Company Quick10K Filing
Quick10K
Cincinnati Financial
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$95.09 163 $15,520
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-09 Officers, Regulation FD, Exhibits
8-K 2019-07-30 Earnings, Exhibits
8-K 2019-06-25 Officers
8-K 2019-05-13 Regulation FD, Exhibits
8-K 2019-04-27 Shareholder Vote, Regulation FD, Exhibits
8-K 2019-04-24 Earnings, Exhibits
8-K 2019-03-11 Regulation FD, Exhibits
8-K 2019-02-25 Enter Agreement, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2019-02-06 Earnings, Off-BS Arrangement, Exhibits
8-K 2019-02-01 Regulation FD, Exhibits
8-K 2018-11-16 Regulation FD, Exhibits
8-K 2018-11-05 Regulation FD, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-10-15 Off-BS Arrangement, Exhibits
8-K 2018-10-12 Earnings, Regulation FD, Exhibits
8-K 2018-10-11 Regulation FD, Exhibits
8-K 2018-09-04 Regulation FD, Exhibits
8-K 2018-08-20 Officers, Regulation FD, Exhibits
8-K 2018-08-10 Regulation FD, Exhibits
8-K 2018-07-26 Earnings, Exhibits
8-K 2018-05-05 Shareholder Vote, Regulation FD, Exhibits
8-K 2018-05-03 Regulation FD, Exhibits
8-K 2018-03-05 Regulation FD, Exhibits
8-K 2018-02-07 Earnings, Exhibits
8-K 2018-01-26 Regulation FD, Exhibits
SNDR Schneider National 1,870
DAVA Endava 1,790
SYKE Sykes Enterprises 1,120
OFG OFG Bancorp 1,020
LNN Lindsay 931
CMLS Cumulus Media 299
SMHI Seacor Marine Holdings 285
QRON Qrons 0
DWCH Datawatch 0
DBB Invesco DB Base Metals Fund 0
CINF 2019-06-30
Part I - Financial Information
Item 1. Financial Statements (Unaudited)
Note 1 - Accounting Policies
Note 2 - Investments
Note 3 - Fair Value Measurements
Note 4 - Property Casualty Loss and Loss Expenses
Note 5 - Life Policy and Investment Contract Reserves
Note 6 - Deferred Policy Acquisition Costs
Note 7 - Accumulated Other Comprehensive Income
Note 8 - Reinsurance
Note 9 - Income Taxes
Note 10 - Net Income per Common Share
Note 11 - Employee Retirement Benefits
Note 12 - Commitments and Contingent Liabilities
Note 13 - Segment Information
Note 14 - Acquisition
Item 2. Management's Discussion and Analysis of Financial Condition And
Item 3. Quantitative and Qualitative Disclosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Item 6. Exhibits
EX-31.A cinf-2019630xex31a.htm
EX-31.B cinf-2019630xex31b.htm
EX-32 cinf-2019630xex32.htm

Cincinnati Financial Earnings 2019-06-30

CINF 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 10-Q
 (Mark one)
       QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934. 
For the quarterly period ended June 30, 2019.
       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 0-4604
CINCINNATI FINANCIAL CORPORATION
(Exact name of registrant as specified in its charter)
Ohio
 
31-0746871
(State or other jurisdiction of
incorporation or organization)
 
(I.R.S. Employer Identification No.)
 
 
 
 
 
 
 
 
6200 S. Gilmore Road,
Fairfield,
Ohio
 
45014-5141
(Address of principal executive offices)
 
(Zip code)
Registrant's telephone number, including area code: (513) 870-2000
N/A
(Former name or former address, if changed since last report.)
Securities registered pursuant to Section 12(b) of the Act:
Title of each class
 
Trading Symbol(s)
 
Name of each exchange on which registered
Common stock
 
CINF
 
Nasdaq Global Select Market
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 and posted 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 No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a nonaccelerated filer, a smaller reporting company or an emerging growth company. See definition 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 Nonaccelerated 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
As of July 24, 2019, there were 163,336,240 shares of common stock outstanding.




CINCINNATI FINANCIAL CORPORATION AND SUBSIDIARIES
FORM 10-Q FOR THE QUARTER ENDED June 30, 2019
 
TABLE OF CONTENTS
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Financial Results
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 2



Part I – Financial Information
Item 1.    Financial Statements (unaudited)
 
Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Balance Sheets
(Dollars in millions, except per share data)
 
June 30,
 
December 31,
 
 
2019
 
2018
Assets
 
 

 
 

Investments
 
 

 
 

Fixed maturities, at fair value (amortized cost: 2019—$10,832; 2018—$10,643)
 
$
11,320

 
$
10,689

Equity securities, at fair value (cost: 2019—$3,471; 2018—$3,368)
 
7,012

 
5,920

Other invested assets
 
271

 
123

Total investments
 
18,603

 
16,732

Cash and cash equivalents
 
803

 
784

Investment income receivable
 
130

 
132

Finance receivable
 
76

 
71

Premiums receivable
 
1,913

 
1,644

Reinsurance recoverable
 
515

 
484

Prepaid reinsurance premiums
 
70

 
44

Deferred policy acquisition costs
 
786

 
738

Land, building and equipment, net, for company use (accumulated depreciation:
   2019—$267; 2018—$265)
 
207

 
195

Other assets
 
375

 
308

Separate accounts
 
859

 
803

Total assets
 
$
24,337

 
$
21,935

 
 
 
 
 
Liabilities
 
 

 
 

Insurance reserves
 
 

 
 

Loss and loss expense reserves
 
$
6,009

 
$
5,707

Life policy and investment contract reserves
 
2,798

 
2,779

Unearned premiums
 
2,896

 
2,516

Other liabilities
 
828

 
804

Deferred income tax
 
932

 
627

Note payable
 
37

 
32

Long-term debt and lease obligations
 
847

 
834

Separate accounts
 
859

 
803

Total liabilities
 
15,206

 
14,102

 
 
 
 
 
Commitments and contingent liabilities (Note 12)
 


 


 
 
 
 
 
Shareholders' Equity
 
 

 
 

Common stock, par value—$2 per share; (authorized: 2019 and 2018—500 million
   shares; issued: 2019 and 2018—198.3 million shares)
 
397

 
397

Paid-in capital
 
1,286

 
1,281

Retained earnings
 
8,566

 
7,625

Accumulated other comprehensive income
 
364

 
22

Treasury stock at cost (2019—35.0 million shares and 2018—35.5 million shares)
 
(1,482
)
 
(1,492
)
Total shareholders' equity
 
9,131

 
7,833

Total liabilities and shareholders' equity
 
$
24,337

 
$
21,935

 
 
 
 
 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 3



Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Income
(Dollars in millions, except per share data)
Three months ended June 30,
 
Six months ended June 30,
 
2019
 
2018
 
2019
 
2018
Revenues
 

 
 

 
 

 
 

Earned premiums
$
1,384

 
$
1,294

 
$
2,717

 
$
2,554

Investment income, net of expenses
160

 
154

 
317

 
304

Investment gains and losses, net
364

 
105

 
1,027

 
(86
)
Fee revenues
3

 
4

 
7

 
8

Other revenues
2

 
1

 
4

 
2

Total revenues
1,913

 
1,558

 
4,072

 
2,782

Benefits and Expenses
 

 
 

 
 

 
 

Insurance losses and contract holders' benefits
936

 
883

 
1,796

 
1,737

Underwriting, acquisition and insurance expenses
430

 
395

 
841

 
798

Interest expense
13

 
13

 
26

 
26

Other operating expenses
4

 
3

 
12

 
7

 Total benefits and expenses
1,383

 
1,294

 
2,675

 
2,568

Income Before Income Taxes
530

 
264

 
1,397

 
214

Provision (Benefit) for Income Taxes
 

 
 

 
 

 
 

Current
28

 
33

 
56

 
61

Deferred
74

 
14

 
218

 
(33
)
Total provision for income taxes
102

 
47

 
274

 
28

Net Income
$
428

 
$
217

 
$
1,123

 
$
186

Per Common Share
 

 
 

 
 

 
 

Net income—basic
$
2.62

 
$
1.33

 
$
6.89

 
$
1.13

Net income—diluted
2.59

 
1.32

 
6.81

 
1.12

 
 
 
 
 
 
 
 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 4



Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Comprehensive Income
(Dollars in millions)
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2019
 
2018
 
2019
 
2018
Net Income
 
$
428

 
$
217

 
$
1,123

 
$
186

Other Comprehensive Income (Loss)
 
 

 
 

 
 

 
 

Change in unrealized gains on investments, net of tax (benefit) of $43, ($18), $93 and ($64), respectively
 
157

 
(62
)
 
349

 
(237
)
Amortization of pension actuarial loss and prior service cost, net of tax of $0, $0, $0 and $0, respectively
 
1

 
1

 
1

 
1

Change in life deferred acquisition costs, life policy reserves and other, net of tax (benefit) of ($1), $1, ($2) and $2, respectively
 
(4
)
 
1

 
(8
)
 
6

Other comprehensive income (loss)
 
154

 
(60
)
 
342

 
(230
)
Comprehensive Income (Loss)
 
$
582

 
$
157

 
$
1,465

 
$
(44
)
 
 
 
 
 
 
 
 
 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.


Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 5



Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Shareholders' Equity
(Dollars in millions)
 
Three months ended June 30,
 
Six months ended June 30,
 
 
2019
 
2018
 
2019

2018
Common Stock
 
 
 
 
 
 
 
 
   Beginning of period
 
$
397

 
$
397

 
$
397

 
$
397

   Share-based awards
 

 

 

 

   End of period
 
397

 
397

 
397

 
397

 
 
 
 
 
 
 
 
 
Paid-In Capital
 
 
 
 
 
 
 
 
   Beginning of period
 
1,277

 
1,258

 
1,281

 
1,265

   Share-based awards
 
1

 

 
(13
)
 
(17
)
   Share-based compensation
 
7

 
7

 
16

 
16

   Other
 
1

 
1

 
2

 
2

   End of period
 
1,286

 
1,266

 
1,286

 
1,266

 
 
 
 
 
 
 
 
 
Retained Earnings
 
 
 
 
 
 
 
 
   Beginning of period
 
8,229

 
7,565

 
7,625

 
5,180

Cumulative effect of change in accounting for equity securities as of January 1, 2018
 

 

 

 
2,503

Adjusted beginning of year
 
8,229

 
7,565

 
7,625

 
7,683

   Net income
 
428

 
217

 
1,123

 
186

Dividends declared (per share of $0.56, $0.53, $1.12 and
$1.06, respectively)
 
(91
)
 
(86
)
 
(182
)
 
(173
)
   End of period
 
8,566

 
7,696

 
8,566

 
7,696

 
 
 
 
 
 
 
 
 
Accumulated Other Comprehensive Income (Loss)
 
 
 
 
 
 
 
 
   Beginning of period
 
210

 
115

 
22

 
2,788

Cumulative effect of change in accounting for equity
securities as of January 1, 2018
 

 

 

 
(2,503
)
Adjusted beginning of year
 
210

 
115

 
22

 
285

   Other comprehensive income (loss)
 
154

 
(60
)
 
342

 
(230
)
   End of period
 
364

 
55

 
364

 
55

 
 
 
 
 
 
 
 
 
Treasury Stock
 
 
 
 
 
 
 
 
   Beginning of period
 
(1,483
)
 
(1,389
)
 
(1,492
)
 
(1,387
)
   Share-based awards
 
3

 
2

 
16

 
16

   Shares acquired - share repurchase authorization
 

 
(110
)
 

 
(125
)
   Shares acquired - share-based compensation plans
 
(2
)
 
(1
)
 
(7
)
 
(3
)
   Other
 

 

 
1

 
1

   End of period
 
(1,482
)
 
(1,498
)
 
(1,482
)
 
(1,498
)
 
 

 

 
 
 
 
      Total Shareholders' Equity
 
$
9,131

 
$
7,916

 
$
9,131

 
$
7,916

 
 
 
 
 
 
 
 
 
(In millions)
 
 
 
 
 
 
 
 
Common Stock - Shares Outstanding
 
 
 
 
 
 
 
 
   Beginning of period
 
163.2

 
164.1

 
162.8

 
163.9

   Share-based awards
 
0.1

 
0.1

 
0.5

 
0.5

   Shares acquired - share repurchase authorization
 

 
(1.6
)
 

 
(1.8
)
   End of period
 
163.3

 
162.6

 
163.3

 
162.6

 
 
 
 
 
 
 
 
 
Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 6



Cincinnati Financial Corporation and Subsidiaries
Condensed Consolidated Statements of Cash Flows
 (Dollars in millions)
 
Six months ended June 30,
 
 
2019
 
2018
Cash Flows From Operating Activities
 
 

 
 

Net income
 
$
1,123

 
$
186

Adjustments to reconcile net income to net cash provided by operating activities:
 
 

 
 

Depreciation and amortization
 
36

 
32

Investment gains and losses, net
 
(1,022
)
 
90

Share-based compensation
 
16

 
16

Interest credited to contract holders'
 
21

 
23

Deferred income tax expense
 
218

 
(33
)
Changes in:
 
 

 
 

Investment income receivable
 
2

 
4

Premiums and reinsurance receivable
 
(231
)
 
(129
)
Deferred policy acquisition costs
 
(68
)
 
(41
)
Other assets
 
(47
)
 
(14
)
Loss and loss expense reserves
 
25

 
195

Life policy and investment contract reserves
 
52

 
47

Unearned premiums
 
292

 
174

Other liabilities
 
(8
)
 
(85
)
Current income tax receivable/payable
 
67

 
(1
)
Net cash provided by operating activities
 
476

 
464

Cash Flows From Investing Activities
 
 

 
 

Sale of fixed maturities
 
52

 
5

Call or maturity of fixed maturities
 
625

 
674

Sale of equity securities
 
142

 
134

Purchase of fixed maturities
 
(765
)
 
(905
)
Purchase of equity securities
 
(212
)
 
(149
)
Investment in finance receivables
 
(17
)
 
(16
)
Collection of finance receivables
 
13

 
12

Investment in buildings and equipment
 
(13
)
 
(9
)
Change in other invested assets, net
 
(41
)
 
(11
)
Net cash used in investing activities
 
(216
)
 
(265
)
Cash Flows From Financing Activities
 
 

 
 

Payment of cash dividends to shareholders
 
(175
)
 
(166
)
Shares acquired - share repurchase authorization
 

 
(125
)
Changes in note payable
 
5

 
37

Proceeds from stock options exercised
 
7

 
5

Contract holders' funds deposited
 
44

 
43

Contract holders' funds withdrawn
 
(93
)
 
(88
)
Other
 
(29
)
 
(41
)
Net cash used in financing activities
 
(241
)
 
(335
)
Net change in cash and cash equivalents
 
19

 
(136
)
Cash and cash equivalents at beginning of year
 
784

 
657

Cash and cash equivalents at end of period
 
$
803

 
$
521

Supplemental Disclosures of Cash Flow Information:
 
 

 
 

Interest paid
 
$
27

 
$
26

Income taxes received (paid)
 
13

 
(60
)
Noncash Activities
 
 

 
 

Conversion of securities
 
$

 
$
3

Equipment acquired under capital lease obligations
 
7

 
8

Cashless exercise of stock options
 
7

 
3

Other assets and other liabilities
 
28

 
28

 
 
 
 
 
 Accompanying Notes are an integral part of these Condensed Consolidated Financial Statements.

Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 7



NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)
 
NOTE 1 — Accounting Policies
The condensed consolidated financial statements include the accounts of Cincinnati Financial Corporation and its consolidated subsidiaries, each of which is wholly owned. These statements are presented in conformity with accounting principles generally accepted in the United States of America (GAAP). Effective February 28, 2019, the company acquired MSP Underwriting Limited, a London-based, global specialty underwriter. MSP was rebranded as Cincinnati Global Underwriting Ltd.SM (Cincinnati Global) effective May 1, 2019, reflecting its new identity as a subsidiary of the corporation. Refer to Note 14, Acquisition, for additional information. The interim condensed consolidated financial statements include Cincinnati Global's results for the period from February 28, 2019, through June 30, 2019. Foreign exchange rates related to Cincinnati Global's operations did not have a material impact to our condensed consolidated financial statements. All intercompany balances and transactions have been eliminated in consolidation.
 
The preparation of financial statements in conformity with GAAP requires us to make estimates and assumptions that affect amounts reported in the financial statements and accompanying notes. Our actual results could differ from those estimates. Certain financial information that is normally included in annual financial statements prepared in accordance with GAAP, but that is not required for interim reporting purposes, has been condensed or omitted.
 
Our June 30, 2019, condensed consolidated financial statements are unaudited. We believe that we have made all adjustments, consisting only of normal recurring accruals, that are necessary for fair presentation. These condensed consolidated financial statements should be read in conjunction with our consolidated financial statements included in our 2018 Annual Report on Form 10-K. The results of operations for interim periods do not necessarily indicate results to be expected for the full year.

Adopted Accounting Updates
ASU 2016-02, Leases (Topic 842)
In February 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-02, Leases (Topic 842). The main provision of ASU 2016-02 requires the recognition of lease assets and lease liabilities by lessees for those leases classified as operating leases under previous GAAP. The effective date of ASU 2016-02 is for interim and annual reporting periods beginning after December 15, 2018. In July 2018, the FASB issued ASU 2018-10, Codification Improvements to Topic 842 and ASU 2018-11, Targeted Improvements to Topic 842. ASU 2018-10 makes narrow-scope amendments to certain aspects of the new leasing standard while ASU 2018-11 provides relief from costs of implementing certain aspects of the new leasing standard.

The company adopted this ASU effective January 1, 2019, and it did not have a material impact on our company's consolidated financial position, cash flows or results of operations. As of June 30, 2019, this ASU resulted in recognizing a right-of-use asset and lease liability each for $15 million recorded in other assets and long-term debt and lease obligations line items, respectively, on our condensed consolidated balance sheets. The company has elected the practical expedient package for carrying forward historical lease classifications, not re-evaluating for embedded leases and not reassessing initial direct costs. The company also elected additional practical expedients to not recognize short-term leases on the balance sheet and to only combine lease and nonlease components for certain asset classes. We also elected not to restate prior periods. In support of our insurance operations, the company leases real estate properties which qualify as operating leases and also leases equipment and autos which qualify as finance leases. The lease term for real estate properties is typically five years while the term for equipment and autos is three to six years.

ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities
In March 2017, the FASB issued ASU 2017-08, Receivables - Nonrefundable Fees and Other Costs (Subtopic 310-20): Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 amends guidance on the amortization period of premiums on certain purchased callable debt securities. The amendments shorten the amortization period of premiums on certain purchased callable debt securities to the earliest call date. The amendments should be applied on a modified retrospective basis through a cumulative-effect adjustment to beginning retained earnings. The effective date of ASU 2017-08 is for interim and annual reporting periods beginning after December 15, 2018. The company adopted this ASU effective January 1, 2019, and it did not have a material impact on our company's consolidated financial position, cash flows or results of operations.

Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 8




ASU 2018-07, Compensation - Stock Compensation (Topic 718) - Improvements to Nonemployee Share-Based Payment Accounting
In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718): Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 expands the scope of Topic 718, Compensation - Stock Compensation, which currently only includes share-based payments issued to employees, to include share-based payments issued to nonemployees for the acquisition of goods and services. The effective date of ASU 2018-07 is for interim and annual reporting periods beginning after December 15, 2018. The company adopted this ASU effective January 1, 2019, and it did not have a material impact on our company's consolidated financial position, cash flows or results of operations.

Pending Accounting Updates
ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments
In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. In addition, through June 2019, the FASB issued ASU 2018-19, Codification Improvements to Topic 326, ASU 2019-04, Codification Improvements to Topic 326 and ASU 2019-05, Targeted Transition Relief. These ASU’s amend previous guidance on the impairment of financial instruments by adding an impairment model that allows an entity to recognize expected credit losses as an allowance rather than impairing as they are incurred. The new guidance is intended to reduce complexity of credit impairment models and result in a more timely recognition of expected credit losses. The guidance is effective for reporting periods beginning after December 15, 2019, and for most affected instruments must be adopted using a modified retrospective approach, with a cumulative effect adjustment recorded to beginning retained earnings. These ASU's have not yet been adopted; however, they are not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations.

ASU 2017-04, Intangibles - Goodwill and Other (Topic 350): Simplifying the Test for Goodwill Impairment
In January 2017, the FASB issued ASU 2017-04, Intangibles - Goodwill and Other (Topic 350) - Simplifying the Test for Goodwill Impairment. ASU 2017-04 simplifies the subsequent measurement of goodwill by eliminating Step 2 from the goodwill impairment test. Instead, an entity should perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit's fair value. The loss recognized should not exceed the total amount of goodwill allocated to that reporting unit and income tax effects from any tax deductible goodwill on the carrying amount of the reporting unit should be considered. The effective date of ASU 2017-04 is for interim and annual goodwill impairment tests performed in any fiscal years beginning after December 15, 2019. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations.

ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
In August 2018, the FASB issued ASU 2018-12, Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts. ASU 2018-12 is intended to improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows. The ASU will simplify and improve the accounting for certain market-based options or guarantees associated with deposit or account balance contracts, simplify amortization of deferred acquisition costs while improving and expanding required disclosures. The effective date of ASU 2018-12 is for interim and annual reporting periods beginning after December 15, 2020. The ASU has not yet been adopted. Management is currently evaluating the impact on our company's consolidated financial position, cash flows and results of operations.


Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 9



ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement
In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820): Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 clarifies the fair value measurement disclosure requirements of ASC 820 by adding, eliminating and modifying disclosures. The effective date of ASU 2018-13 is for interim and annual reporting periods beginning after December 15, 2019. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations.

ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans
In August 2018, the FASB issued ASU 2018-14, Compensation - Retirement Benefits - Defined Benefit Plans - General (Topic 715-20): Disclosure Framework - Changes to the Disclosure Requirements for Defined Benefit Plans. ASU 2018-14 clarifies the guidance in ASC 715 to add, remove, and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The effective date of ASU 2018-14 is for annual reporting periods ending after December 15, 2020. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations.

ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract
In August 2018, the FASB issued ASU 2018-15, Customer's Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract. ASU 2018-15 amends ASC 350 to include implementation costs of a cloud computing arrangement that is a service contract and clarifies that a customer should apply ASC 350-40 to determine which implementation costs should be capitalized in a cloud computing arrangement that is considered a service contract. The effective date of ASU 2018-15 is for interim and annual reporting periods beginning after December 15, 2019. The ASU has not yet been adopted; however, it is not expected to have a material impact on our company's consolidated financial position, cash flows or results of operations.


Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 10



NOTE 2 – Investments
The following table provides cost or amortized cost, gross unrealized gains, gross unrealized losses and fair value for our fixed-maturity securities:
(Dollars in millions)
 
Cost or
amortized
cost
 
Gross unrealized
 
Fair value
At June 30, 2019
 
 
gains
 
losses
 
Fixed maturity securities:
 
 

 
 

 
 

 
 

Corporate
 
$
5,815

 
$
269

 
$
13

 
$
6,071

States, municipalities and political subdivisions
 
4,331

 
218

 

 
4,549

Commercial mortgage-backed
 
289

 
12

 

 
301

Government-sponsored enterprises
 
283

 

 
1

 
282

United States government
 
97

 
3

 

 
100

Foreign government
 
17

 

 

 
17

Total
 
$
10,832

 
$
502

 
$
14

 
$
11,320

At December 31, 2018
 
 

 
 

 
 

 
 

Fixed maturity securities:
 
 

 
 

 
 

 
 

Corporate
 
$
5,712

 
$
85

 
$
87

 
$
5,710

States, municipalities and political subdivisions
 
4,251

 
84

 
31

 
4,304

Commercial mortgage-backed
 
287

 
3

 
2

 
288

Government-sponsored enterprises
 
316

 
1

 
7

 
310

United States government
 
67

 
1

 
1

 
67

Foreign government
 
10

 

 

 
10

Total
 
$
10,643

 
$
174

 
$
128

 
$
10,689

 
 
 
 
 
 
 
 
 

 
The net unrealized investment gains in our fixed-maturity portfolio at June 30, 2019, are primarily the result of the continued low interest rate environment that increased the fair value of our fixed-maturity portfolio. Our commercial mortgage-backed securities had an average rating of Aa1/AA at June 30, 2019, and December 31, 2018. At June 30, 2019, Microsoft Corporation (Nasdaq:MSFT) was our largest single equity holding with a fair value of
$336 million, which was 4.9% of our publicly traded common equities portfolio and 1.8% of the total investment portfolio.


Cincinnati Financial Corporation Second-Quarter 2019 10-Q
Page 11



The table below provides fair values and gross unrealized losses by investment category and by the duration of the securities' continuous unrealized loss positions:
(Dollars in millions)
 
Less than 12 months
 
12 months or more
 
Total
At June 30, 2019
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
 
Fair
value
 
Unrealized
losses
Fixed maturity securities:
 
 

 
 

 
 

 
 

 
 

 
 

Corporate
 
$
78

 
$
2

 
$
294

 
$
11

 
$
372

 
$
13

States, municipalities and political subdivisions
 
13

 

 
21

 

 
34

 

Commercial mortgage-backed
 

 

 
5

 

 
5

 

Government-sponsored enterprises
 
7

 

 
117

 
1

 
124

 
1

United States government
 
5

 

 
4

 

 
9