) recognized during the period | | $ | 244 | | | $ | (1,624) | | | $ | (3,060) | | | $ | (14,727) | | | Less: net gains (losses) recognized on securities sold | | 91 | | | 243 | | | (2,636) | | | (1,327) | | | Net unrealized gains (losses) recognized on securities held at reporting date | | $ | 153 | | | $ | (1,867) | | | $ | (424) | | | $ | (13,400) | | |
Net impairment losses recognized in earnings Impairments on available-for-sale securities were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | Available-for-sale securities: | | | | | | | | | | Intent to sell | | $ | (58) | | | $ | (45) | | | $ | (1,639) | | | $ | (146) | | | Credit | | (55) | | | (130) | | | (278) | | | (283) | | | | | | | | | | | | | | | | | | | | | | | Net impairment losses recognized in earnings | | $ | (113) | | | $ | (175) | | | $ | (1,917) | | | $ | (429) | | |
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for cash, cash equivalents, investments in debt and equity instruments (including cost and equity investees and related income statement amounts), equity and cost method investments, investments in joint ventures and any other investment.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 65 -Paragraph 13 -Subparagraph (d)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482477/820-10-65-13
+ Details
Name: |
us-gaap_InvestmentsInDebtAndEquityInstrumentsCashAndCashEquivalentsUnrealizedAndRealizedGainsLossesTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Bank Line of Credit
|
9 Months Ended |
Sep. 30, 2023 |
Debt Disclosure [Abstract] |
|
Bank Line of Credit |
Bank Line of Credit We have access to a $100 million bank revolving line of credit with a $25 million letter of credit sublimit that expires on October 29, 2026. As of September 30, 2023, a total of $99.1 million remains available under the facility due to $0.9 million outstanding letters of credit, which reduce the availability for letters of credit to $24.1 million. We had no borrowings outstanding on our line of credit as of September 30, 2023. Investments with a fair value of $114.2 million were pledged as collateral on the line of credit at September 30, 2023. These investments have no trading restrictions and are reported as available-for-sale securities and cash and cash equivalents on our Statement of Financial Position as of September 30, 2023. The bank requires compliance with certain covenants, which include leverage ratios and debt restrictions. We are in compliance with all covenants at September 30, 2023.
|
X |
- References
+ Details
Name: |
us-gaap_DebtDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 470 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//470/tableOfContent
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1B -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1C -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1C
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1E -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1E
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 470 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1I -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481139/470-20-50-1I
+ Details
Name: |
us-gaap_DebtDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Postretirement Benefits
|
9 Months Ended |
Sep. 30, 2023 |
Retirement Benefits [Abstract] |
|
Postretirement Benefits |
Postretirement Benefits Pension plans Our pension plans consist of a noncontributory defined benefit pension plan covering substantially all employees and an unfunded supplemental employee retirement plan ("SERP") for certain members of executive and senior management. Although we are the sponsor of these postretirement plans and record the funded status of these plans, the Exchange and its subsidiaries reimburse us, or are reimbursed for, their allocated share of pension cost or income, respectively. These reimbursements represent pension benefits for employees performing administrative services and an allocated share of plan (income) cost for employees in departments that support the administrative functions. As of September 30, 2023, approximately 60% of the annual defined benefit pension income and 36% of the annual SERP cost was reimbursed to and from, respectively, the Exchange and its subsidiaries.
Our defined benefit pension plan funding policy is generally to contribute an amount equal to the greater of the target normal cost for the plan year, or the amount necessary to fund the plan to 100%. Accordingly, we made a $95 million contribution during the third quarter of 2023. The contribution generated a net benefit asset of $65.2 million and is presented separately from our unfunded plan as a non-current asset on our Statement of Financial Position as of September 30, 2023.
Pension plan (income) cost includes the following components: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Service cost for benefits earned | | $ | 7,190 | | | $ | 12,560 | | | $ | 21,572 | | | $ | 37,681 | | Interest cost on benefit obligation | | 12,548 | | | 9,941 | | | 37,644 | | | 29,823 | | Expected return on plan assets | | (17,217) | | | (13,639) | | | (51,652) | | | (40,917) | | Prior service cost amortization | | 362 | | | 361 | | | 1,085 | | | 1,082 | | Net actuarial (gain) loss amortization | | (3,833) | | | 1,830 | | | (11,498) | | | 5,490 | | Pension plan (income) cost (1) | | $ | (950) | | | $ | 11,053 | | | $ | (2,849) | | | $ | 33,159 | |
(1)Pension plan (income) cost represents plan (income) cost before reimbursements between Indemnity and the Exchange and its subsidiaries. The components of pension plan (income) cost other than the service cost components are included in the line item "Other income" in the Statements of Operations, net of reimbursements between Indemnity and the Exchange and its subsidiaries.
|
X |
- References
+ Details
Name: |
us-gaap_CompensationAndRetirementDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for retirement benefits.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 70 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480794/715-70-50-1
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(03) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (q) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (l) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//715/tableOfContent
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (o) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (p) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (r)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480126/715-20-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 60 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480266/715-60-50-3
+ Details
Name: |
us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Income Taxes
|
9 Months Ended |
Sep. 30, 2023 |
Income Tax Disclosure [Abstract] |
|
Income Taxes |
Income Taxes Income tax expense is provided on an interim basis based upon our estimate of the annual effective income tax rate, adjusted each quarter for discrete items. For the three months ended September 30, 2023 and 2022, our effective tax rate was 20.0% and 20.7%, respectively. For the nine months ended September 30, 2023 and 2022, our effective tax rate was 20.6% and 20.9%, respectively.
|
X |
- DefinitionThe entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2
+ Details
Name: |
us-gaap_IncomeTaxDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Capital Stock
|
9 Months Ended |
Sep. 30, 2023 |
Class of Stock Disclosures [Abstract] |
|
Capital Stock |
Capital Stock Class A and B common stock Holders of Class B shares may, at their option, convert their shares into Class A shares at the rate of 2,400 Class A shares per Class B share. There were no shares of Class B common stock converted into Class A common stock during the nine months ended September 30, 2023 and the year ended December 31, 2022. There is no provision for conversion of Class A shares into Class B shares, and Class B shares surrendered for conversion cannot be reissued.
Stock repurchases In 2011, our Board of Directors approved a continuation of the current stock repurchase program of $150 million, with no time limitation. There were no shares repurchased under this program during the nine months ended September 30, 2023 and the year ended December 31, 2022. We had approximately $17.8 million of repurchase authority remaining under this program at September 30, 2023.
|
X |
- DefinitionThe entire disclosure of an entity's stock (includes common, convertible, and preferred stocks), including par or stated value per share, number and dollar amount of share subscriptions, shares authorized, shares issued, shares outstanding, number and dollar amount of shares held in an employee trust, dividend per share, total dividends, share conversion features, par value plus additional paid in capital, the value of treasury stock including , and, the entire disclosure for an entity's treasury stock, including the average cost per share, carrying basis for each class of treasury stock, description of share repurchase program authorized by an entity's board of directors, the number of shares repurchased, the cost of the shares repurchased, the remaining maximum dollar value of shares available for repurchase under the program, the treatment of the purchase price in excess of the current market value, number of shares held for each class of treasury stock and other information necessary to a fair presentation, and EPS information.
+ References
+ Details
Name: |
erie_StockByClassTextBlock |
Namespace Prefix: |
erie_ |
Data Type: |
dtr-types1:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_ClassOfStockDisclosuresAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Accumulated Other Comprehensive Income (Loss)
|
9 Months Ended |
Sep. 30, 2023 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
Accumulated Other Comprehensive Income (Loss) |
Accumulated Other Comprehensive Income (Loss) Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Three months ended | | | September 30, 2023 | | September 30, 2022 | (in thousands) | | Before Tax | Income Tax | Net | | Before Tax | Income Tax | Net | Investment securities: | | | | | | | | | AOCI (loss), beginning of period | | $ | (55,497) | | $ | (11,654) | | $ | (43,843) | | | $ | (57,980) | | $ | (12,177) | | $ | (45,803) | | OCI (loss) before reclassifications | | (10,064) | | (2,114) | | (7,950) | | | (26,524) | | (5,570) | | (20,954) | | Realized investment losses | | 2,480 | | 521 | | 1,959 | | | 4,606 | | 968 | | 3,638 | | Impairment losses | | 113 | | 24 | | 89 | | | 175 | | 37 | | 138 | | | | | | | | | | | OCI (loss) | | (7,471) | | (1,569) | | (5,902) | | | (21,743) | | (4,565) | | (17,178) | | AOCI (loss), end of period | | $ | (62,968) | | $ | (13,223) | | $ | (49,745) | | | $ | (79,723) | | $ | (16,742) | | $ | (62,981) | | | | | | | | | | | Pension and other postretirement plans: | | | | | | | | | AOCI (loss), beginning of period | | $ | 50,244 | | $ | 10,551 | | $ | 39,693 | | | $ | (35,346) | | $ | (7,424) | | $ | (27,922) | | | | | | | | | | | Amortization of prior service costs | | 362 | | 76 | | 286 | | | 361 | | 76 | | 285 | | Amortization of net actuarial (gain) loss | | (3,833) | | (805) | | (3,028) | | | 1,830 | | 384 | | 1,446 | | OCI (loss) | | (3,471) | | (729) | | (2,742) | | | 2,191 | | 460 | | 1,731 | | AOCI (loss), end of period | | $ | 46,773 | | $ | 9,822 | | $ | 36,951 | | | $ | (33,155) | | $ | (6,964) | | $ | (26,191) | | | | | | | | | | | Total | | | | | | | | | AOCI (loss), beginning of period | | $ | (5,253) | | $ | (1,103) | | $ | (4,150) | | | $ | (93,326) | | $ | (19,601) | | $ | (73,725) | | Investment securities | | (7,471) | | (1,569) | | (5,902) | | | (21,743) | | (4,565) | | (17,178) | | Pension and other postretirement plans | | (3,471) | | (729) | | (2,742) | | | 2,191 | | 460 | | 1,731 | | OCI (loss) | | (10,942) | | (2,298) | | (8,644) | | | (19,552) | | (4,105) | | (15,447) | | AOCI (loss), end of period | | $ | (16,195) | | $ | (3,401) | | $ | (12,794) | | | $ | (112,878) | | $ | (23,706) | | $ | (89,172) | | | | | | | | | | | | | Nine months ended | | Nine months ended | | | September 30, 2023 | | September 30, 2022 | (in thousands) | | Before Tax | Income Tax | Net | | Before Tax | Income Tax | Net | Investment securities: | | | | | | | | | AOCI (loss), beginning of period | | $ | (66,571) | | $ | (13,980) | | $ | (52,591) | | | $ | 7,722 | | $ | 1,621 | | $ | 6,101 | | OCI (loss) before reclassifications | | (4,509) | | (947) | | (3,562) | | | (96,982) | | (20,366) | | (76,616) | | Realized investment losses | | 6,195 | | 1,301 | | 4,894 | | | 9,108 | | 1,913 | | 7,195 | | Impairment losses | | 1,917 | | 403 | | 1,514 | | | 429 | | 90 | | 339 | | | | | | | | | | | OCI (loss) | | 3,603 | | 757 | | 2,846 | | | (87,445) | | (18,363) | | (69,082) | | AOCI (loss), end of period | | $ | (62,968) | | $ | (13,223) | | $ | (49,745) | | | $ | (79,723) | | $ | (16,742) | | $ | (62,981) | | | | | | | | | | | Pension and other postretirement plans: | | | | | | | | | AOCI (loss), beginning of period | | $ | 57,186 | | $ | 12,009 | | $ | 45,177 | | | $ | (39,734) | | $ | (8,345) | | $ | (31,389) | | | | | | | | | | | Amortization of prior service costs | | 1,085 | | 228 | | 857 | | | 1,082 | | 227 | | 855 | | Amortization of net actuarial (gain) loss | | (11,498) | | (2,415) | | (9,083) | | | 5,497 | | 1,154 | | 4,343 | | OCI (loss) | | (10,413) | | (2,187) | | (8,226) | | | 6,579 | | 1,381 | | 5,198 | | AOCI (loss), end of period | | $ | 46,773 | | $ | 9,822 | | $ | 36,951 | | | $ | (33,155) | | $ | (6,964) | | $ | (26,191) | | | | | | | | | | | Total | | | | | | | | | AOCI (loss), beginning of period | | $ | (9,385) | | $ | (1,971) | | $ | (7,414) | | | $ | (32,012) | | $ | (6,724) | | $ | (25,288) | | Investment securities | | 3,603 | | 757 | | 2,846 | | | (87,445) | | (18,363) | | (69,082) | | Pension and other postretirement plans | | (10,413) | | (2,187) | | (8,226) | | | 6,579 | | 1,381 | | 5,198 | | OCI (loss) | | (6,810) | | (1,430) | | (5,380) | | | (80,866) | | (16,982) | | (63,884) | | AOCI (loss), end of period | | $ | (16,195) | | $ | (3,401) | | $ | (12,794) | | | $ | (112,878) | | $ | (23,706) | | $ | (89,172) | | | | | | | | | | |
|
X |
- References
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for comprehensive income, which includes, but is not limited to, 1) the amount of income tax expense or benefit allocated to each component of other comprehensive income, including reclassification adjustments, 2) the reclassification adjustments for each classification of other comprehensive income and 3) the ending accumulated balances for each component of comprehensive income.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(19)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(21)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//220/tableOfContent
+ Details
Name: |
us-gaap_ComprehensiveIncomeNoteTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Concentrations of Credit Risk
|
9 Months Ended |
Sep. 30, 2023 |
Risks and Uncertainties [Abstract] |
|
Concentrations of Credit Risk |
Concentrations of Credit Risk Financial instruments could potentially expose us to concentrations of credit risk, including our unsecured receivables from the Exchange. The majority of our revenue and receivables are from the Exchange and its affiliates. See also Note 1, "Nature of Operations". Net management fee amounts and other reimbursements due from the Exchange and its affiliates were $620.7 million and $524.9 million at September 30, 2023 and December 31, 2022, respectively, which includes a current expected credit loss allowance of $0.6 million in both periods.
|
X |
- DefinitionThe entire disclosure for any concentrations existing at the date of the financial statements that make an entity vulnerable to a reasonably possible, near-term, severe impact. This disclosure informs financial statement users about the general nature of the risk associated with the concentration, and may indicate the percentage of concentration risk as of the balance sheet date.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 275 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//275/tableOfContent
+ Details
Name: |
us-gaap_ConcentrationRiskDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RisksAndUncertaintiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Commitments and Contingencies
|
9 Months Ended |
Sep. 30, 2023 |
Commitments and Contingencies Disclosure [Abstract] |
|
Commitments and Contingencies |
Commitments and Contingencies We have an agreement with a bank for an agent loan participation program. The maximum amount of loans to be funded through this program is $100 million. We have committed to fund a minimum of 30% of each loan executed through this program. As of September 30, 2023, loans executed under this agreement totaled $59.1 million, of which our portion of the loans is $20.6 million. Additionally, we have agreed to guarantee a portion of the funding provided by the other participants in the program in the event of default. As of September 30, 2023, our maximum potential amount of future payments on the guaranteed portion is $6.9 million. All loan payments under the participation program are current as of September 30, 2023.
We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our financial condition, results of operations, or cash flows.
We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on our financial condition, results of operations, or cash flows.
|
X |
- References
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for commitments and contingencies.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 440 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482648/440-10-50-4
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 450 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//450/tableOfContent
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 954 -SubTopic 440 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480327/954-440-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 440 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482648/440-10-50-4
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 440 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//440/tableOfContent
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesDisclosureTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Subsequent Events
|
9 Months Ended |
Sep. 30, 2023 |
Subsequent Events [Abstract] |
|
Subsequent Events |
Subsequent Events No items were identified in this period subsequent to the financial statement date that required adjustment or additional disclosure.
|
X |
- References
+ Details
Name: |
us-gaap_SubsequentEventsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//855/tableOfContent
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 855 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483399/855-10-50-2
+ Details
Name: |
us-gaap_SubsequentEventsTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Significant Accounting Policies (Policies)
|
9 Months Ended |
Sep. 30, 2023 |
Accounting Policies [Abstract] |
|
Basis of presentation |
Basis of presentation The accompanying unaudited financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America ("GAAP") for interim financial information and the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the nine months ended September 30, 2023 are not necessarily indicative of the results that may be expected for the year ending December 31, 2023. For further information, refer to the financial statements and footnotes included in our Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission on March 1, 2023.
|
Use of estimates |
Use of estimates 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.
|
Revenue |
The majority of our revenue is derived from the subscriber’s agreement between us and the subscribers (policyholders) at the Exchange. Pursuant to the subscriber’s agreement, we earn a management fee calculated as a percentage, not to exceed 25%, of all direct and affiliated assumed written premiums of the Exchange. We allocate a portion of our management fee revenue, currently 25% of the direct and affiliated assumed written premiums of the Exchange, between the two performance obligations we have under the subscriber’s agreement. The first performance obligation is to provide policy issuance and renewal services to the subscribers (policyholders) at the Exchange, and the second is to act as attorney-in-fact on behalf of the Exchange, as well as the service provider for its insurance subsidiaries, with respect to all administrative services.
The transaction price, including management fee revenue and administrative services reimbursement revenue, includes variable consideration and is allocated based on the estimated standalone selling prices developed using industry information and other available information for similar services. A constraining estimate of variable consideration exists related to the potential for management fees to be returned if a policy were to be cancelled mid-term. Management fees are returned to the Exchange when policyholders cancel their insurance coverage mid-term and premiums are refunded to them. The constraining estimate is determined using the expected value method, based on both historical and current information. The estimated transaction price, as reduced by the constraint, reflects consideration expected for performance of our services. We update the transaction price and the related allocation at least annually based upon the most recent information available or more frequently if there have been significant changes in any components considered in the transaction price.
The first performance obligation is to provide policy issuance and renewal services that result in executed insurance policies between the Exchange or one of its insurance subsidiaries and the subscriber (policyholder). The subscriber (policyholder) receives economic benefits when substantially all the policy issuance or renewal services are complete and an insurance policy is issued or renewed by the Exchange or one of its insurance subsidiaries. It is at the time of policy issuance or renewal that the allocated portion of revenue is recognized. The Exchange, by virtue of its legal structure as a reciprocal insurer, 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 in accordance with the subscriber's agreement. The Exchange's insurance subsidiaries also utilize Indemnity for these services in accordance with the service agreements between each of the subsidiaries and Indemnity. Collectively, these services represent a second performance obligation under the subscriber’s agreement and the service agreements. The revenue allocated to this performance obligation is recognized over a four-year period representing the time over which these services are provided. The portion of revenue not yet earned is recorded as a contract liability in the Statements of Financial Position. The administrative services expenses we incur and the related reimbursements we receive are recorded gross in the Statements of Operations.Indemnity records a receivable from the Exchange for management fee revenue when the premium is written or assumed from affiliates by the Exchange. Indemnity collects the management fee from the Exchange when the Exchange collects the premiums from the subscribers (policyholders). As the Exchange issues policies with annual terms only, cash collections generally occur within one year.
|
Earnings Per Share |
Class A and Class B basic earnings per share and Class B diluted earnings per share are calculated under the two-class method. The two-class method allocates earnings to each class of stock based upon its dividend rights. Class B shares are convertible into Class A shares at a conversion ratio of 2,400 to 1. See Note 10, "Capital Stock".
Class A diluted earnings per share is calculated under the if-converted method, which reflects the conversion of Class B shares to Class A shares. Diluted earnings per share calculations include the dilutive effect of assumed issuance of stock-based awards under compensation plans that have the option to be paid in stock using the treasury stock method.
|
Financial instruments carried at fair value |
Financial instruments carried at fair value Our available-for-sale and equity securities are recorded at fair value, which is the price that would be received to sell the asset in an orderly transaction between willing market participants as of the measurement date. Valuation techniques used to derive the fair value of our available-for-sale and equity securities are based upon observable and unobservable inputs. Observable inputs reflect market data obtained from independent sources. Unobservable inputs reflect our own assumptions regarding fair market value for these securities. Financial instruments are categorized based upon the following characteristics or inputs to the valuation techniques:
•Level 1 – Quoted prices (unadjusted) in active markets for identical assets or liabilities that the reporting entity can access at the measurement date.
•Level 2 – Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.
•Level 3 – Unobservable inputs for the asset or liability. Estimates of fair values for our investment portfolio are obtained primarily from a nationally recognized pricing service. Our Level 1 securities are valued using an exchange traded price provided by the pricing service. Pricing service valuations for Level 2 securities include multiple verifiable, observable inputs including benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers, and reference data. Pricing service valuations for Level 3 securities are based upon proprietary models and are used when observable inputs are not available or in illiquid markets. Although virtually all of our prices are obtained from third party sources, we also perform internal pricing reviews, including evaluating the methodology and inputs used to ensure that we determine the proper classification level of the financial instrument and reviewing securities with price changes that vary significantly from current market conditions or independent price sources. Price variances are investigated and corroborated by market data and transaction volumes. We have reviewed the pricing methodologies of our pricing service as well as other observable inputs and believe that the prices adequately consider market activity in determining fair value.
In limited circumstances we adjust the price received from the pricing service when, in our judgment, a better reflection of fair value is available based upon corroborating information and our knowledge and monitoring of market conditions such as a disparity in price of comparable securities and/or non-binding broker quotes. In other circumstances, certain securities are internally priced because prices are not provided by the pricing service. When a price from the pricing service is not available, values are determined by obtaining broker/dealer quotes and/or market comparables. When available, we obtain multiple quotes for the same security. The ultimate value for these securities is determined based upon our best estimate of fair value using corroborating market information. As of September 30, 2023, nearly all of our available-for-sale and equity securities were priced using a third party pricing service.
|
Fair value of financial instruments, transfers between levels |
We review the fair value hierarchy classifications each reporting period. Transfers between hierarchy levels may occur due to changes in available market observable inputs.
|
Commitments and Contingencies |
We are involved in litigation arising in the ordinary course of conducting business. In accordance with current accounting standards for loss contingencies and based upon information currently known to us, we establish reserves for litigation when it is probable that a loss associated with a claim or proceeding has been incurred and the amount of the loss or range of loss can be reasonably estimated. When no amount within the range of loss is a better estimate than any other amount, we accrue the minimum amount of the estimable loss. To the extent that such litigation against us may have an exposure to a loss in excess of the amount we have accrued, we believe that such excess would not be material to our financial condition, results of operations, or cash flows. Legal fees are expensed as incurred. We believe that our accruals for legal proceedings are appropriate and, individually and in the aggregate, are not expected to be material to our financial condition, results of operations, or cash flows.
We review all litigation on an ongoing basis when making accrual and disclosure decisions. For certain legal proceedings, we cannot reasonably estimate losses or a range of loss, if any, particularly for proceedings that are in their early stages of development or where the plaintiffs seek indeterminate damages. Various factors, including, but not limited to, the outcome of potentially lengthy discovery and the resolution of important factual questions, may need to be determined before probability can be established or before a loss or range of loss can be reasonably estimated. If the loss contingency in question is not both probable and reasonably estimable, we do not establish an accrual and the matter will continue to be monitored for any developments that would make the loss contingency both probable and reasonably estimable. In the event that a legal proceeding results in a substantial judgment against, or settlement by, us, there can be no assurance that any resulting liability or financial commitment would not have a material adverse effect on our financial condition, results of operations, or cash flows.
|
X |
- References
+ Details
Name: |
us-gaap_AccountingPoliciesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for basis of accounting, or basis of presentation, used to prepare the financial statements (for example, US Generally Accepted Accounting Principles, Other Comprehensive Basis of Accounting, IFRS).
+ References
+ Details
Name: |
us-gaap_BasisOfAccountingPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for commitments and contingencies, which may include policies for recognizing and measuring loss and gain contingencies.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 954 -SubTopic 450 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480598/954-450-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 460 -SubTopic 10 -Section 50 -Paragraph 8 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482425/460-10-50-8
+ Details
Name: |
us-gaap_CommitmentsAndContingenciesPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for computing basic and diluted earnings or loss per share for each class of common stock and participating security. Addresses all significant policy factors, including any antidilutive items that have been excluded from the computation and takes into account stock dividends, splits and reverse splits that occur after the balance sheet date of the latest reporting period but before the issuance of the financial statements.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 260 -SubTopic 10 -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-2
+ Details
Name: |
us-gaap_EarningsPerSharePolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for determining the fair value of financial instruments.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 60 -Paragraph 1 -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482053/820-10-60-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -SubTopic 10 -Topic 825 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482907/825-10-50-1
+ Details
Name: |
us-gaap_FairValueOfFinancialInstrumentsPolicy |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for determining when transfers between levels are recognized.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c)(3) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2C -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2C
+ Details
Name: |
us-gaap_FairValueTransferPolicyPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for revenue from contract with customer.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-17
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-19
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-18
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-18
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-20
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-20
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-20
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 20 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-20
Reference 9: http://www.xbrl.org/2003/role/exampleRef -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (e) -SubTopic 10 -Topic 235 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483426/235-10-50-4
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Topic 606 -Publisher FASB -URI https://asc.fasb.org//606/tableOfContent
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerPolicyTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionDisclosure of accounting policy for the use of estimates in the preparation of financial statements in conformity with generally accepted accounting principles.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-9
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-4
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 11 -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 12 -SubTopic 10 -Topic 275 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-12
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 275 -SubTopic 10 -Section 50 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482861/275-10-50-8
+ Details
Name: |
us-gaap_UseOfEstimates |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Revenue (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Revenue from Contract with Customer [Abstract] |
|
Schedule of Disaggregation of Revenue by Performance Obligation |
The following table disaggregates revenue by our two performance obligations: | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | | Nine months ended September 30, | | | (in thousands) | 2023 | 2022 | | | | 2023 | 2022 | | Management fee revenue - policy issuance and renewal services | $ | 649,049 | | $ | 551,666 | | | | | $ | 1,840,478 | | $ | 1,584,213 | | | | | | | | | | | | | | Management fee revenue - administrative services | 16,151 | | 14,657 | | | | | 46,976 | | 43,446 | | | | Administrative services reimbursement revenue | 187,118 | | 168,653 | | | | | 544,411 | | 492,655 | | | | Total revenue from administrative services | $ | 203,269 | | $ | 183,310 | | | | | $ | 591,387 | | $ | 536,101 | | | | | | | | | | | | | | | | | | | | | | | |
|
X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
+ Details
Name: |
us-gaap_DisaggregationOfRevenueTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Earnings Per Share (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Earnings Per Share [Abstract] |
|
Schedule of Reconciliation of the Numerators and Denominators Used in the Basic and Diluted Per-Share Computations |
A reconciliation of the numerators and denominators used in the basic and diluted per-share computations is presented as follows for each class of common stock: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | | 2023 | | 2022 | (dollars in thousands, except per share data) | | Allocated net income (numerator) | | Weighted shares (denominator) | | Per-share amount | | Allocated net income (numerator) | | Weighted shares (denominator) | | Per-share amount | Class A – Basic EPS: | | | | | | | | | | | | | Income available to Class A stockholders | | $ | 129,967 | | | 46,189,037 | | | $ | 2.81 | | | $ | 83,623 | | | 46,189,025 | | | $ | 1.81 | | Dilutive effect of stock-based awards | | 0 | | | 9,532 | | | — | | | 0 | | | 6,586 | | | — | | Assumed conversion of Class B shares | | 1,073 | | | 6,100,800 | | | — | | | 690 | | | 6,100,800 | | | — | | Class A – Diluted EPS: | | | | | | | | | | | | | Income available to Class A stockholders on Class A equivalent shares | | $ | 131,040 | | | 52,299,369 | | | $ | 2.51 | | | $ | 84,313 | | | 52,296,411 | | | $ | 1.61 | | Class B – Basic and diluted EPS: | | | | | | | | | | | | | Income available to Class B stockholders | | $ | 1,073 | | | 2,542 | | | $ | 422 | | | $ | 690 | | | 2,542 | | | $ | 272 | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Nine months ended September 30, | | | 2023 | | 2022 | (dollars in thousands, except per share data) | | Allocated net income (numerator) | | Weighted shares (denominator) | | Per-share amount | | Allocated net income (numerator) | | Weighted shares (denominator) | | Per-share amount | Class A – Basic EPS: | | | | | | | | | | | | | Income available to Class A stockholders | | $ | 332,389 | | | 46,188,962 | | | $ | 7.20 | | | $ | 231,171 | | | 46,188,878 | | | $ | 5.00 | | Dilutive effect of stock-based awards | | 0 | | | 8,893 | | | — | | | 0 | | | 8,007 | | | — | | Assumed conversion of Class B shares | | 2,744 | | | 6,100,800 | | | — | | | 1,908 | | | 6,100,800 | | | — | | Class A – Diluted EPS: | | | | | | | | | | | | | Income available to Class A stockholders on Class A equivalent shares | | $ | 335,133 | | | 52,298,655 | | | $ | 6.41 | | | $ | 233,079 | | | 52,297,685 | | | $ | 4.46 | | Class B – Basic and diluted EPS: | | | | | | | | | | | | | Income available to Class B stockholders | | $ | 2,744 | | | 2,542 | | | $ | 1,079 | | | $ | 1,908 | | | 2,542 | | | $ | 751 | | | | | | | | | | | | | | | | | | | | | | | | | | | |
|
X |
- References
+ Details
Name: |
us-gaap_EarningsPerShareAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
+ Details
Name: |
us-gaap_ScheduleOfEarningsPerShareBasicAndDilutedTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Fair Value (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Fair Value Disclosures [Abstract] |
|
Schedule of Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input |
The following tables present our fair value measurements on a recurring basis by asset class and level of input as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | (in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 | Available-for-sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 566,967 | | | $ | 0 | | | $ | 562,862 | | | $ | 4,105 | | Collateralized debt obligations | | 110,488 | | | 0 | | | 110,488 | | | 0 | | Commercial mortgage-backed securities | | 72,032 | | | 0 | | | 64,625 | | | 7,407 | | Residential mortgage-backed securities | | 150,394 | | | 0 | | | 150,389 | | | 5 | | Other debt securities | | 15,356 | | | 0 | | | 15,356 | | | 0 | | | | | | | | | | | Total available-for-sale securities | | 915,237 | | | 0 | | | 903,720 | | | 11,517 | | Equity securities: | | | | | | | | | Financial services sector | | 65,071 | | | 796 | | | 60,819 | | | 3,456 | | Utilities sector | | 7,291 | | | 0 | | | 7,291 | | | 0 | | Energy sector | | 4,131 | | | 0 | | | 4,131 | | | 0 | | Consumer sector | | 2,288 | | | 0 | | | 2,288 | | | 0 | | Technology sector | | 500 | | | 0 | | | 0 | | | 500 | | Industrial sector | | 177 | | | 0 | | | 177 | | | 0 | | Communications sector | | 58 | | | 58 | | | 0 | | | 0 | | Total equity securities | | 79,516 | | | 854 | | | 74,706 | | | 3,956 | | Total | | $ | 994,753 | | | $ | 854 | | | $ | 978,426 | | | $ | 15,473 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | (in thousands) | | Total | | Level 1 | | Level 2 | | Level 3 | Available-for-sale securities: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 553,382 | | | $ | 0 | | | $ | 549,696 | | | $ | 3,686 | | Collateralized debt obligations | | 102,537 | | | 0 | | | 102,537 | | | 0 | | Commercial mortgage-backed securities | | 66,054 | | | 0 | | | 55,144 | | | 10,910 | | Residential mortgage-backed securities | | 150,415 | | | 0 | | | 146,231 | | | 4,184 | | Other debt securities | | 22,273 | | | 0 | | | 22,273 | | | 0 | | | | | | | | | | | Total available-for-sale securities | | 894,661 | | | 0 | | | 875,881 | | | 18,780 | | Equity securities: | | | | | | | | | Financial services sector | | 61,084 | | | 0 | | | 57,305 | | | 3,779 | | Utilities sector | | 5,708 | | | 0 | | | 5,708 | | | 0 | | Energy sector | | 3,576 | | | 0 | | | 3,576 | | | 0 | | Consumer sector | | 1,854 | | | 0 | | | 1,854 | | | 0 | | Communications sector | | 338 | | | 0 | | | 338 | | | 0 | | | | | | | | | | | Total equity securities | | 72,560 | | | 0 | | | 68,781 | | | 3,779 | | Total | | $ | 967,221 | | | $ | 0 | | | $ | 944,662 | | | $ | 22,559 | |
|
Schedule of Roll Forward of Level 3 Fair Value Measurements on a Recurring Basis |
Level 3 Assets – 2023 Quarterly Change: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Beginning balance at June 30, 2023 | | Included in earnings(1) | | Included in other comprehensive income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2023 | Available-for-sale securities: | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 5,123 | | | $ | 10 | | | $ | 123 | | | $ | 1,661 | | | $ | (511) | | | $ | 730 | | | $ | (3,031) | | | $ | 4,105 | | | | | | | | | | | | | | | | | | | Commercial mortgage-backed securities | | 6,533 | | | (182) | | | (56) | | | 0 | | | (366) | | | 1,478 | | | 0 | | | 7,407 | | Residential mortgage- backed securities | | 12 | | | 0 | | | 0 | | | 0 | | | (7) | | | 0 | | | 0 | | | 5 | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | | 11,668 | | | (172) | | | 67 | | | 1,661 | | | (884) | | | 2,208 | | | (3,031) | | | 11,517 | | Equity securities | | 4,730 | | | 33 | | | — | | | 1,000 | | | 0 | | | 0 | | | (1,807) | | | 3,956 | | Total Level 3 securities | | $ | 16,398 | | | $ | (139) | | | $ | 67 | | | $ | 2,661 | | | $ | (884) | | | $ | 2,208 | | | $ | (4,838) | | | $ | 15,473 | |
Level 3 Assets – 2023 Year-to-Date Change: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Beginning balance at December 31, 2022 | | Included in earnings(1) | | Included in other comprehensive income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2023 | Available-for-sale securities: | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 3,686 | | | $ | (4) | | | $ | 245 | | | $ | 3,193 | | | $ | (1,256) | | | $ | 3,883 | | | $ | (5,642) | | | $ | 4,105 | | | | | | | | | | | | | | | | | | | Commercial mortgage-backed securities | | 10,910 | | | (542) | | | 44 | | | 1,455 | | | (551) | | | 1,944 | | | (5,853) | | | 7,407 | | Residential mortgage- backed securities | | 4,184 | | | (5) | | | 96 | | | 0 | | | (115) | | | 33 | | | (4,188) | | | 5 | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | | 18,780 | | | (551) | | | 385 | | | 4,648 | | | (1,922) | | | 5,860 | | | (15,683) | | | 11,517 | | Equity securities | | 3,779 | | | 26 | | | — | | | 1,958 | | | 0 | | | 0 | | | (1,807) | | | 3,956 | | Total Level 3 securities | | $ | 22,559 | | | $ | (525) | | | $ | 385 | | | $ | 6,606 | | | $ | (1,922) | | | $ | 5,860 | | | $ | (17,490) | | | $ | 15,473 | |
Level 3 Assets – 2022 Quarterly Change: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Beginning balance at June 30, 2022 | | Included in earnings(1) | | Included in other comprehensive income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2022 | Available-for-sale securities: | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 6,109 | | | $ | (7) | | | $ | (28) | | | $ | 753 | | | $ | (495) | | | $ | 2,899 | | | $ | (1,956) | | | $ | 7,275 | | | | | | | | | | | | | | | | | | | Commercial mortgage-backed securities | | 8,871 | | | (188) | | | (413) | | | 0 | | | (660) | | | 1,174 | | | (3,417) | | | 5,367 | | Residential mortgage- backed securities | | 42,549 | | | (667) | | | (1,708) | | | 0 | | | (6,626) | | | 674 | | | (30,560) | | | 3,662 | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | | 57,529 | | | (862) | | | (2,149) | | | 753 | | | (7,781) | | | 4,747 | | | (35,933) | | | 16,304 | | Equity securities | | 1,866 | | | (18) | | | — | | | 0 | | | 0 | | | 0 | | | 0 | | | 1,848 | | Total Level 3 securities | | $ | 59,395 | | | $ | (880) | | | $ | (2,149) | | | $ | 753 | | | $ | (7,781) | | | $ | 4,747 | | | $ | (35,933) | | | $ | 18,152 | |
Level 3 Assets – 2022 Year-to-Date Change: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | (in thousands) | | Beginning balance at December 31, 2021 | | Included in earnings(1) | | Included in other comprehensive income (loss) | | Purchases | | Sales | | Transfers into Level 3(2) | | Transfers out of Level 3(2) | | Ending balance at September 30, 2022 | Available-for-sale securities: | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 5,256 | | | $ | (2) | | | $ | (417) | | | $ | 5,687 | | | $ | (3,614) | | | $ | 8,673 | | | $ | (8,308) | | | $ | 7,275 | | | | | | | | | | | | | | | | | | | Commercial mortgage-backed securities | | 15,728 | | | (892) | | | (1,071) | | | 0 | | | (3,825) | | | 5,509 | | | (10,082) | | | 5,367 | | Residential mortgage-backed securities | | 8,814 | | | (643) | | | (2,042) | | | 4,887 | | | (9,472) | | | 38,214 | | | (36,096) | | | 3,662 | | | | | | | | | | | | | | | | | | | Total available-for-sale securities | | 29,798 | | | (1,537) | | | (3,530) | | | 10,574 | | | (16,911) | | | 52,396 | | | (54,486) | | | 16,304 | | Equity securities | | 2,083 | | | (235) | | | — | | | 0 | | | 0 | | | 0 | | | 0 | | | 1,848 | | Total Level 3 securities | | $ | 31,881 | | | $ | (1,772) | | | $ | (3,530) | | | $ | 10,574 | | | $ | (16,911) | | | $ | 52,396 | | | $ | (54,486) | | | $ | 18,152 | |
(1)These amounts are reported as net investment income and net realized and unrealized investment gains (losses) for each of the periods presented above. (2)Transfers into and/or (out) of Level 3 are primarily attributable to the availability of market observable information and the re-evaluation of the observability of pricing inputs.
|
Schedule of Financial Instruments Not Carried at Fair Value |
The following table presents the carrying values and fair values of financial instruments categorized as Level 3 in the fair value hierarchy that are recorded at carrying value as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | December 31, 2022 | (in thousands) | | Carrying value | | Fair value | | Carrying value | | Fair value | Agent loans | | $ | 68,192 | | | $ | 58,955 | | | $ | 69,476 | | | $ | 62,954 | | | | | | | | | | | | | | | | | | | |
|
X |
- DefinitionTabular disclosure of assets, including [financial] instruments measured at fair value that are classified in stockholders' equity, if any, by class that are measured at fair value on a recurring basis. The disclosures contemplated herein include the fair value measurements at the reporting date by the level within the fair value hierarchy in which the fair value measurements in their entirety fall, segregating fair value measurements using quoted prices in active markets for identical assets (Level 1), significant other observable inputs (Level 2), and significant unobservable inputs (Level 3).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
+ Details
Name: |
us-gaap_FairValueAssetsMeasuredOnRecurringBasisTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the fair value measurement of assets using significant unobservable inputs (Level 3), a reconciliation of the beginning and ending balances, separately presenting changes during the period attributable to the following: (1) total gains or losses for the period (realized and unrealized), segregating those gains or losses included in earnings (or changes in net assets) and gains or losses recognized in other comprehensive income (loss), and a description of where those gains or losses included in earnings (or changes in net assets) are reported in the statement of income (or activities); (2) purchases, sales, issues, and settlements (each type disclosed separately); and (3) transfers in and transfers out of Level 3 (for example, transfers due to changes in the observability of significant inputs), by class of asset.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -SubTopic 10 -Topic 820 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 820 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3
+ Details
Name: |
us-gaap_FairValueAssetsMeasuredOnRecurringBasisUnobservableInputReconciliationTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of information about fair value of asset and liability not measured at fair value.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2E -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2E
+ Details
Name: |
us-gaap_FairValueDisclosureOfAssetAndLiabilityNotMeasuredAtFairValueTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_FairValueDisclosuresAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Investments (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Investments [Abstract] |
|
Schedule of Reconciliation of Cost to Fair Value, Net of Credit Loss Allowance, of Available-For-Sale Securities |
The following tables summarize the amortized cost and estimated fair value, net of credit loss allowance, of our available-for-sale securities as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | (in thousands) | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Estimated fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 596,538 | | | $ | 776 | | | $ | 30,347 | | | $ | 566,967 | | Collateralized debt obligations | | 113,252 | | | 64 | | | 2,828 | | | 110,488 | | Commercial mortgage-backed securities | | 78,491 | | | 90 | | | 6,549 | | | 72,032 | | Residential mortgage-backed securities | | 173,529 | | | 11 | | | 23,146 | | | 150,394 | | Other debt securities | | 16,298 | | | 0 | | | 942 | | | 15,356 | | | | | | | | | | | Total available-for-sale securities, net | | $ | 978,108 | | | $ | 941 | | | $ | 63,812 | | | $ | 915,237 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | (in thousands) | | Amortized cost | | Gross unrealized gains | | Gross unrealized losses | | Estimated fair value | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 588,536 | | | $ | 657 | | | $ | 35,811 | | | $ | 553,382 | | Collateralized debt obligations | | 107,730 | | | 11 | | | 5,204 | | | 102,537 | | Commercial mortgage-backed securities | | 73,855 | | | 157 | | | 7,958 | | | 66,054 | | Residential mortgage-backed securities | | 166,412 | | | 72 | | | 16,069 | | | 150,415 | | Other debt securities | | 24,602 | | | 0 | | | 2,329 | | | 22,273 | | | | | | | | | | | Total available-for-sale securities, net | | $ | 961,135 | | | $ | 897 | | | $ | 67,371 | | | $ | 894,661 | |
|
Schedule of Amortized Cost and Estimated Fair Value, Net of Credit Loss Allowance, of Available-For-Sale Securities by Remaining Contractual Term to Maturity |
The amortized cost and estimated fair value of available-for-sale securities at September 30, 2023 are shown below by remaining contractual term to maturity. Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. | | | | | | | | | | | | | | | | | September 30, 2023 | | | Amortized | | Estimated | (in thousands) | | cost | | fair value | Due in one year or less | | $ | 63,056 | | | $ | 61,957 | | Due after one year through five years | | 431,382 | | | 409,557 | | Due after five years through ten years | | 171,654 | | | 164,848 | | Due after ten years | | 312,016 | | | 278,875 | | Total available-for-sale securities, net (1) | | $ | 978,108 | | | $ | 915,237 | |
(1)The contractual maturities of our available-for-sale securities are included in the table. However, given our intent to sell certain impaired securities, these securities are classified as current assets in our Statement of Financial Position at September 30, 2023.
|
Schedule of Available-For-Sale Securities in a Gross Unrealized Loss Position by Length of Time |
The below securities have been evaluated and determined to be temporary declines in fair value for which we expect to recover our entire principal plus interest. The following tables present available-for-sale securities based on length of time in a gross unrealized loss position as of: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | September 30, 2023 | | | Less than 12 months | | 12 months or longer | | Total | (dollars in thousands) | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | | No. of holdings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 173,565 | | | $ | 4,529 | | | $ | 345,584 | | | $ | 25,818 | | | $ | 519,149 | | | $ | 30,347 | | | 832 | | Collateralized debt obligations | | 7,010 | | | 39 | | | 93,940 | | | 2,789 | | | 100,950 | | | 2,828 | | | 154 | | Commercial mortgage-backed securities | | 33,208 | | | 1,064 | | | 30,692 | | | 5,485 | | | 63,900 | | | 6,549 | | | 156 | | Residential mortgage-backed securities | | 48,919 | | | 3,118 | | | 97,676 | | | 20,028 | | | 146,595 | | | 23,146 | | | 182 | | Other debt securities | | 7,605 | | | 121 | | | 7,752 | | | 821 | | | 15,357 | | | 942 | | | 39 | | | | | | | | | | | | | | | | | Total available-for-sale securities | | $ | 270,307 | | | $ | 8,871 | | | $ | 575,644 | | | $ | 54,941 | | | $ | 845,951 | | | $ | 63,812 | | | 1,363 | | Quality breakdown of available-for-sale securities: | | | | | | | | | | | | | | | Investment grade | | $ | 241,402 | | | $ | 8,142 | | | $ | 523,719 | | | $ | 48,245 | | | $ | 765,121 | | | $ | 56,387 | | | 814 | | Non-investment grade | | 28,905 | | | 729 | | | 51,925 | | | 6,696 | | | 80,830 | | | 7,425 | | | 549 | | Total available-for-sale securities | | $ | 270,307 | | | $ | 8,871 | | | $ | 575,644 | | | $ | 54,941 | | | $ | 845,951 | | | $ | 63,812 | | | 1,363 | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | December 31, 2022 | | | Less than 12 months | | 12 months or longer | | Total | (dollars in thousands) | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | | Fair value | | Unrealized losses | | No. of holdings | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Corporate debt securities | | $ | 397,511 | | | $ | 21,371 | | | $ | 121,094 | | | $ | 14,440 | | | $ | 518,605 | | | $ | 35,811 | | | 916 | | Collateralized debt obligations | | 44,823 | | | 2,529 | | | 55,335 | | | 2,675 | | | 100,158 | | | 5,204 | | | 159 | | Commercial mortgage-backed securities | | 41,139 | | | 5,124 | | | 15,864 | | | 2,834 | | | 57,003 | | | 7,958 | | | 131 | | Residential mortgage-backed securities | | 109,499 | | | 9,131 | | | 31,465 | | | 6,938 | | | 140,964 | | | 16,069 | | | 161 | | Other debt securities | | 15,682 | | | 1,323 | | | 6,591 | | | 1,006 | | | 22,273 | | | 2,329 | | | 46 | | | | | | | | | | | | | | | | | Total available-for-sale securities | | $ | 608,654 | | | $ | 39,478 | | | $ | 230,349 | | | $ | 27,893 | | | $ | 839,003 | | | $ | 67,371 | | | 1,413 | | Quality breakdown of available-for-sale securities: | | | | | | | | | | | | | | | Investment grade | | $ | 525,805 | | | $ | 31,904 | | | $ | 215,742 | | | $ | 25,205 | | | $ | 741,547 | | | $ | 57,109 | | | 761 | | Non-investment grade | | 82,849 | | | 7,574 | | | 14,607 | | | 2,688 | | | 97,456 | | | 10,262 | | | 652 | | Total available-for-sale securities | | $ | 608,654 | | | $ | 39,478 | | | $ | 230,349 | | | $ | 27,893 | | | $ | 839,003 | | | $ | 67,371 | | | 1,413 | |
|
Schedule of Investment Income (Loss), Net of Expenses, from Portfolios |
Investment income (loss), net of expenses, was generated from the following portfolios: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | Available-for-sale securities | | $ | 11,037 | | | $ | 8,546 | | | $ | 31,404 | | | $ | 21,919 | | | Equity securities | | 1,161 | | | 979 | | | 3,260 | | | 2,942 | | | Limited partnerships (1) | | (13) | | | (4,643) | | | (10,725) | | | (2,158) | | | Cash equivalents and other | | 2,687 | | | 1,251 | | | 6,714 | | | 2,901 | | | Total investment income | | 14,872 | | | 6,133 | | | 30,653 | | | 25,604 | | | Less: investment expenses | | 230 | | | 299 | | | 293 | | | 998 | | | Net investment income | | $ | 14,642 | | | $ | 5,834 | | | $ | 30,360 | | | $ | 24,606 | | |
(1)Limited partnership losses include both realized gains (losses) and unrealized valuation changes. Our limited partnership investments are included in the line item "Other assets" in the Statements of Financial Position. We have made no new significant limited partnership commitments since 2006, and the balance of limited partnership investments is expected to decline over time as additional distributions are received.
|
Schedule of Realized and Unrealized Gains and Losses on Investments and Net Unrealized Gains and Losses Recognized during the Reporting Period Related to Equity Securities Held at the Reporting Date |
Realized and unrealized gains (losses) on investments were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | Available-for-sale securities: | | | | | | | | | | Gross realized gains | | $ | 213 | | | $ | 146 | | | $ | 519 | | | $ | 1,055 | | | Gross realized losses | | (2,693) | | | (4,752) | | | (6,714) | | | (10,163) | | | Net realized losses on available-for-sale securities | | (2,480) | | | (4,606) | | | (6,195) | | | (9,108) | | | Equity securities | | 244 | | | (1,624) | | | (3,060) | | | (14,727) | | | Miscellaneous | | 9 | | | 0 | | | 9 | | | 2 | | | Net realized and unrealized investment losses | | $ | (2,227) | | | $ | (6,230) | | | $ | (9,246) | | | $ | (23,833) | | |
The portion of net unrealized gains (losses) recognized during the reporting period related to equity securities held at the reporting date is calculated as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | Equity securities: | | | | | | | | | | Net gains (losses) recognized during the period | | $ | 244 | | | $ | (1,624) | | | $ | (3,060) | | | $ | (14,727) | | | Less: net gains (losses) recognized on securities sold | | 91 | | | 243 | | | (2,636) | | | (1,327) | | | Net unrealized gains (losses) recognized on securities held at reporting date | | $ | 153 | | | $ | (1,867) | | | $ | (424) | | | $ | (13,400) | | |
|
Schedule of Impairments on Available-For-Sale Securities |
Impairments on available-for-sale securities were as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | | Available-for-sale securities: | | | | | | | | | | Intent to sell | | $ | (58) | | | $ | (45) | | | $ | (1,639) | | | $ | (146) | | | Credit | | (55) | | | (130) | | | (278) | | | (283) | | | | | | | | | | | | | | | | | | | | | | | Net impairment losses recognized in earnings | | $ | (113) | | | $ | (175) | | | $ | (1,917) | | | $ | (429) | | |
|
X |
- DefinitionTabular disclosure of realized and unrealized gains and losses on investments reported in the statement of income.
+ References
+ Details
Name: |
erie_RealizedandUnrealizedGainLossonInvestmentsTableTextBlock |
Namespace Prefix: |
erie_ |
Data Type: |
dtr-types1:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-9
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLossTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of fair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479081/326-30-55-8
Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-4
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionFairValueTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of investment income, including, but not limited to, interest and dividend income and amortization of discount (premium) derived from debt and equity securities. Excludes realized and unrealized gain (loss) on investments.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.8) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.7(a),(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_InvestmentIncomeTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of maturities of an entity's investments as well as any other information pertinent to the investments.
+ References
+ Details
Name: |
us-gaap_InvestmentsClassifiedByContractualMaturityDateTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the reconciliation of available-for-sale securities from cost basis to fair value.
+ References
+ Details
Name: |
us-gaap_ScheduleOfAvailableForSaleSecuritiesReconciliationTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Postretirement Benefits (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Retirement Benefits [Abstract] |
|
Schedule of Pension Plan (Income) Cost |
Pension plan (income) cost includes the following components: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended September 30, | | Nine months ended September 30, | (in thousands) | | 2023 | | 2022 | | 2023 | | 2022 | Service cost for benefits earned | | $ | 7,190 | | | $ | 12,560 | | | $ | 21,572 | | | $ | 37,681 | | Interest cost on benefit obligation | | 12,548 | | | 9,941 | | | 37,644 | | | 29,823 | | Expected return on plan assets | | (17,217) | | | (13,639) | | | (51,652) | | | (40,917) | | Prior service cost amortization | | 362 | | | 361 | | | 1,085 | | | 1,082 | | Net actuarial (gain) loss amortization | | (3,833) | | | 1,830 | | | (11,498) | | | 5,490 | | Pension plan (income) cost (1) | | $ | (950) | | | $ | 11,053 | | | $ | (2,849) | | | $ | 33,159 | |
(1)Pension plan (income) cost represents plan (income) cost before reimbursements between Indemnity and the Exchange and its subsidiaries. The components of pension plan (income) cost other than the service cost components are included in the line item "Other income" in the Statements of Operations, net of reimbursements between Indemnity and the Exchange and its subsidiaries.
|
X |
- References
+ Details
Name: |
us-gaap_CompensationAndRetirementDisclosureAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the components of net benefit costs for pension plans and/or other employee benefit plans including service cost, interest cost, expected return on plan assets, gain (loss), prior service cost or credit, transition asset or obligation, and gain (loss) recognized due to settlements or curtailments.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 715 -SubTopic 20 -Subparagraph (h) -Name Accounting Standards Codification -Paragraph 1 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
+ Details
Name: |
us-gaap_ScheduleOfNetBenefitCostsTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Accumulated Other Comprehensive Income (Loss) (Tables)
|
9 Months Ended |
Sep. 30, 2023 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] |
|
Schedule of Changes in Accumulated Other Comprehensive Income (Loss) by Component, Including Amounts Reclassified to Other Comprehensive Income (Loss) and the Related Line Item in the Statements of Operations Where Net Income is Presented |
Changes in accumulated other comprehensive income ("AOCI") (loss) by component, including amounts reclassified to other comprehensive income ("OCI") (loss) and the related line item in the Statements of Operations where net income is presented, are as follows: | | | | | | | | | | | | | | | | | | | | | | | | | | | | | Three months ended | | Three months ended | | | September 30, 2023 | | September 30, 2022 | (in thousands) | | Before Tax | Income Tax | Net | | Before Tax | Income Tax | Net | Investment securities: | | | | | | | | | AOCI (loss), beginning of period | | $ | (55,497) | | $ | (11,654) | | $ | (43,843) | | | $ | (57,980) | | $ | (12,177) | | $ | (45,803) | | OCI (loss) before reclassifications | | (10,064) | | (2,114) | | (7,950) | | | (26,524) | | (5,570) | | (20,954) | | Realized investment losses | | 2,480 | | 521 | | 1,959 | | | 4,606 | | 968 | | 3,638 | | Impairment losses | | 113 | | 24 | | 89 | | | 175 | | 37 | | 138 | | | | | | | | | | | OCI (loss) | | (7,471) | | (1,569) | | (5,902) | | | (21,743) | | (4,565) | | (17,178) | | AOCI (loss), end of period | | $ | (62,968) | | $ | (13,223) | | $ | (49,745) | | | $ | (79,723) | | $ | (16,742) | | $ | (62,981) | | | | | | | | | | | Pension and other postretirement plans: | | | | | | | | | AOCI (loss), beginning of period | | $ | 50,244 | | $ | 10,551 | | $ | 39,693 | | | $ | (35,346) | | $ | (7,424) | | $ | (27,922) | | | | | | | | | | | Amortization of prior service costs | | 362 | | 76 | | 286 | | | 361 | | 76 | | 285 | | Amortization of net actuarial (gain) loss | | (3,833) | | (805) | | (3,028) | | | 1,830 | | 384 | | 1,446 | | OCI (loss) | | (3,471) | | (729) | | (2,742) | | | 2,191 | | 460 | | 1,731 | | AOCI (loss), end of period | | $ | 46,773 | | $ | 9,822 | | $ | 36,951 | | | $ | (33,155) | | $ | (6,964) | | $ | (26,191) | | | | | | | | | | | Total | | | | | | | | | AOCI (loss), beginning of period | | $ | (5,253) | | $ | (1,103) | | $ | (4,150) | | | $ | (93,326) | | $ | (19,601) | | $ | (73,725) | | Investment securities | | (7,471) | | (1,569) | | (5,902) | | | (21,743) | | (4,565) | | (17,178) | | Pension and other postretirement plans | | (3,471) | | (729) | | (2,742) | | | 2,191 | | 460 | | 1,731 | | OCI (loss) | | (10,942) | | (2,298) | | (8,644) | | | (19,552) | | (4,105) | | (15,447) | | AOCI (loss), end of period | | $ | (16,195) | | $ | (3,401) | | $ | (12,794) | | | $ | (112,878) | | $ | (23,706) | | $ | (89,172) | | | | | | | | | | | | | Nine months ended | | Nine months ended | | | September 30, 2023 | | September 30, 2022 | (in thousands) | | Before Tax | Income Tax | Net | | Before Tax | Income Tax | Net | Investment securities: | | | | | | | | | AOCI (loss), beginning of period | | $ | (66,571) | | $ | (13,980) | | $ | (52,591) | | | $ | 7,722 | | $ | 1,621 | | $ | 6,101 | | OCI (loss) before reclassifications | | (4,509) | | (947) | | (3,562) | | | (96,982) | | (20,366) | | (76,616) | | Realized investment losses | | 6,195 | | 1,301 | | 4,894 | | | 9,108 | | 1,913 | | 7,195 | | Impairment losses | | 1,917 | | 403 | | 1,514 | | | 429 | | 90 | | 339 | | | | | | | | | | | OCI (loss) | | 3,603 | | 757 | | 2,846 | | | (87,445) | | (18,363) | | (69,082) | | AOCI (loss), end of period | | $ | (62,968) | | $ | (13,223) | | $ | (49,745) | | | $ | (79,723) | | $ | (16,742) | | $ | (62,981) | | | | | | | | | | | Pension and other postretirement plans: | | | | | | | | | AOCI (loss), beginning of period | | $ | 57,186 | | $ | 12,009 | | $ | 45,177 | | | $ | (39,734) | | $ | (8,345) | | $ | (31,389) | | | | | | | | | | | Amortization of prior service costs | | 1,085 | | 228 | | 857 | | | 1,082 | | 227 | | 855 | | Amortization of net actuarial (gain) loss | | (11,498) | | (2,415) | | (9,083) | | | 5,497 | | 1,154 | | 4,343 | | OCI (loss) | | (10,413) | | (2,187) | | (8,226) | | | 6,579 | | 1,381 | | 5,198 | | AOCI (loss), end of period | | $ | 46,773 | | $ | 9,822 | | $ | 36,951 | | | $ | (33,155) | | $ | (6,964) | | $ | (26,191) | | | | | | | | | | | Total | | | | | | | | | AOCI (loss), beginning of period | | $ | (9,385) | | $ | (1,971) | | $ | (7,414) | | | $ | (32,012) | | $ | (6,724) | | $ | (25,288) | | Investment securities | | 3,603 | | 757 | | 2,846 | | | (87,445) | | (18,363) | | (69,082) | | Pension and other postretirement plans | | (10,413) | | (2,187) | | (8,226) | | | 6,579 | | 1,381 | | 5,198 | | OCI (loss) | | (6,810) | | (1,430) | | (5,380) | | | (80,866) | | (16,982) | | (63,884) | | AOCI (loss), end of period | | $ | (16,195) | | $ | (3,401) | | $ | (12,794) | | | $ | (112,878) | | $ | (23,706) | | $ | (89,172) | | | | | | | | | | |
|
X |
- References
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionTabular disclosure of the components of accumulated other comprehensive income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 830 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 20 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481694/830-30-45-20
+ Details
Name: |
us-gaap_ScheduleOfAccumulatedOtherComprehensiveIncomeLossTableTextBlock |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:textBlockItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
X |
- References
+ Details
Name: |
us-gaap_OrganizationConsolidationAndPresentationOfFinancialStatementsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Revenue - Narrative (Details) $ in Millions |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023
USD ($)
|
Sep. 30, 2022
USD ($)
|
Sep. 30, 2023
USD ($)
obligation
|
Sep. 30, 2022
USD ($)
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
|
|
Management fee rate as a percent of direct and affiliated assumed written premiums of the exchange |
|
|
25.00%
|
|
Performance obligations under subscriber's agreement | obligation |
|
|
2
|
|
Revenue recognized that was included in the contract liability at prior year-end | $ |
$ 7.7
|
$ 7.4
|
$ 31.5
|
$ 30.1
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-10-01 |
|
|
|
|
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] |
|
|
|
|
Performance obligation, satisfaction period |
4 years
|
|
4 years
|
|
X |
- DefinitionRepresents the management fee rate, determined by the board of directors of the entity, calculated as a percentage of the direct and affiliated assumed written premiums.
+ References
+ Details
Name: |
erie_InsuranceAgencyManagementFeePercent |
Namespace Prefix: |
erie_ |
Data Type: |
dtr-types1:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of revenue recognized that was previously included in balance of obligation to transfer good or service to customer for which consideration from customer has been received or is due.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 8 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
+ Details
Name: |
us-gaap_ContractWithCustomerLiabilityRevenueRecognized |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionPeriod in which remaining performance obligation is expected to be recognized as revenue, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b)(1) -SubTopic 10 -Topic 606 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-13
+ Details
Name: |
us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:durationItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionStartDateAxis=2023-10-01 |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
Revenue - Disaggregation of Revenues By Performance Obligations (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Disaggregation of revenue by performance obligation |
|
|
|
|
Revenue |
$ 858,938
|
$ 741,236
|
$ 2,451,273
|
$ 2,139,489
|
Management fee revenue - policy issuance and renewal services |
|
|
|
|
Disaggregation of revenue by performance obligation |
|
|
|
|
Revenue |
649,049
|
551,666
|
1,840,478
|
1,584,213
|
Management fee revenue - policy issuance and renewal services | Transferred At Point in Time |
|
|
|
|
Disaggregation of revenue by performance obligation |
|
|
|
|
Revenue |
649,049
|
551,666
|
1,840,478
|
1,584,213
|
Administrative services | Transferred Over Time |
|
|
|
|
Disaggregation of revenue by performance obligation |
|
|
|
|
Revenue |
203,269
|
183,310
|
591,387
|
536,101
|
Management fee revenue - administrative services |
|
|
|
|
Disaggregation of revenue by performance obligation |
|
|
|
|
Revenue |
16,151
|
14,657
|
46,976
|
43,446
|
Management fee revenue - administrative services | Transferred Over Time |
|
|
|
|
Disaggregation of revenue by performance obligation |
|
|
|
|
Revenue |
16,151
|
14,657
|
46,976
|
43,446
|
Administrative services reimbursement revenue |
|
|
|
|
Disaggregation of revenue by performance obligation |
|
|
|
|
Revenue |
187,118
|
168,653
|
544,411
|
492,655
|
Administrative services reimbursement revenue | Transferred Over Time |
|
|
|
|
Disaggregation of revenue by performance obligation |
|
|
|
|
Revenue |
$ 187,118
|
$ 168,653
|
$ 544,411
|
$ 492,655
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 4: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 5: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
Reference 8: http://www.xbrl.org/2003/role/exampleRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 91 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479777/606-10-55-91
+ Details
Name: |
us-gaap_DisaggregationOfRevenueLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 924 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 11.L) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 42 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 40 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 41 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 606 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
+ Details
Name: |
us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=erie_PolicyIssuanceandRenewalServicesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TimingOfTransferOfGoodOrServiceAxis=us-gaap_TransferredAtPointInTimeMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=erie_AdministrativeServicesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_TimingOfTransferOfGoodOrServiceAxis=us-gaap_TransferredOverTimeMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=erie_AdministrativeServicesManagementFeeMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_ProductOrServiceAxis=erie_AdministrativeServicesReimbursementsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
X |
- DefinitionThe ratio applied to Class B common stock shares for purposes of determining the number of Class A common stock shares into which the stock will be converted (the number of Class A common stock shares into which one Class B common stock share may be converted).
+ References
+ Details
Name: |
erie_CommonStockConversionRatio |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:pureItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
erie_ScheduleOfEarningsPerShareBasicAndDilutedLineItems |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
Earnings Per Share - Schedule of Reconciliation of the Numerators and Denominators Used in the Basic and Diluted Per-Share Computations (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Class A common stock |
|
|
|
|
Income available to stockholders (Basic EPS:) |
|
|
|
|
Allocated net income (numerator) |
$ 129,967
|
$ 83,623
|
$ 332,389
|
$ 231,171
|
Weighted shares (denominator) (in shares) |
46,189,037
|
46,189,025
|
46,188,962
|
46,188,878
|
Per-share amount (in dollars per share) |
$ 2.81
|
$ 1.81
|
$ 7.20
|
$ 5.00
|
Dilutive effect of stock-based awards |
|
|
|
|
Allocated net income (numerator) |
$ 0
|
$ 0
|
$ 0
|
$ 0
|
Weighted shares (denominator) (in shares) |
9,532
|
6,586
|
8,893
|
8,007
|
Assumed conversion of Class B shares |
|
|
|
|
Allocated net income (numerator) |
$ 1,073
|
$ 690
|
$ 2,744
|
$ 1,908
|
Weighted shares (denominator) (in shares) |
6,100,800
|
6,100,800
|
6,100,800
|
6,100,800
|
Income available to stockholders on equivalent shares (Diluted EPS:) |
|
|
|
|
Allocated net income (numerator) |
$ 131,040
|
$ 84,313
|
$ 335,133
|
$ 233,079
|
Weighted shares (denominator) (in shares) |
52,299,369
|
52,296,411
|
52,298,655
|
52,297,685
|
Per-share amount (in dollars per share) |
$ 2.51
|
$ 1.61
|
$ 6.41
|
$ 4.46
|
Class B common stock |
|
|
|
|
Income available to stockholders (Basic EPS:) |
|
|
|
|
Allocated net income (numerator) |
$ 1,073
|
$ 690
|
$ 2,744
|
$ 1,908
|
Weighted shares (denominator) (in shares) |
2,542
|
2,542
|
2,542
|
2,542
|
Per-share amount (in dollars per share) |
$ 422
|
$ 272
|
$ 1,079
|
$ 751
|
Income available to stockholders on equivalent shares (Diluted EPS:) |
|
|
|
|
Allocated net income (numerator) |
$ 1,073
|
$ 690
|
$ 2,744
|
$ 1,908
|
Weighted shares (denominator) (in shares) |
2,542
|
2,542
|
2,542
|
2,542
|
Per-share amount (in dollars per share) |
$ 422
|
$ 272
|
$ 1,079
|
$ 751
|
X |
- Definition-- None. No documentation exists for this element. --
+ References
+ Details
Name: |
erie_DilutiveSecuritiesEffectOnBasicEarningsPerShareAssumedConversionAbstract |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAdditional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of convertible common stock using the if-converted method.
+ References
+ Details
Name: |
erie_IncrementalCommonSharesAttributableToConversionOfConvertibleCommonStock |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) to net income used for calculating diluted earnings per share (EPS), resulting from the assumed exercise of stock options or restrictive stock units (RSUs).
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
+ Details
Name: |
us-gaap_AmountOfDilutiveSecuritiesStockOptionsAndRestrictiveStockUnits |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_DilutiveSecuritiesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of increase (decrease) to net income used for calculating diluted earnings per share (EPS), resulting from the assumed exercise of dilutive convertible securities excluding adjustments related to ESOP convertible preferred stock, stock options, and restrictive stock units.
+ References
+ Details
Name: |
us-gaap_DilutiveSecuritiesEffectOnBasicEarningsPerShareOther |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(27)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 16: http://www.xbrl.org/2003/role/exampleRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 52 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
+ Details
Name: |
us-gaap_EarningsPerShareBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe amount of net income (loss) for the period available to each share of common stock or common unit outstanding during the reporting period and to each share or unit that would have been outstanding assuming the issuance of common shares or units for all dilutive potential common shares or units outstanding during the reporting period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 15 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-15
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (e)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 815 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 1 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480175/815-40-65-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-7
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-2
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(25)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(27)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(23)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 15: http://www.xbrl.org/2003/role/exampleRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 52 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482635/260-10-55-52
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-7
+ Details
Name: |
us-gaap_EarningsPerShareDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
dtr-types:perShareItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAdditional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 718 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480454/718-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-22
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 23 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-23
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 28A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-28A
+ Details
Name: |
us-gaap_IncrementalCommonSharesAttributableToShareBasedPaymentArrangements |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe portion of profit or loss for the period, net of income taxes, which is attributable to the parent, and includes adjustments resulting from the assumption that dilutive convertible securities were converted, options or warrants were exercised, or that other shares were issued upon the satisfaction of certain conditions.
+ References
+ Details
Name: |
us-gaap_NetIncomeLossAttributableToParentDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetIncomeLossAttributableToParentDilutedAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities; of income (loss) available to common shareholders.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 11 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-11
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 250 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483443/250-10-50-4
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 6.B) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-5
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 30 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
Reference 11: http://www.xbrl.org/2003/role/exampleRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 31 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-31
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 32 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-11
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
+ Details
Name: |
us-gaap_NetIncomeLossAvailableToCommonStockholdersBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_NetIncomeLossAvailableToCommonStockholdersBasicAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, after deduction of tax, noncontrolling interests, dividends on preferred stock and participating securities, and addition from assumption of issuance of common shares for dilutive potential common shares; of income (loss) available to common shareholders.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 5 -Subparagraph (SAB Topic 6.B) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-5
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-16
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 40 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-40
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 60B -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-60B
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 40 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-40
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 40 -Subparagraph (b)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 40 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-40
+ Details
Name: |
us-gaap_NetIncomeLossAvailableToCommonStockholdersDiluted |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionThe average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 16 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-16
+ Details
Name: |
us-gaap_WeightedAverageNumberOfDilutedSharesOutstanding |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionNumber of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 260 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
+ Details
Name: |
us-gaap_WeightedAverageNumberOfSharesOutstandingBasic |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
Fair Value - Fair Value Measurements on a Recurring Basis by Asset Class and Level of Input (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
$ 915,237
|
|
Available-for-sale securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
915,237
|
$ 894,661
|
Corporate debt securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
566,967
|
553,382
|
Collateralized debt obligations |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
110,488
|
102,537
|
Commercial mortgage-backed securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
72,032
|
66,054
|
Residential mortgage-backed securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
150,394
|
150,415
|
Other debt securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
15,356
|
22,273
|
Fair Value, Measurements, Recurring Basis |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total |
994,753
|
967,221
|
Fair Value, Measurements, Recurring Basis | Available-for-sale securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
915,237
|
894,661
|
Fair Value, Measurements, Recurring Basis | Corporate debt securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
566,967
|
553,382
|
Fair Value, Measurements, Recurring Basis | Collateralized debt obligations |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
110,488
|
102,537
|
Fair Value, Measurements, Recurring Basis | Commercial mortgage-backed securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
72,032
|
66,054
|
Fair Value, Measurements, Recurring Basis | Residential mortgage-backed securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
150,394
|
150,415
|
Fair Value, Measurements, Recurring Basis | Other debt securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
15,356
|
22,273
|
Fair Value, Measurements, Recurring Basis | Equity securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
79,516
|
72,560
|
Fair Value, Measurements, Recurring Basis | Equity securities | Financial services sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
65,071
|
61,084
|
Fair Value, Measurements, Recurring Basis | Equity securities | Utilities sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
7,291
|
5,708
|
Fair Value, Measurements, Recurring Basis | Equity securities | Energy sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
4,131
|
3,576
|
Fair Value, Measurements, Recurring Basis | Equity securities | Consumer sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
2,288
|
1,854
|
Fair Value, Measurements, Recurring Basis | Equity securities | Technology sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
500
|
|
Fair Value, Measurements, Recurring Basis | Equity securities | Industrial sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
177
|
|
Fair Value, Measurements, Recurring Basis | Equity securities | Communications sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
58
|
338
|
Fair Value, Measurements, Recurring Basis | Level 1 |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total |
854
|
0
|
Fair Value, Measurements, Recurring Basis | Level 1 | Available-for-sale securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 1 | Corporate debt securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 1 | Collateralized debt obligations |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 1 | Commercial mortgage-backed securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 1 | Residential mortgage-backed securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 1 | Other debt securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
854
|
0
|
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Financial services sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
796
|
0
|
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Utilities sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Energy sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Consumer sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Technology sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
0
|
|
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Industrial sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
0
|
|
Fair Value, Measurements, Recurring Basis | Level 1 | Equity securities | Communications sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
58
|
0
|
Fair Value, Measurements, Recurring Basis | Level 2 |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total |
978,426
|
944,662
|
Fair Value, Measurements, Recurring Basis | Level 2 | Available-for-sale securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
903,720
|
875,881
|
Fair Value, Measurements, Recurring Basis | Level 2 | Corporate debt securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
562,862
|
549,696
|
Fair Value, Measurements, Recurring Basis | Level 2 | Collateralized debt obligations |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
110,488
|
102,537
|
Fair Value, Measurements, Recurring Basis | Level 2 | Commercial mortgage-backed securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
64,625
|
55,144
|
Fair Value, Measurements, Recurring Basis | Level 2 | Residential mortgage-backed securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
150,389
|
146,231
|
Fair Value, Measurements, Recurring Basis | Level 2 | Other debt securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
15,356
|
22,273
|
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
74,706
|
68,781
|
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Financial services sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
60,819
|
57,305
|
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Utilities sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
7,291
|
5,708
|
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Energy sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
4,131
|
3,576
|
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Consumer sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
2,288
|
1,854
|
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Technology sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
0
|
|
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Industrial sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
177
|
|
Fair Value, Measurements, Recurring Basis | Level 2 | Equity securities | Communications sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
0
|
338
|
Fair Value, Measurements, Recurring Basis | Level 3 |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total |
15,473
|
22,559
|
Fair Value, Measurements, Recurring Basis | Level 3 | Available-for-sale securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
11,517
|
18,780
|
Fair Value, Measurements, Recurring Basis | Level 3 | Corporate debt securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
4,105
|
3,686
|
Fair Value, Measurements, Recurring Basis | Level 3 | Collateralized debt obligations |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 3 | Commercial mortgage-backed securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
7,407
|
10,910
|
Fair Value, Measurements, Recurring Basis | Level 3 | Residential mortgage-backed securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
5
|
4,184
|
Fair Value, Measurements, Recurring Basis | Level 3 | Other debt securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total available-for-sale securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
3,956
|
3,779
|
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Financial services sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
3,456
|
3,779
|
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Utilities sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Energy sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Consumer sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
0
|
0
|
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Technology sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
500
|
|
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Industrial sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
0
|
|
Fair Value, Measurements, Recurring Basis | Level 3 | Equity securities | Communications sector |
|
|
Fair value measurements on a recurring basis by asset class and level of input |
|
|
Total equity securities |
$ 0
|
$ 0
|
X |
- DefinitionAmount of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).
+ References
+ Details
Name: |
erie_EquitySecuritiesFVNITotal |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481830/320-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtSecurities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-3
+ Details
Name: |
us-gaap_FairValueAssetsAndLiabilitiesMeasuredOnRecurringAndNonrecurringBasisLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionFair value portion of investment securities, including, but not limited to, marketable securities, derivative financial instruments, and investments accounted for under the equity method.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 820 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482106/820-10-50-2
+ Details
Name: |
us-gaap_InvestmentsFairValueDisclosure |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_DebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CorporateDebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CollateralizedDebtObligationsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CommercialMortgageBackedSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageBackedSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_OtherDebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FairValueByMeasurementFrequencyAxis=us-gaap_FairValueMeasurementsRecurringMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_EquitySecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_EquitySecuritiesByIndustryAxis=us-gaap_FinancialServicesSectorMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_EquitySecuritiesByIndustryAxis=erie_UtilitiesSectorMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_EquitySecuritiesByIndustryAxis=us-gaap_EnergySectorMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_EquitySecuritiesByIndustryAxis=us-gaap_ConsumerSectorMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_EquitySecuritiesByIndustryAxis=us-gaap_TechnologySectorMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_EquitySecuritiesByIndustryAxis=erie_IndustrialSectorMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_EquitySecuritiesByIndustryAxis=erie_CommunicationsSectorMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
Fair Value - Level 3 Assets (Details) - Level 3 - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Roll forward of level 3 fair value measurements on a recurring basis |
|
|
|
|
Beginning balance |
$ 16,398
|
$ 59,395
|
$ 22,559
|
$ 31,881
|
Included in earnings |
(139)
|
(880)
|
(525)
|
(1,772)
|
Included in other comprehensive income (loss) |
67
|
(2,149)
|
385
|
(3,530)
|
Purchases |
2,661
|
753
|
6,606
|
10,574
|
Sales |
(884)
|
(7,781)
|
(1,922)
|
(16,911)
|
Transfers into Level 3 |
2,208
|
4,747
|
5,860
|
52,396
|
Transfers out of Level 3 |
(4,838)
|
(35,933)
|
(17,490)
|
(54,486)
|
Ending balance |
15,473
|
18,152
|
15,473
|
18,152
|
Available-for-sale Securities |
|
|
|
|
Roll forward of level 3 fair value measurements on a recurring basis |
|
|
|
|
Beginning balance |
11,668
|
57,529
|
18,780
|
29,798
|
Included in earnings |
(172)
|
(862)
|
(551)
|
(1,537)
|
Included in other comprehensive income (loss) |
67
|
(2,149)
|
385
|
(3,530)
|
Purchases |
1,661
|
753
|
4,648
|
10,574
|
Sales |
(884)
|
(7,781)
|
(1,922)
|
(16,911)
|
Transfers into Level 3 |
2,208
|
4,747
|
5,860
|
52,396
|
Transfers out of Level 3 |
(3,031)
|
(35,933)
|
(15,683)
|
(54,486)
|
Ending balance |
11,517
|
16,304
|
11,517
|
16,304
|
Corporate debt securities | Available-for-sale Securities |
|
|
|
|
Roll forward of level 3 fair value measurements on a recurring basis |
|
|
|
|
Beginning balance |
5,123
|
6,109
|
3,686
|
5,256
|
Included in earnings |
10
|
(7)
|
(4)
|
(2)
|
Included in other comprehensive income (loss) |
123
|
(28)
|
245
|
(417)
|
Purchases |
1,661
|
753
|
3,193
|
5,687
|
Sales |
(511)
|
(495)
|
(1,256)
|
(3,614)
|
Transfers into Level 3 |
730
|
2,899
|
3,883
|
8,673
|
Transfers out of Level 3 |
(3,031)
|
(1,956)
|
(5,642)
|
(8,308)
|
Ending balance |
4,105
|
7,275
|
4,105
|
7,275
|
Commercial mortgage-backed securities | Available-for-sale Securities |
|
|
|
|
Roll forward of level 3 fair value measurements on a recurring basis |
|
|
|
|
Beginning balance |
6,533
|
8,871
|
10,910
|
15,728
|
Included in earnings |
(182)
|
(188)
|
(542)
|
(892)
|
Included in other comprehensive income (loss) |
(56)
|
(413)
|
44
|
(1,071)
|
Purchases |
0
|
0
|
1,455
|
0
|
Sales |
(366)
|
(660)
|
(551)
|
(3,825)
|
Transfers into Level 3 |
1,478
|
1,174
|
1,944
|
5,509
|
Transfers out of Level 3 |
0
|
(3,417)
|
(5,853)
|
(10,082)
|
Ending balance |
7,407
|
5,367
|
7,407
|
5,367
|
Residential mortgage- backed securities | Available-for-sale Securities |
|
|
|
|
Roll forward of level 3 fair value measurements on a recurring basis |
|
|
|
|
Beginning balance |
12
|
42,549
|
4,184
|
8,814
|
Included in earnings |
0
|
(667)
|
(5)
|
(643)
|
Included in other comprehensive income (loss) |
0
|
(1,708)
|
96
|
(2,042)
|
Purchases |
0
|
0
|
0
|
4,887
|
Sales |
(7)
|
(6,626)
|
(115)
|
(9,472)
|
Transfers into Level 3 |
0
|
674
|
33
|
38,214
|
Transfers out of Level 3 |
0
|
(30,560)
|
(4,188)
|
(36,096)
|
Ending balance |
5
|
3,662
|
5
|
3,662
|
Equity securities | Equity securities |
|
|
|
|
Roll forward of level 3 fair value measurements on a recurring basis |
|
|
|
|
Beginning balance |
4,730
|
1,866
|
3,779
|
2,083
|
Included in earnings |
33
|
(18)
|
26
|
(235)
|
Included in other comprehensive income (loss) |
0
|
0
|
0
|
0
|
Purchases |
1,000
|
0
|
1,958
|
0
|
Sales |
0
|
0
|
0
|
0
|
Transfers into Level 3 |
0
|
0
|
0
|
0
|
Transfers out of Level 3 |
(1,807)
|
0
|
(1,807)
|
0
|
Ending balance |
$ 3,956
|
$ 1,848
|
$ 3,956
|
$ 1,848
|
X |
- Details
Name: |
erie_SecurityTypeAxis=erie_AvailableForSaleDebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CorporateDebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CommercialMortgageBackedSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageBackedSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_EquitySecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
erie_SecurityTypeAxis=us-gaap_EquitySecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_FairValueBalanceSheetGroupingFinancialStatementCaptionsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmortized cost, after allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(5)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5
+ Details
Name: |
us-gaap_NotesReceivableNet |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_FairValueByMeasurementBasisAxis=us-gaap_CarryingReportedAmountFairValueDisclosureMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FairValueByMeasurementBasisAxis=us-gaap_EstimateOfFairValueFairValueDisclosureMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
Investments - Cost and Fair Value, Net of Credit Loss Allowance, of Available-For-Sale Securities (Details) - USD ($) $ in Thousands |
Sep. 30, 2023 |
Dec. 31, 2022 |
Available-for-sale securities |
|
|
Amortized cost |
$ 978,108
|
|
Estimated fair value |
915,237
|
|
Corporate debt securities |
|
|
Available-for-sale securities |
|
|
Amortized cost |
596,538
|
$ 588,536
|
Gross unrealized gains |
776
|
657
|
Gross unrealized losses |
30,347
|
35,811
|
Estimated fair value |
566,967
|
553,382
|
Collateralized debt obligations |
|
|
Available-for-sale securities |
|
|
Amortized cost |
113,252
|
107,730
|
Gross unrealized gains |
64
|
11
|
Gross unrealized losses |
2,828
|
5,204
|
Estimated fair value |
110,488
|
102,537
|
Commercial mortgage-backed securities |
|
|
Available-for-sale securities |
|
|
Amortized cost |
78,491
|
73,855
|
Gross unrealized gains |
90
|
157
|
Gross unrealized losses |
6,549
|
7,958
|
Estimated fair value |
72,032
|
66,054
|
Residential mortgage- backed securities |
|
|
Available-for-sale securities |
|
|
Amortized cost |
173,529
|
166,412
|
Gross unrealized gains |
11
|
72
|
Gross unrealized losses |
23,146
|
16,069
|
Estimated fair value |
150,394
|
150,415
|
Other debt securities |
|
|
Available-for-sale securities |
|
|
Amortized cost |
16,298
|
24,602
|
Gross unrealized gains |
0
|
0
|
Gross unrealized losses |
942
|
2,329
|
Estimated fair value |
15,356
|
22,273
|
Available-for-sale securities |
|
|
Available-for-sale securities |
|
|
Amortized cost |
978,108
|
961,135
|
Gross unrealized gains |
941
|
897
|
Gross unrealized losses |
63,812
|
67,371
|
Estimated fair value |
$ 915,237
|
$ 894,661
|
X |
- DefinitionAmount, before tax, of unrealized gain in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
+ Details
Name: |
us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedGainBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount, before tax, of unrealized loss in accumulated other comprehensive income (AOCI) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
+ Details
Name: |
us-gaap_AvailableForSaleDebtSecuritiesAccumulatedGrossUnrealizedLossBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
+ Details
Name: |
us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481830/320-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtSecurities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
+ Details
Name: |
us-gaap_ScheduleOfAvailableForSaleSecuritiesLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CorporateDebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CollateralizedDebtObligationsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CommercialMortgageBackedSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageBackedSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_OtherDebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_DebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
Investments - Amortized Cost and Estimated Fair Value, Net of Credit Loss Allowance, of Available-For-Sale Securities by Contractual Maturity (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
|
Amortized cost |
|
Due in one year or less |
$ 63,056
|
Due after one year through five years |
431,382
|
Due after five years through ten years |
171,654
|
Due after ten years |
312,016
|
Amortized cost |
978,108
|
Estimated fair value |
|
Due in one year or less |
61,957
|
Due after one year through five years |
409,557
|
Due after five years through ten years |
164,848
|
Due after ten years |
278,875
|
Estimated fair value |
$ 915,237
|
X |
- DefinitionAmortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
+ Details
Name: |
us-gaap_AvailableForSaleDebtSecuritiesAmortizedCostBasis |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in sixth through tenth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsAmortizedCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in sixth through tenth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480832/942-320-50-3A
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterFiveThroughTenYearsFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in second through fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsAmortizedCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in second through fifth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480832/942-320-50-3A
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterOneThroughFiveYearsFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing after tenth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsAmortizedCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing after tenth fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480832/942-320-50-3A
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAfterTenYearsFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtMaturitiesAmortizedCostAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtMaturitiesFairValueAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmortized cost of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearAmortizedCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionFair value of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), with single maturity date and allocated without single maturity date, maturing in next fiscal year following current fiscal year. Excludes interim and annual periods when interim periods are reported from current statement of financial position date (rolling approach).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 3 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 320 -Name Accounting Standards Codification -Section 50 -Paragraph 3A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480832/942-320-50-3A
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtMaturitiesWithinOneYearFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481830/320-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(6)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesDebtSecurities |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
v3.23.3
Investments - Available-For-Sale Securities in a Gross Unrealized Loss Position by Length of Time (Details) $ in Thousands |
Sep. 30, 2023
USD ($)
holding
|
Dec. 31, 2022
USD ($)
holding
|
Investment grade |
|
|
Fair value |
|
|
Less than 12 months |
$ 241,402
|
$ 525,805
|
12 months or longer |
523,719
|
215,742
|
Total |
765,121
|
741,547
|
Unrealized losses |
|
|
Less than 12 months |
8,142
|
31,904
|
12 months or longer |
48,245
|
25,205
|
Total |
$ 56,387
|
$ 57,109
|
No. of holdings | holding |
814
|
761
|
Non-investment grade |
|
|
Fair value |
|
|
Less than 12 months |
$ 28,905
|
$ 82,849
|
12 months or longer |
51,925
|
14,607
|
Total |
80,830
|
97,456
|
Unrealized losses |
|
|
Less than 12 months |
729
|
7,574
|
12 months or longer |
6,696
|
2,688
|
Total |
$ 7,425
|
$ 10,262
|
No. of holdings | holding |
549
|
652
|
Corporate debt securities |
|
|
Fair value |
|
|
Less than 12 months |
$ 173,565
|
$ 397,511
|
12 months or longer |
345,584
|
121,094
|
Total |
519,149
|
518,605
|
Unrealized losses |
|
|
Less than 12 months |
4,529
|
21,371
|
12 months or longer |
25,818
|
14,440
|
Total |
$ 30,347
|
$ 35,811
|
No. of holdings | holding |
832
|
916
|
Collateralized debt obligations |
|
|
Fair value |
|
|
Less than 12 months |
$ 7,010
|
$ 44,823
|
12 months or longer |
93,940
|
55,335
|
Total |
100,950
|
100,158
|
Unrealized losses |
|
|
Less than 12 months |
39
|
2,529
|
12 months or longer |
2,789
|
2,675
|
Total |
$ 2,828
|
$ 5,204
|
No. of holdings | holding |
154
|
159
|
Commercial mortgage-backed securities |
|
|
Fair value |
|
|
Less than 12 months |
$ 33,208
|
$ 41,139
|
12 months or longer |
30,692
|
15,864
|
Total |
63,900
|
57,003
|
Unrealized losses |
|
|
Less than 12 months |
1,064
|
5,124
|
12 months or longer |
5,485
|
2,834
|
Total |
$ 6,549
|
$ 7,958
|
No. of holdings | holding |
156
|
131
|
Residential mortgage- backed securities |
|
|
Fair value |
|
|
Less than 12 months |
$ 48,919
|
$ 109,499
|
12 months or longer |
97,676
|
31,465
|
Total |
146,595
|
140,964
|
Unrealized losses |
|
|
Less than 12 months |
3,118
|
9,131
|
12 months or longer |
20,028
|
6,938
|
Total |
$ 23,146
|
$ 16,069
|
No. of holdings | holding |
182
|
161
|
Other debt securities |
|
|
Fair value |
|
|
Less than 12 months |
$ 7,605
|
$ 15,682
|
12 months or longer |
7,752
|
6,591
|
Total |
15,357
|
22,273
|
Unrealized losses |
|
|
Less than 12 months |
121
|
1,323
|
12 months or longer |
821
|
1,006
|
Total |
$ 942
|
$ 2,329
|
No. of holdings | holding |
39
|
46
|
Available-for-sale securities |
|
|
Fair value |
|
|
Less than 12 months |
$ 270,307
|
$ 608,654
|
12 months or longer |
575,644
|
230,349
|
Total |
845,951
|
839,003
|
Unrealized losses |
|
|
Less than 12 months |
8,871
|
39,478
|
12 months or longer |
54,941
|
27,893
|
Total |
$ 63,812
|
$ 67,371
|
No. of holdings | holding |
1,363
|
1,413
|
X |
- References
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionAccumulatedLossAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479081/326-30-55-8
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-4
+ Details
Name: |
us-gaap_AvailableForSaleSecuritiesContinuousUnrealizedLossPositionFairValueAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for more than 12 months, without allowance for credit loss. Includes beneficial interest in securitized financial asset.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479081/326-30-55-8
Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-7
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-5
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of accumulated unrealized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for 12 months or longer, without allowance for credit loss. Includes beneficial interest in securitized financial asset.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-7
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-5
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLongerAccumulatedLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for less than 12 months, without allowance for credit loss. Includes beneficial interest in securitized financial asset.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479081/326-30-55-8
Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-7
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-5
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12Months |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of accumulated unrealized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in continuous unrealized loss position for less than 12 months, without allowance for credit loss. Includes beneficial interest in securitized financial asset.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 7 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-7
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-5
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPositionLessThan12MonthsAccumulatedLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position without allowance for credit loss.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 55 -Paragraph 8 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479081/326-30-55-8
Reference 2: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-4
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPosition |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of accumulated unrealized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-4
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionAccumulatedLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionNumber of investments in debt securities measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), in unrealized loss position, without allowance for credit loss. Includes beneficial interest in securitized financial asset.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-6
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-4
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableForSaleUnrealizedLossPositionNumberOfPositions |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:integerItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_ExternalCreditRatingByGroupingAxis=us-gaap_ExternalCreditRatingInvestmentGradeMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ExternalCreditRatingByGroupingAxis=us-gaap_ExternalCreditRatingNonInvestmentGradeMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CorporateDebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CollateralizedDebtObligationsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_CommercialMortgageBackedSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_ResidentialMortgageBackedSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_OtherDebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_DebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
X |
- DefinitionAmount of allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (aaa) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479130/326-30-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-9
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479106/326-30-50-9
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableForSaleAllowanceForCreditLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1405 -Paragraph (a) -Subparagraph (1) -Publisher SEC
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1405 -Paragraph (a) -Subparagraph (3) -Publisher SEC
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1405 -Paragraph (c) -Publisher SEC
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479344/326-20-45-1
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(7)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 11B -Subparagraph (c)(1) -SubTopic 10 -Topic 310 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
+ Details
Name: |
us-gaap_FinancingReceivableAllowanceForCreditLosses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- References
+ Details
Name: |
us-gaap_InvestmentsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Investments - Net Investment Income (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Investment income (loss) from portfolios |
|
|
|
|
Total investment income |
$ 14,872
|
$ 6,133
|
$ 30,653
|
$ 25,604
|
Less: investment expenses |
230
|
299
|
293
|
998
|
Net investment income |
14,642
|
5,834
|
30,360
|
24,606
|
Available-for-sale securities |
|
|
|
|
Investment income (loss) from portfolios |
|
|
|
|
Available-for-sale, equity securities, cash equivalents, and other |
11,037
|
8,546
|
31,404
|
21,919
|
Equity securities |
|
|
|
|
Investment income (loss) from portfolios |
|
|
|
|
Available-for-sale, equity securities, cash equivalents, and other |
1,161
|
979
|
3,260
|
2,942
|
Limited partnerships |
|
|
|
|
Investment income (loss) from portfolios |
|
|
|
|
Limited partnerships |
(13)
|
(4,643)
|
(10,725)
|
(2,158)
|
Cash equivalents and other |
|
|
|
|
Investment income (loss) from portfolios |
|
|
|
|
Available-for-sale, equity securities, cash equivalents, and other |
$ 2,687
|
$ 1,251
|
$ 6,714
|
$ 2,901
|
X |
- DefinitionInterest and Dividend Income, Operating and Income (Loss) from Equity Method Investments
+ References
+ Details
Name: |
erie_InterestAndDividendIncomeOperatingAndIncomeLossFromEquityMethodInvestments |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after investment expense, of income earned from investments in securities and limited partnerships. Includes, but is not limited to, dividends, interest, and amount of income (loss) for proportionate share of equity method investee's income (loss).
+ References
+ Details
Name: |
erie_NetInvestmentIncomeAndIncomeLossFromEquityMethodInvestments |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of income (loss) for proportionate share of equity method investee's income (loss).
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 323 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481664/323-10-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 280 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 22 -Subparagraph (g) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(12)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04(13)(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_IncomeLossFromEquityMethodInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionRepresents the total of interest and dividend income, including any amortization and accretion (as applicable) of discounts and premiums, earned from (1) loans and leases whether held-for-sale or held-in-portfolio; (2) investment securities; (3) federal funds sold; (4) securities purchased under agreements to resell; (5) investments in banker's acceptances, commercial paper, or certificates of deposit; (6) dividend income; or (7) other investments not otherwise specified herein.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 45 -Paragraph 39 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480228/946-830-45-39
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-04.1-5) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1
+ Details
Name: |
us-gaap_InterestAndDividendIncomeOperating |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of expenses related to the generation of investment income.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 946 -SubTopic 830 -Name Accounting Standards Codification -Section 55 -Paragraph 10 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480167/946-830-55-10
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03.9) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_InvestmentIncomeInvestmentExpense |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(2)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
+ Details
Name: |
us-gaap_ScheduleOfInvestmentIncomeReportedAmountsByCategoryLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=us-gaap_DebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=us-gaap_EquitySecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=us-gaap_EquityMethodInvestmentNonconsolidatedInvesteeOrGroupOfInvesteesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_InvestmentTypeAxis=erie_CashEquivalentsAndOtherMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
Investments - Net Realized and Unrealized Investment Gains (Losses) (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Equity securities: |
|
|
|
|
Equity securities |
$ 244
|
$ (1,624)
|
$ (3,060)
|
$ (14,727)
|
Net realized and unrealized investment gains (losses) |
|
|
|
|
Net realized and unrealized investment losses |
(2,227)
|
(6,230)
|
(9,246)
|
(23,833)
|
Available-for-sale securities |
|
|
|
|
Available-for-sale securities: |
|
|
|
|
Gross realized gains |
213
|
146
|
519
|
1,055
|
Gross realized losses |
(2,693)
|
(4,752)
|
(6,714)
|
(10,163)
|
Net realized losses on available-for-sale securities |
(2,480)
|
(4,606)
|
(6,195)
|
(9,108)
|
Equity securities |
|
|
|
|
Equity securities: |
|
|
|
|
Equity securities |
244
|
(1,624)
|
(3,060)
|
(14,727)
|
Miscellaneous |
|
|
|
|
Net realized and unrealized investment gains (losses) |
|
|
|
|
Miscellaneous |
$ 9
|
$ 0
|
$ 9
|
$ 2
|
X |
- References
+ Details
Name: |
us-gaap_AvailableforsaleSecuritiesGrossRealizedGainLossExcludingOtherThanTemporaryImpairmentsAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of unrealized and realized gain (loss) on investment in debt and equity securities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(7)(c)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SX 210.5-03(9)(a)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
+ Details
Name: |
us-gaap_DebtAndEquitySecuritiesGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of realized gain on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableForSaleRealizedGain |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of realized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableForSaleRealizedGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of realized loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableForSaleRealizedLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of unrealized and realized gain (loss) on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(3)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479536/321-10-50-4
+ Details
Name: |
us-gaap_EquitySecuritiesFvNiGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_EquitySecuritiesFvNiGainLossAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of gain (loss) included in earnings for investments classified as other.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 28 -Subparagraph (b) -SubTopic 10 -Topic 230 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482740/230-10-45-28
+ Details
Name: |
us-gaap_GainLossOnSaleOfOtherInvestments |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_RealizedInvestmentGainsLossesAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_DebtSecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_EquitySecuritiesMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_MiscellaneousInvestmentsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
Investments - Portion of Net Unrealized Gains (Losses) Recognized During the Reporting Period (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Equity securities: |
|
|
|
|
Net gains (losses) recognized during the period |
$ 244
|
$ (1,624)
|
$ (3,060)
|
$ (14,727)
|
Less: net gains (losses) recognized on securities sold |
91
|
243
|
(2,636)
|
(1,327)
|
Net unrealized gains (losses) recognized on securities held at reporting date |
$ 153
|
$ (1,867)
|
$ (424)
|
$ (13,400)
|
X |
- DefinitionAmount of unrealized and realized gain (loss) on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(3)(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479536/321-10-50-4
+ Details
Name: |
us-gaap_EquitySecuritiesFvNiGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_EquitySecuritiesFvNiGainLossAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of realized gain (loss) from sale of investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(3)(d)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479536/321-10-50-4
+ Details
Name: |
us-gaap_EquitySecuritiesFvNiRealizedGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of unrealized gain (loss) on investment in equity security measured at fair value with change in fair value recognized in net income (FV-NI).
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 220 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-04(3)(d)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 321 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479536/321-10-50-4
+ Details
Name: |
us-gaap_EquitySecuritiesFvNiUnrealizedGainLoss |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
v3.23.3
X |
- DefinitionAvailable-For-Sale Debt Securities And Financing Receivables, Impairment Loss (Recovery) Recognized in Earnings
+ References
+ Details
Name: |
erie_AvailableForSaleDebtSecuritiesAndFinancingReceivablesImpairmentLossRecoveryNet |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionChange in allowance for credit loss on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), from recovery (impairment).
+ References
+ Details
Name: |
erie_DebtSecuritiesAvailableForSaleAllowanceForCreditLossRecoveryImpairment |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of impairment recognized in earnings on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) from intent to sell or more likely than not will be required to sell before recovery of amortized cost basis.
+ References
+ Details
Name: |
erie_DebtSecuritiesAvailableforsaleSellbeforeRecovery |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_DebtSecuritiesAvailableforsaleAllowanceForCreditLossAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
Bank Line of Credit - Narrative (Details) - Revolving line of credit
|
Sep. 30, 2023
USD ($)
|
Bank line of credit |
|
Maximum borrowing capacity under the bank revolving line of credit |
$ 100,000,000
|
Maximum letter of credit sublimit under the bank revolving line of credit |
25,000,000
|
Available borrowing capacity under the bank revolving line of credit, due to outstanding letters of credit |
99,100,000
|
Outstanding amount of letters of credit sublimit under the bank revolving line of credit |
900,000
|
Available amount of letters of credit sublimit under the bank revolving line of credit |
24,100,000
|
Borrowings outstanding under the bank revolving line of credit |
0
|
Security owned and pledged as collateral, associated liabilities, fair value |
$ 114,200,000
|
X |
- DefinitionThe available amount of letters of credit less the amount of the contingent obligation under letters of credit outstanding under the credit facility as of the reporting date.
+ References
+ Details
Name: |
erie_LettersOfCreditAvailableAmount |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe maximum letters of credit capacity under the credit facility as of the reporting date.
+ References
+ Details
Name: |
erie_LettersOfCreditMaximumAmount |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe total amount of the contingent obligation under letters of credit outstanding as of the reporting date.
+ References
+ Details
Name: |
us-gaap_LettersOfCreditOutstandingAmount |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionThe carrying value as of the balance sheet date of the current and noncurrent portions of long-term obligations drawn from a line of credit, which is a bank's commitment to make loans up to a specific amount. Examples of items that might be included in the application of this element may consist of letters of credit, standby letters of credit, and revolving credit arrangements, under which borrowings can be made up to a maximum amount as of any point in time conditional on satisfaction of specified terms before, as of and after the date of drawdowns on the line. Includes short-term obligations that would normally be classified as current liabilities but for which (a) postbalance sheet date issuance of a long term obligation to refinance the short term obligation on a long term basis, or (b) the enterprise has entered into a financing agreement that clearly permits the enterprise to refinance the short-term obligation on a long term basis and the following conditions are met (1) the agreement does not expire within 1 year and is not cancelable by the lender except for violation of an objectively determinable provision, (2) no violation exists at the BS date, and (3) the lender has entered into the financing agreement is expected to be financially capable of honoring the agreement.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(22)) -SubTopic 10 -Topic 210 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(16)(a)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(16)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_LineOfCredit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of current borrowing capacity under the credit facility considering any current restrictions on the amount that could be borrowed (for example, borrowings may be limited by the amount of current assets), but without considering any amounts currently outstanding under the facility.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LineOfCreditFacilityCurrentBorrowingCapacity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(f)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
+ Details
Name: |
us-gaap_LineOfCreditFacilityLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionMaximum borrowing capacity under the credit facility without consideration of any current restrictions on the amount that could be borrowed or the amounts currently outstanding under the facility.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 210 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02.19(b),22(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_LineOfCreditFacilityMaximumBorrowingCapacity |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionFair value of liabilities arising from or related to a financial instrument held by the entity for its own account (proprietary securities) which has been pledged to counterparties.
+ References
+ Details
Name: |
us-gaap_SecurityOwnedAndPledgedAsCollateralAssociatedLiabilitiesFairValue |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- Details
Name: |
us-gaap_CreditFacilityAxis=us-gaap_RevolvingCreditFacilityMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
Postretirement Benefits (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
|
Sep. 30, 2023 |
Sep. 30, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Dec. 31, 2022 |
Postretirement Benefits |
|
|
|
|
|
Defined benefit plan asset |
$ 65,163
|
|
$ 65,163
|
|
$ 0
|
Cost of pension plans: |
|
|
|
|
|
Service cost for benefits earned |
7,190
|
$ 12,560
|
21,572
|
$ 37,681
|
|
Interest cost on benefit obligation |
12,548
|
9,941
|
37,644
|
29,823
|
|
Expected return on plan assets |
(17,217)
|
(13,639)
|
(51,652)
|
(40,917)
|
|
Prior service cost amortization |
362
|
361
|
1,085
|
1,082
|
|
Net actuarial (gain) loss amortization |
(3,833)
|
1,830
|
(11,498)
|
5,490
|
|
Pension plan (income) cost |
$ (950)
|
$ 11,053
|
$ (2,849)
|
$ 33,159
|
|
Defined benefit plan, net periodic benefit cost (credit) excluding service cost, statement of income or comprehensive income |
|
|
Other income
|
|
|
Employee pension plan | Funded Plan | Qualified Plan |
|
|
|
|
|
Postretirement Benefits |
|
|
|
|
|
Funding target (as a percentage of the funding target liability) |
100.00%
|
|
100.00%
|
|
|
Defined benefit plan, plan assets, contributions by employer |
$ 95,000
|
|
|
|
|
Defined benefit plan asset |
$ 65,200
|
|
$ 65,200
|
|
|
Erie Insurance Exchange | Employee pension plan | Funded Plan | Qualified Plan |
|
|
|
|
|
Postretirement Benefits |
|
|
|
|
|
Postretirement annual benefit income and expense reimbursed to and from, respectively, the Exchange and its subsidiaries (as a percent) |
|
|
60.00%
|
|
|
Erie Insurance Exchange | Supplemental employee retirement plan (SERP) | Unfunded Plan | Nonqualified Plan |
|
|
|
|
|
Postretirement Benefits |
|
|
|
|
|
Postretirement annual benefit income and expense reimbursed to and from, respectively, the Exchange and its subsidiaries (as a percent) |
|
|
36.00%
|
|
|
X |
- DefinitionPlan assets of a defined benefit plan, as a percentage of the funding target liability as defined by the Pension Protection Act of 2006.
+ References
+ Details
Name: |
erie_DefinedBenefitPlanFundingTargetPercentage |
Namespace Prefix: |
erie_ |
Data Type: |
dtr-types1:percentItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionRepresents the percentage at which postretirement benefit income and expense are reimbursed to and from, respectively, the attorney-in-fact.
+ References
+ Details
Name: |
erie_DefinedBenefitPlanPostretirementBenefitIncomeExpenseReimbursementPercentage |
Namespace Prefix: |
erie_ |
Data Type: |
dtr-types1:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of gain (loss) recognized in net periodic benefit (cost) credit of defined benefit plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 3A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480535/715-20-45-3A
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-18
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(4) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-6
+ Details
Name: |
us-gaap_DefinedBenefitPlanAmortizationOfGainsLosses |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of prior service cost (credit) recognized in net periodic benefit cost (credit) of defined benefit plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 3A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480535/715-20-45-3A
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-18
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h)(5) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(5) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-6
+ Details
Name: |
us-gaap_DefinedBenefitPlanAmortizationOfPriorServiceCostCredit |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of asset, recognized in statement of financial position, for overfunded defined benefit pension and other postretirement plans.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.6-04(7)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479617/946-210-S99-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480535/715-20-45-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480535/715-20-45-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 942 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.9-03(10)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479853/942-210-S99-1
+ Details
Name: |
us-gaap_DefinedBenefitPlanAssetsForPlanBenefitsNoncurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of contribution received by defined benefit plan from employer which increases plan assets.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(01) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-18
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-6
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (b)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 6: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 7: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (d)(iv)(01) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
+ Details
Name: |
us-gaap_DefinedBenefitPlanContributionsByEmployer |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_DefinedBenefitPlanDisclosureLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of expected return (loss) recognized in net periodic benefit (cost) credit, calculated based on expected long-term rate of return and market-related value of plan assets of defined benefit plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 3A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480535/715-20-45-3A
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-18
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(3) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-6
+ Details
Name: |
us-gaap_DefinedBenefitPlanExpectedReturnOnPlanAssets |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of cost recognized for passage of time related to defined benefit plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 3A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480535/715-20-45-3A
Reference 3: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-18
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-6
+ Details
Name: |
us-gaap_DefinedBenefitPlanInterestCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of net periodic benefit cost (credit) for defined benefit plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-18
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-6
+ Details
Name: |
us-gaap_DefinedBenefitPlanNetPeriodicBenefitCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- References
+ Details
Name: |
us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostAbstract |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionIndicates line item in statement of income or comprehensive income that includes components of net periodic benefit cost (credit), excluding service cost component, for defined benefit plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-6
+ Details
Name: |
us-gaap_DefinedBenefitPlanNetPeriodicBenefitCostCreditExcludingServiceCostStatementOfIncomeOrComprehensiveIncomeExtensibleList |
Namespace Prefix: |
us-gaap_ |
Data Type: |
enum2:enumerationSetItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of cost for actuarial present value of benefits attributed to service rendered by employee for defined benefit plan.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 17 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-17
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 18 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480482/715-20-55-18
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (h)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 6 -Subparagraph (a)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-6
+ Details
Name: |
us-gaap_DefinedBenefitPlanServiceCost |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_RetirementPlanTypeAxis=us-gaap_PensionPlansDefinedBenefitMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RetirementPlanFundingStatusAxis=us-gaap_FundedPlanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RetirementPlanTaxStatusAxis=us-gaap_QualifiedPlanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RetirementPlanTypeAxis=us-gaap_SupplementalEmployeeRetirementPlanDefinedBenefitMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RetirementPlanFundingStatusAxis=us-gaap_UnfundedPlanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_RetirementPlanTaxStatusAxis=us-gaap_NonqualifiedPlanMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
v3.23.3
X |
- DefinitionThe ratio applied to Class B common stock shares for purposes of determining the number of Class A common stock shares into which the stock will be converted (the number of Class A common stock shares into which one Class B common stock share may be converted).
+ References
+ Details
Name: |
erie_CommonStockConversionRatio |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:pureItemType |
Balance Type: |
na |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef -Topic 272 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147483014/272-10-45-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 272 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482987/272-10-50-1
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(d)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (h) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-13
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-14
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 18 -Subparagraph (c) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-18
Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(27)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(28)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 15: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 16: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 17: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(2)(i)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 18: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 3 -Subparagraph (SX 210.6-03(i)(2)(ii)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
+ Details
Name: |
us-gaap_ClassOfStockLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionThe number of shares converted in a noncash (or part noncash) transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 3 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-3
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 230 -SubTopic 10 -Section 50 -Paragraph 5 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482913/230-10-50-5
+ Details
Name: |
us-gaap_ConversionOfStockSharesConverted1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassBMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_EquityClassOfTreasuryStockLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount of stock repurchase plan authorized.
+ References
+ Details
Name: |
us-gaap_StockRepurchaseProgramAuthorizedAmount1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount remaining of a stock repurchase plan authorized.
+ References
+ Details
Name: |
us-gaap_StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionNumber of shares that have been repurchased during the period and are being held in treasury.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 2 -SubTopic 10 -Topic 505 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 505 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.3-04) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(29)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
+ Details
Name: |
us-gaap_TreasuryStockSharesAcquired |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:sharesItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementClassOfStockAxis=us-gaap_CommonClassAMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_ShareRepurchaseProgramAxis=erie_ShareRepurchaseProgram1999Member |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
Accumulated Other Comprehensive Income (Loss) (Details) - USD ($) $ in Thousands |
3 Months Ended |
9 Months Ended |
Sep. 30, 2023 |
Jun. 30, 2023 |
Mar. 31, 2023 |
Sep. 30, 2022 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Sep. 30, 2023 |
Sep. 30, 2022 |
Accumulated other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
AOCI (loss), beginning of period |
|
|
$ (7,414)
|
|
|
|
$ (7,414)
|
|
Investment securities, OCI (loss) |
$ (5,902)
|
|
|
$ (17,178)
|
|
|
2,846
|
$ (69,082)
|
Pension and other postretirement plans, OCI (loss) |
(2,742)
|
|
|
1,731
|
|
|
(8,226)
|
5,198
|
OCI (loss) |
(8,644)
|
$ (4,488)
|
7,752
|
(15,447)
|
$ (23,248)
|
$ (25,189)
|
(5,380)
|
(63,884)
|
AOCI (loss), end of period |
(12,794)
|
|
|
|
|
|
(12,794)
|
|
Investment securities: |
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss), before tax |
|
|
|
|
|
|
|
|
AOCI (loss), beginning of period |
(55,497)
|
|
(66,571)
|
(57,980)
|
|
7,722
|
(66,571)
|
7,722
|
OCI (loss) before reclassifications |
(10,064)
|
|
|
(26,524)
|
|
|
(4,509)
|
(96,982)
|
Realized investment losses |
2,480
|
|
|
4,606
|
|
|
6,195
|
9,108
|
Impairment losses |
113
|
|
|
175
|
|
|
1,917
|
429
|
Investment securities, OCI (loss) |
(7,471)
|
|
|
(21,743)
|
|
|
3,603
|
(87,445)
|
AOCI (loss), end of period |
(62,968)
|
(55,497)
|
|
(79,723)
|
(57,980)
|
|
(62,968)
|
(79,723)
|
Accumulated other comprehensive income (loss), tax |
|
|
|
|
|
|
|
|
AOCI (loss), beginning of period |
(11,654)
|
|
(13,980)
|
(12,177)
|
|
1,621
|
(13,980)
|
1,621
|
OCI (loss) before reclassifications |
(2,114)
|
|
|
(5,570)
|
|
|
(947)
|
(20,366)
|
Realized investment losses |
521
|
|
|
968
|
|
|
1,301
|
1,913
|
Impairment losses |
24
|
|
|
37
|
|
|
403
|
90
|
Investment securities, OCI (loss) |
(1,569)
|
|
|
(4,565)
|
|
|
757
|
(18,363)
|
AOCI (loss), end of period |
(13,223)
|
(11,654)
|
|
(16,742)
|
(12,177)
|
|
(13,223)
|
(16,742)
|
Accumulated other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
AOCI (loss), beginning of period |
(43,843)
|
|
(52,591)
|
(45,803)
|
|
6,101
|
(52,591)
|
6,101
|
OCI (loss) before reclassifications |
(7,950)
|
|
|
(20,954)
|
|
|
(3,562)
|
(76,616)
|
Realized investment losses |
1,959
|
|
|
3,638
|
|
|
4,894
|
7,195
|
Impairment losses |
89
|
|
|
138
|
|
|
1,514
|
339
|
Investment securities, OCI (loss) |
(5,902)
|
|
|
(17,178)
|
|
|
2,846
|
(69,082)
|
AOCI (loss), end of period |
(49,745)
|
(43,843)
|
|
(62,981)
|
(45,803)
|
|
(49,745)
|
(62,981)
|
Pension and other postretirement plans: |
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss), before tax |
|
|
|
|
|
|
|
|
AOCI (loss), beginning of period |
50,244
|
|
57,186
|
(35,346)
|
|
(39,734)
|
57,186
|
(39,734)
|
Amortization of prior service costs |
362
|
|
|
361
|
|
|
1,085
|
1,082
|
Amortization of net actuarial (gain) loss |
(3,833)
|
|
|
1,830
|
|
|
(11,498)
|
5,497
|
Pension and other postretirement plans, OCI (loss) |
(3,471)
|
|
|
2,191
|
|
|
(10,413)
|
6,579
|
AOCI (loss), end of period |
46,773
|
50,244
|
|
(33,155)
|
(35,346)
|
|
46,773
|
(33,155)
|
Accumulated other comprehensive income (loss), tax |
|
|
|
|
|
|
|
|
AOCI (loss), beginning of period |
10,551
|
|
12,009
|
(7,424)
|
|
(8,345)
|
12,009
|
(8,345)
|
Amortization of prior service costs |
76
|
|
|
76
|
|
|
228
|
227
|
Amortization of net actuarial (gain) loss |
(805)
|
|
|
384
|
|
|
(2,415)
|
1,154
|
Pension and other postretirement plans, OCI (loss) |
(729)
|
|
|
460
|
|
|
(2,187)
|
1,381
|
AOCI (loss), end of period |
9,822
|
10,551
|
|
(6,964)
|
(7,424)
|
|
9,822
|
(6,964)
|
Accumulated other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
AOCI (loss), beginning of period |
39,693
|
|
45,177
|
(27,922)
|
|
(31,389)
|
45,177
|
(31,389)
|
Amortization of prior service costs |
286
|
|
|
285
|
|
|
857
|
855
|
Amortization of net actuarial (gain) loss |
(3,028)
|
|
|
1,446
|
|
|
(9,083)
|
4,343
|
Pension and other postretirement plans, OCI (loss) |
(2,742)
|
|
|
1,731
|
|
|
(8,226)
|
5,198
|
AOCI (loss), end of period |
36,951
|
39,693
|
|
(26,191)
|
(27,922)
|
|
36,951
|
(26,191)
|
Total |
|
|
|
|
|
|
|
|
Accumulated other comprehensive income (loss), before tax |
|
|
|
|
|
|
|
|
AOCI (loss), beginning of period |
(5,253)
|
|
(9,385)
|
(93,326)
|
|
(32,012)
|
(9,385)
|
(32,012)
|
Investment securities, OCI (loss) |
(7,471)
|
|
|
(21,743)
|
|
|
3,603
|
(87,445)
|
Pension and other postretirement plans, OCI (loss) |
(3,471)
|
|
|
2,191
|
|
|
(10,413)
|
6,579
|
OCI (loss) |
(10,942)
|
|
|
(19,552)
|
|
|
(6,810)
|
(80,866)
|
AOCI (loss), end of period |
(16,195)
|
(5,253)
|
|
(112,878)
|
(93,326)
|
|
(16,195)
|
(112,878)
|
Accumulated other comprehensive income (loss), tax |
|
|
|
|
|
|
|
|
AOCI (loss), beginning of period |
(1,103)
|
|
(1,971)
|
(19,601)
|
|
(6,724)
|
(1,971)
|
(6,724)
|
Investment securities, OCI (loss) |
(1,569)
|
|
|
(4,565)
|
|
|
757
|
(18,363)
|
Pension and other postretirement plans, OCI (loss) |
(729)
|
|
|
460
|
|
|
(2,187)
|
1,381
|
OCI (loss) |
(2,298)
|
|
|
(4,105)
|
|
|
(1,430)
|
(16,982)
|
AOCI (loss), end of period |
(3,401)
|
(1,103)
|
|
(23,706)
|
(19,601)
|
|
(3,401)
|
(23,706)
|
Accumulated other comprehensive income (loss), net of tax |
|
|
|
|
|
|
|
|
AOCI (loss), beginning of period |
(4,150)
|
|
(7,414)
|
(73,725)
|
|
(25,288)
|
(7,414)
|
(25,288)
|
Investment securities, OCI (loss) |
(5,902)
|
|
|
(17,178)
|
|
|
2,846
|
(69,082)
|
Pension and other postretirement plans, OCI (loss) |
(2,742)
|
|
|
1,731
|
|
|
(8,226)
|
5,198
|
OCI (loss) |
(8,644)
|
(4,488)
|
$ 7,752
|
(15,447)
|
(23,248)
|
$ (25,189)
|
(5,380)
|
(63,884)
|
AOCI (loss), end of period |
$ (12,794)
|
$ (4,150)
|
|
$ (89,172)
|
$ (73,725)
|
|
$ (12,794)
|
$ (89,172)
|
X |
- DefinitionAOCI Attributable to Parent
+ References
+ Details
Name: |
erie_AOCIAttributableToParentRollForward |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAOCI Attributable to Parent, Tax [Abstract]
+ References
+ Details
Name: |
erie_AOCIAttributableToParentTaxRollForward |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionA roll forward is a reconciliation of a concept from the beginning of a period to the end of a period.
+ References
+ Details
Name: |
us-gaap_AOCIAttributableToParentNetOfTaxRollForward |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionAmount, after tax, of accumulated increase (decrease) in equity from transaction and other event and circumstance from nonowner source.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (g)(2)(ii) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (h)(2) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480016/944-40-65-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(30)(a)(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(23)(a)(3)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 7: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Topic 220 -SubTopic 10 -Section 45 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-14
+ Details
Name: |
us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount before tax of increase (decrease) in accumulated equity from transactions and other events and circumstances from non-owner sources, attributable to parent. Excludes net income (loss), and accumulated changes in equity from transactions resulting from investments by owners (distributions to owners).
+ References
+ Details
Name: |
us-gaap_AociBeforeTaxAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmount of tax expense (benefit) allocated to accumulated other comprehensive income (loss) attributable to parent.
+ References
+ Details
Name: |
us-gaap_AociTaxAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount, before tax and after reclassification adjustment, of gain (loss) in value of unsold investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), attributable to parent.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentBeforeTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after tax and reclassification adjustment, of gain (loss) in value of unsold investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale), attributable to parent.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeAvailableforsaleSecuritiesAdjustmentNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, before tax, after reclassification adjustment, of (increase) decrease in accumulated other comprehensive (income) loss for defined benefit plan, attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentBeforeTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after tax and reclassification adjustment, of (increase) decrease in accumulated other comprehensive income for defined benefit plan, attributable to parent.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 10A -Subparagraph (i-k) -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-10A
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansAdjustmentNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after reclassification adjustment, of tax (expense) benefit for (increase) decrease in accumulated other comprehensive income for defined benefit plan, attributable to parent.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeDefinedBenefitPlansTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, before tax, of reclassification adjustment from accumulated other comprehensive (income) loss for prior service cost (credit) of defined benefit plan.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-15
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-17A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after tax, of reclassification adjustment from accumulated other comprehensive (income) loss for prior service cost (credit) of defined benefit plan.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-15
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-17A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of tax (expense) benefit of reclassification adjustment from accumulated other comprehensive (income) loss for prior service cost (credit) of defined benefit plan.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 12 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-12
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossAmortizationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetPriorServiceCostCreditTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after adjustment, of tax expense (benefit) for unrealized gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale) and tax expense (benefit) for unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-10A
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-10A
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-12
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossAvailableForSaleSecuritiesTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount before tax of other comprehensive income (loss) attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossBeforeTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of other comprehensive income (loss) attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1B -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1B
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 1A -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossNetOfTaxPortionAttributableToParent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount before tax of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-15
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-17A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-15
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-17A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of tax expense (benefit) of reclassification adjustment from accumulated other comprehensive income for unrealized gain (loss) realized upon the sale of available-for-sale securities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 12 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-12
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForSaleOfSecuritiesTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount before tax of reclassification adjustment from accumulated other comprehensive income for unrealized loss realized upon the write-down of available-for-sale securities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-15
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-17A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForWritedownOfSecuritiesBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount after tax of reclassification adjustment from accumulated other comprehensive income for unrealized loss realized upon the write-down of available-for-sale securities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-15
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-17A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForWritedownOfSecuritiesNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of tax (expense) benefit of reclassification adjustment from accumulated other comprehensive income for unrealized loss realized upon the write-down of available-for-sale securities.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 12 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-12
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIForWritedownOfSecuritiesTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, before tax, of reclassification adjustment from accumulated other comprehensive income (loss) for gain (loss) of defined benefit plan.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-15
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-17A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after tax, of reclassification adjustment from accumulated other comprehensive income (loss) for gain (loss) of defined benefit plan.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 15 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-15
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 715 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Subparagraph (i) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480506/715-20-50-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 17A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-17A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount of tax expense (benefit) of reclassification adjustment from accumulated other comprehensive income (loss) for gain (loss) of defined benefit plan.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 12 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-12
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIPensionAndOtherPostretirementBenefitPlansForNetGainLossTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount of tax expense (benefit) allocated to other comprehensive income (loss) attributable to parent entity.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 810 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 19 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-19
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 20 -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481231/810-10-45-20
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 1A -Subparagraph (c)(3) -SubTopic 10 -Topic 810 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481203/810-10-50-1A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeLossTaxPortionAttributableToParent1 |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- DefinitionAmount, before tax and adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-10A
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodBeforeTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, after tax and before adjustment, of unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 320 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147481800/320-10-50-9
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10A -Subparagraph (e) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-10A
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 11 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-11
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
duration |
|
X |
- DefinitionAmount, before adjustment, of tax expense (benefit) for unrealized holding gain (loss) on investment in debt security measured at fair value with change in fair value recognized in other comprehensive income (available-for-sale). Excludes tax expense (benefit) for unrealized gain (loss) on investment in debt security measured at amortized cost (held-to-maturity) from transfer to available-for-sale.
+ ReferencesReference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 45 -Paragraph 12 -SubTopic 10 -Topic 220 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-12
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 220 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 10A -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482790/220-10-45-10A
+ Details
Name: |
us-gaap_OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedNetUnrealizedInvestmentGainLossMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedDefinedBenefitPlansAdjustmentMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
us-gaap_StatementEquityComponentsAxis=us-gaap_AccumulatedOtherComprehensiveIncomeMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
v3.23.3
X |
- DefinitionAmount, after allowance for credit loss, of right to consideration from customer for product sold and service rendered in normal course of business, classified as current.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 45 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481990/310-10-45-9
+ Details
Name: |
us-gaap_AccountsReceivableNetCurrent |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionAmount of allowance for credit loss on accounts receivable.
+ ReferencesReference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 944 -SubTopic 210 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.7-03(a)(5)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(4)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479344/326-20-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 310 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-4
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Subparagraph (f) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
+ Details
Name: |
us-gaap_AllowanceForDoubtfulAccountsReceivable |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 954 -SubTopic 310 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481027/954-310-50-2
+ Details
Name: |
us-gaap_ConcentrationRiskLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
v3.23.3
X |
- DefinitionAmount of Loan Participation Program
+ References
+ Details
Name: |
erie_AmountOfLoanParticipationProgram |
Namespace Prefix: |
erie_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionParticipation percentage, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement.
+ References
+ Details
Name: |
erie_FinancingReceivableBeforeAllowanceForCreditLossParticipationPercentage |
Namespace Prefix: |
erie_ |
Data Type: |
dtr-types1:percentItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- DefinitionMaximum potential amount of future payments (undiscounted) the guarantor could be required to make under the guarantee or each group of similar guarantees before reduction for potential recoveries under recourse or collateralization provisions.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 460 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 4 -Subparagraph (b)(1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482425/460-10-50-4
+ Details
Name: |
us-gaap_GuaranteeObligationsMaximumExposure |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
credit |
Period Type: |
instant |
|
X |
- DefinitionAmortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.
+ ReferencesReference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 80 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479294/326-20-55-80
Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 55 -Paragraph 79 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479294/326-20-55-79
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 45 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479344/326-20-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 210 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.5-02(3)(b)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1405 -Paragraph (a) -Subparagraph (1) -Publisher SEC
Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Name Regulation S-K (SK) -Number 229 -Section 1405 -Paragraph (a) -Subparagraph (2) -Publisher SEC
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef -Name Regulation S-K (SK) -Number 229 -Section 1404 -Paragraph (a) -Publisher SEC
Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-14
Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Name Accounting Standards Codification -Section 50 -Paragraph 7A -SubTopic 10 -Topic 310 -Publisher FASB -URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A
Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 326 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 5 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479319/326-20-50-5
+ Details
Name: |
us-gaap_NotesReceivableGross |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:monetaryItemType |
Balance Type: |
debit |
Period Type: |
instant |
|
X |
- DefinitionLine items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.
+ References
+ Details
Name: |
us-gaap_OtherCommitmentsLineItems |
Namespace Prefix: |
us-gaap_ |
Data Type: |
xbrli:stringItemType |
Balance Type: |
na |
Period Type: |
duration |
|
X |
- Details
Name: |
us-gaap_FinancialInstrumentAxis=us-gaap_LoanPurchaseCommitmentsMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
dei_LegalEntityAxis=erie_ThirdPartyBankMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
X |
- Details
Name: |
srt_RangeAxis=srt_MaximumMember |
Namespace Prefix: |
|
Data Type: |
na |
Balance Type: |
|
Period Type: |
|
|
Erie Indemnity (NASDAQ:ERIE)
Gráfica de Acción Histórica
De Oct 2024 a Oct 2024
Erie Indemnity (NASDAQ:ERIE)
Gráfica de Acción Histórica
De Oct 2023 a Oct 2024