Brighthouse Life Insurance Earnings 2020-09-30

Balance Sheet	Income Statement	Cash Flow
Assets, Equity	Rev, G Profit, Net Income	Ops, Inv, Fin

bhl-20200930

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, 2020


☐			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: 033-03094

Brighthouse Life Insurance Company

(Exact name of registrant as specified in its charter)

Delaware

06-0566090

(State or other jurisdiction of incorporation or organization)

(I.R.S. Employer Identification No.)

11225 North Community House Road, Charlotte, North Carolina

28277

(Address of principal executive offices)

(Zip Code)

(980) 365-7100

(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act: None


Title of each class	Trading symbol(s)	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 þ 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 (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes þ No ¨

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a 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.

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 þ

As of November 9, 2020, 3,000 shares of the registrant’s common stock were outstanding, all of which were owned indirectly by Brighthouse Financial, Inc.

REDUCED DISCLOSURE FORMAT

The registrant meets the conditions set forth in General Instruction H(1)(a) and (b) of Form 10-Q and is, therefore, filing this Form 10-Q with the reduced disclosure format.

Table of Contents


		Page
Part I — Financial Information
Item 1.	Consolidated Financial Statements (at September 30, 2020 (Unaudited) and December 31, 2019 and for the Three Months and Nine Months Ended September 30, 2020 and 2019 (Unaudited)):
	Interim Condensed Consolidated Balance Sheets	2
	Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)	3
	Interim Condensed Consolidated Statements of Equity	4
	Interim Condensed Consolidated Statements of Cash Flows	5
	Notes to the Interim Condensed Consolidated Financial Statements (Unaudited):
	Note 1 — Business, Basis of Presentation and Summary of Significant Accounting Policies	6
	Note 2 — Segment Information	8
	Note 3 — Insurance	11
	Note 4 — Investments	12
	Note 5 — Derivatives	23
	Note 6 — Fair Value	29
	Note 7 — Long-term and Short-term Debt	38
	Note 8 — Equity	38
	Note 9 — Other Revenues and Other Expenses	40
	Note 10 — Contingencies, Commitments and Guarantees	41
	Note 11 — Related Party Transactions	44
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	46
Item 4.	Controls and Procedures	57

Part II — Other Information
Item 1.	Legal Proceedings	57
Item 1A.	Risk Factors	57
Item 6.	Exhibits	58

Signature		59

Table of Contents

Part I — Financial Information

Item 1. Financial Statements

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Interim Condensed Consolidated Balance Sheets

September 30, 2020 (Unaudited) and December 31, 2019

(In millions, except share and per share data)


	September 30, 2020		December 31, 2019
Assets
Investments:
Fixed maturity securities available-for-sale, at estimated fair value (amortized cost: $66,992 and $63,083, respectively; allowance for credit losses of $3 and $0, respectively)	$	78,139	$	69,977
Equity securities, at estimated fair value	114		147
Mortgage loans (net of allowance for credit losses of $90 and $64, respectively)	15,659		15,664
Policy loans	879		875
Limited partnerships and limited liability companies	2,561		2,379

Short-term investments, principally at estimated fair value	3,341		1,482
Other invested assets, principally at estimated fair value (net of allowance for credit losses of $13 and $0, respectively)	5,044		3,224
Total investments	105,737		93,748
Cash and cash equivalents	5,663		2,493
Accrued investment income	759		663
Premiums, reinsurance and other receivables	15,542		14,287
Deferred policy acquisition costs and value of business acquired	4,122		4,809
Current income tax recoverable	—		21

Other assets	382		464
Separate account assets	95,955		99,668
Total assets	$	228,160	$	216,153
Liabilities and Equity
Liabilities
Future policy benefits	$	44,322	$	39,081
Policyholder account balances	52,294		45,121
Other policy-related balances	2,808		2,801
Payables for collateral under securities loaned and other transactions	6,970		4,374
Long-term and short-term debt	843		844
Current income tax payable	50		—
Deferred income tax liability	1,666		1,301
Other liabilities	4,019		4,484
Separate account liabilities	95,955		99,668
Total liabilities	208,927		197,674
Contingencies, Commitments and Guarantees (Note 10)
Equity
Brighthouse Life Insurance Company’s stockholder’s equity:
Common stock, par value $25,000 per share; 4,000 shares authorized; 3,000 shares issued and outstanding	75		75
Additional paid-in capital	18,773		19,073
Retained earnings (deficit)	(4,738)		(3,899)
Accumulated other comprehensive income (loss)	5,108		3,215
Total Brighthouse Life Insurance Company’s stockholder’s equity	19,218		18,464
Noncontrolling interests	15		15
Total equity	19,233		18,479
Total liabilities and equity	$	228,160	$	216,153

See accompanying notes to the interim condensed consolidated financial statements.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Interim Condensed Consolidated Statements of Operations and Comprehensive Income (Loss)

For the Three Months and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

(In millions)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Revenues
Premiums	$	173	$	206	$	549	$	649
Universal life and investment-type product policy fees	716		725		2,114		2,190
Net investment income	977		904		2,508		2,610
Other revenues	73		68		224		199
Net investment gains (losses)	6		14		(46)		60
Net derivative gains (losses)	(1,870)		984		2,227		(218)
Total revenues	75		2,901		7,576		5,490
Expenses
Policyholder benefits and claims	3,150		1,282		5,094		2,836
Interest credited to policyholder account balances	272		263		792		771
Amortization of deferred policy acquisition costs and value of business acquired	208		184		833		358
Other expenses	469		464		1,326		1,353
Total expenses	4,099		2,193		8,045		5,318
Income (loss) before provision for income tax	(4,024)		708		(469)		172
Provision for income tax expense (benefit)	(858)		99		(145)		(46)
Net income (loss)	(3,166)		609		(324)		218
Less: Net income (loss) attributable to noncontrolling interests	—		—		1		1
Net income (loss) attributable to Brighthouse Life Insurance Company	$	(3,166)	$	609	$	(325)	$	217
Comprehensive income (loss)	$	(2,668)	$	1,467	$	1,569	$	3,032
Less: Comprehensive income (loss) attributable to noncontrolling interests	—		—		1		1
Comprehensive income (loss) attributable to Brighthouse Life Insurance Company	$	(2,668)	$	1,467	$	1,568	$	3,031

See accompanying notes to the interim condensed consolidated financial statements.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Interim Condensed Consolidated Statements of Equity

For the Three Months and Nine Months Ended September 30, 2020 and 2019 (Unaudited)

(In millions)


	Common Stock		Additional Paid-in Capital		Retained Earnings (Deficit)		Accumulated Other Comprehensive Income (Loss)		Brighthouse Life Insurance Company’s Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2019	$	75	$	19,073	$	(3,899)	$	3,215	$	18,464	$	15	$	18,479
Cumulative effect of change in accounting principle, net of income tax (Note 1)					(14)		3		(11)				(11)
Balance at January 1, 2020	75		19,073		(3,913)		3,218		18,453		15		18,468
Dividends paid to parent			(300)		(500)				(800)				(800)
Change in noncontrolling interests									—		(1)		(1)
Net income (loss)					2,841				2,841		1		2,842
Other comprehensive income (loss), net of income tax							1,392		1,392				1,392
Balance at June 30, 2020	75		18,773		(1,572)		4,610		21,886		15		21,901
Net income (loss)					(3,166)				(3,166)				(3,166)
Other comprehensive income (loss), net of income tax							498		498				498
Balance at September 30, 2020	$	75	$	18,773	$	(4,738)	$	5,108	$	19,218	$	15	$	19,233


	Common Stock		Additional Paid-in Capital		Retained Earnings (Deficit)		Accumulated Other Comprehensive Income (Loss)		Brighthouse Life Insurance Company’s Stockholder’s Equity		Noncontrolling Interests		Total Equity
Balance at December 31, 2018	$	75	$	19,073	$	(3,090)	$	718	$	16,776	$	15	$	16,791
Change in noncontrolling interests									—		(1)		(1)
Net income (loss)					(392)				(392)		1		(391)
Other comprehensive income (loss), net of income tax							1,956		1,956				1,956
Balance at June 30, 2019	75		19,073		(3,482)		2,674		18,340		15		18,355
Net income (loss)					609				609				609
Other comprehensive income (loss), net of income tax							858		858				858
Balance at September 30, 2019	$	75	$	19,073	$	(2,873)	$	3,532	$	19,807	$	15	$	19,822

See accompanying notes to the interim condensed consolidated financial statements.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Interim Condensed Consolidated Statements of Cash Flows

For the Nine Months Ended September 30, 2020 and 2019 (Unaudited)

(In millions)


	Nine Months Ended September 30,
	2020		2019
Net cash provided by (used in) operating activities	$	648	$	1,643
Cash flows from investing activities
Sales, maturities and repayments of:
Fixed maturity securities	5,921		11,160
Equity securities	54		29
Mortgage loans	1,227		924
Limited partnerships and limited liability companies	124		205
Purchases of:
Fixed maturity securities	(9,485)		(12,982)
Equity securities	(1)		(3)
Mortgage loans	(1,236)		(2,625)
Limited partnerships and limited liability companies	(423)		(321)
Cash received in connection with freestanding derivatives	5,280		1,178
Cash paid in connection with freestanding derivatives	(3,281)		(1,704)
Receipt on loan to affiliate	100		—
Issuance of loan to affiliate	(100)		—
Net change in policy loans	(4)		86
Net change in short-term investments	(1,849)		(1,477)
Net change in other invested assets	(17)		21
Net cash provided by (used in) investing activities	(3,690)		(5,509)
Cash flows from financing activities
Policyholder account balances:
Deposits	6,749		5,279
Withdrawals	(1,535)		(1,963)
Net change in payables for collateral under securities loaned and other transactions	2,596		224
Long-term and short-term debt issued	100		412
Long-term and short-term debt repaid	(101)		(1)

Dividends paid to parent	(800)		—
Financing element on certain derivative instruments and other derivative related transactions, net	(765)		179
Other, net	(32)		(38)
Net cash provided by (used in) financing activities	6,212		4,092
Change in cash, cash equivalents and restricted cash	3,170		226
Cash, cash equivalents and restricted cash, beginning of period	2,493		3,494
Cash, cash equivalents and restricted cash, end of period	$	5,663	$	3,720
Supplemental disclosures of cash flow information
Net cash paid (received) for:
Interest	$	67	$	30
Income tax	$	(66)	$	—

See accompanying notes to the interim condensed consolidated financial statements.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies

Business

“BLIC” and the “Company” refer to Brighthouse Life Insurance Company, a Delaware corporation originally incorporated in Connecticut in 1863, and its subsidiaries. Brighthouse Life Insurance Company is a wholly-owned subsidiary of Brighthouse Holdings, LLC (“BH Holdings”), which is a direct wholly-owned subsidiary of Brighthouse Financial, Inc. (“BHF” together with its subsidiaries and affiliates, “Brighthouse Financial”). BLIC offers a range of individual annuities and individual life insurance products. The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.

Basis of Presentation

The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America (“GAAP”) requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the interim condensed consolidated financial statements. In applying these policies and estimates, management makes subjective and complex judgments that frequently require assumptions about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to the Company’s business and operations. Actual results could differ from these estimates.

Consolidation

The accompanying interim condensed consolidated financial statements include the accounts of Brighthouse Life Insurance Company and its subsidiaries, as well as partnerships and limited liability companies (“LLCs”) that the Company controls. Intercompany accounts and transactions have been eliminated.

The Company uses the equity method of accounting for investments in limited partnerships and LLCs when it has more than a minor ownership interest or more than a minor influence over the investee’s operations. The Company generally recognizes its share of the investee’s earnings on a three-month lag in instances where the investee’s financial information is not sufficiently timely or when the investee’s reporting period differs from the Company’s reporting period. When the Company has virtually no influence over the investee’s operations, the investment is carried at fair value.

Reclassifications

Certain amounts in the prior year periods’ interim condensed consolidated financial statements and related footnotes thereto have been reclassified to conform with the current period presentation as may be discussed when applicable in the Notes to the Interim Condensed Consolidated Financial Statements.

Since the Company is a member of a controlled group of affiliated companies, its results may not be indicative of those of a stand-alone entity.

The accompanying interim condensed consolidated financial statements are unaudited and reflect all adjustments (including normal recurring adjustments) necessary to present fairly the financial position, results of operations and cash flows for the interim periods presented in conformity with GAAP. Interim results are not necessarily indicative of full year performance. The December 31, 2019 consolidated balance sheet data was derived from audited consolidated financial statements included in Brighthouse Life Insurance Company’s Annual Report on Form 10-K for the year ended December 31, 2019 (the “2019 Annual Report”), which include all disclosures required by GAAP. Therefore, these interim condensed consolidated financial statements should be read in conjunction with the consolidated financial statements of the Company included in the 2019 Annual Report.

Table of Contents

Brighthouse Life Insurance Company

(An Indirect Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

1. Business, Basis of Presentation and Summary of Significant Accounting Policies (continued)

Adoption of New Accounting Pronouncements

Changes to GAAP are established by the Financial Accounting Standards Board (“FASB”) in the form of accounting standards updates (“ASUs”) to the FASB Accounting Standards Codification. The Company considers the applicability and impact of all ASUs. ASUs not listed below were assessed and determined to be either not applicable or are not expected to have a material impact on the Company’s consolidated financial statements. ASUs adopted as of September 30, 2020 are summarized as follows:


Standard	Description	Effective Date	Impact on Financial Statements
ASU 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”)	The amendments to Topic 326 replace the incurred loss impairment methodology for certain financial instruments with one that reflects expected credit losses based on historical loss information, current conditions, and reasonable and supportable forecasts. The new guidance also requires that an other-than- temporary impairment on a debt security will be recognized as an allowance going forward, such that improvements in expected future cash flows after an impairment will no longer be reflected as a prospective yield adjustment through net investment income, but rather a reversal of the previous impairment and recognized through realized investment gains and losses.	January 1, 2020 using the modified retrospective method	The Company recorded an after tax net decrease to retained earnings of $14 million and a net increase to accumulated other comprehensive income (loss) (“AOCI”) of $3 million for the cumulative effect of adoption. The adjustment included establishing or updating the allowance for credit losses on fixed maturity securities, mortgage loans, and other invested assets.

ASUs issued but not yet adopted as of September 30, 2020 are summarized as follows:


Standard	Description	Effective Date	Impact on Financial Statements
ASU 2018-12, Financial Services-Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts	The amendments to Topic 944 will result in significant changes to the accounting for long-duration insurance contracts. These changes (1) require all guarantees that qualify as market risk benefits to be measured at fair value, (2) require more frequent updating of assumptions and modify existing discount rate requirements for certain insurance liabilities, (3) modify the methods of amortization for deferred policy acquisition costs (“DAC”), and (4) require new qualitative and quantitative disclosures around insurance contract asset and liability balances and the judgments, assumptions and methods used to measure those balances. The market risk benefit guidance is required to be applied on a retrospective basis, while the changes to guidance for insurance liabilities and DAC may be applied to existing carrying amounts on the effective date or on a retrospective basis.	January 1, 2023	The Company continues to evaluate the new guidance and therefore is unable to estimate the impact to its financial statements. The most significant impact is expected to be the measurement of liabilities for variable annuity guarantees.

CARES Act

In response to the worldwide pandemic sparked by the novel coronavirus (the “COVID-19 pandemic”), on March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Security Act (the “CARES Act”). The CARES Act contains numerous provisions intended to provide swift aid, including through tax relief, to businesses and individuals affected by the COVID-19 pandemic. The Company does not believe that the CARES Act will have a material impact to its consolidated financial statements at this time. The Company will continue to closely monitor developments related to the COVID-19 pandemic and the CARES Act.

Table of Contents

Brighthouse Life Insurance Company

(A Wholly-Owned Subsidiary of Brighthouse Financial, Inc.)

Notes to the Interim Condensed Consolidated Financial Statements (Unaudited) (continued)

2. Segment Information

The Company is organized into three segments: Annuities; Life; and Run-off. In addition, the Company reports certain of its results of operations in Corporate & Other.

Annuities

The Annuities segment consists of a variety of variable, fixed, index-linked and income annuities designed to address contract holders’ needs for protected wealth accumulation on a tax-deferred basis, wealth transfer and income security.

Life

The Life segment consists of insurance products and services, including term, universal, whole and variable life products designed to address policyholders’ needs for financial security and protected wealth transfer, which may be provided on a tax-advantaged basis.

Run-off

The Run-off segment consists of products no longer actively sold and which are separately managed, including structured settlements, pension risk transfer contracts, certain company-owned life insurance policies, funding agreements and universal life with secondary guarantees.

Corporate & Other

Corporate & Other contains the excess capital not allocated to the segments and interest expense related to the majority of the Company’s outstanding debt, as well as expenses associated with certain legal proceedings and income tax audit issues. Corporate & Other also includes long-term care and workers’ compensation business reinsured through 100% quota share reinsurance agreements and term life insurance sold direct to consumers, which is no longer being offered for new sales.

Financial Measures and Segment Accounting Policies

Adjusted earnings is a financial measure used by management to evaluate performance, allocate resources and facilitate comparisons to industry results. Consistent with GAAP guidance for segment reporting, adjusted earnings is also used to measure segment performance. The Company believes the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of its performance by highlighting the results of operations and the underlying profitability drivers of the business. Adjusted earnings should not be viewed as a substitute for net income (loss) attributable to Brighthouse Life Insurance Company and excludes net income (loss) attributable to noncontrolling interests.

Adjusted earnings, which may be positive or negative, focuses on the Company’s primary businesses principally by excluding the impact of market volatility, which could distort trends.

The following are significant items excluded from total revenues, net of income tax, in calculating adjusted earnings:

•Net investment gains (losses);

•Net derivative gains (losses) except earned income and amortization of premium on derivatives that are hedges of investments or that are used to replicate certain investments, but do not qualify for hedge accounting treatment; and

•Certain variable annuity guaranteed minimum income benefits (“GMIBs”) fees (“GMIB Fees”).

The following are significant items excluded from total expenses, net of income tax, in calculating adjusted earnings:

•Amounts associated with benefits related to GMIBs (“GMIB Costs”);

•Amounts associated with periodic crediting rate adjustments based on the total return of a contractually referenced pool of assets and market value adjustments associated with surrenders or terminations of contracts (“Market Value Adjustments”); and

•Amortiz

Price	9.87	EPS	72,667
Shares	0	P/E	0
MCap	0	P/FCF	0
Net Debt	-2,875	EBIT	392
TEV	-2,875	TEV/EBIT	-7
TTM 2019-09-30, in MM, except price, ratios

10-Q	2020-09-30	Filed 2020-11-09
10-Q	2020-06-30	Filed 2020-08-10
10-Q	2020-03-31	Filed 2020-05-12
10-K	2019-12-31	Filed 2020-03-05
10-Q	2019-09-30	Filed 2019-11-06
10-Q	2019-06-30	Filed 2019-08-07
10-Q	2019-03-31	Filed 2019-05-08
10-K	2018-12-31	Filed 2019-03-05
10-Q	2018-09-30	Filed 2018-11-07
10-Q	2018-06-30	Filed 2018-08-08
10-Q	2018-03-31	Filed 2018-05-10
10-K	2017-12-31	Filed 2018-03-22
10-Q	2017-09-30	Filed 2017-11-13
10-Q	2017-06-30	Filed 2017-08-11
10-Q	2017-03-31	Filed 2017-05-11
10-K	2016-12-31	Filed 2017-03-28
10-Q	2016-09-30	Filed 2016-11-09
10-Q	2016-06-30	Filed 2016-08-12
10-Q	2016-03-31	Filed 2016-05-12
10-K	2015-12-31	Filed 2016-03-25
10-Q	2015-09-30	Filed 2015-11-12
10-Q	2015-06-30	Filed 2015-08-12
10-Q	2015-03-31	Filed 2015-05-13
10-K	2014-12-31	Filed 2015-03-30
10-Q	2014-09-30	Filed 2014-11-12
10-Q	2014-06-30	Filed 2014-08-13
10-Q	2014-03-31	Filed 2014-05-14
10-K	2013-12-31	Filed 2014-03-31
10-Q	2013-09-30	Filed 2013-11-13
10-Q	2013-06-30	Filed 2013-08-12
10-Q	2013-03-31	Filed 2013-05-10
10-K	2012-12-31	Filed 2013-03-22
10-Q	2012-09-30	Filed 2012-11-13
10-Q	2012-06-30	Filed 2012-08-10
10-Q	2012-03-31	Filed 2012-05-10
10-K	2011-12-31	Filed 2012-03-22
10-Q	2011-09-30	Filed 2011-11-10
10-Q	2011-06-30	Filed 2011-08-12
10-Q	2011-03-31	Filed 2011-05-12
10-K	2010-12-31	Filed 2011-03-23
10-Q	2010-09-30	Filed 2010-11-12
10-Q	2010-06-30	Filed 2010-08-13
10-Q	2010-03-31	Filed 2010-05-12
10-K	2009-12-31	Filed 2010-03-24

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Brighthouse Life Insurance Earnings 2020-09-30