Company Quick10K Filing
Quick10K
Erie Indemnity
10-Q 2019-09-30 Quarter: 2019-09-30
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 2019-10-24 Earnings, Exhibits
8-K 2019-07-23 Earnings, Other Events, Exhibits
8-K 2019-05-02 Earnings, Exhibits
8-K 2019-04-30 Amend Bylaw, Shareholder Vote, Other Events, Exhibits
8-K 2019-02-21 Earnings, Other Events, Exhibits
8-K 2019-01-10 Officers
8-K 2018-12-04 Other Events, Exhibits
8-K 2018-11-13 Enter Agreement, Exhibits
8-K 2018-10-30 Enter Agreement, Exhibits
8-K 2018-10-25 Earnings, Exhibits
8-K 2018-09-26 Officers, Exhibits
8-K 2018-09-14 Other Events, Exhibits
8-K 2018-07-24 Earnings, Officers, Other Events, Exhibits
8-K 2018-01-22 Enter Agreement, Exhibits
8-K 2018-01-16 Other Events
8-K 2018-01-10 Officers
8-K 2017-12-28 Other Events
MMC Marsh & Mclennan Companies 50,318
AON Aon 46,226
FANH Fanhua 34,728
EQH AXA Equitable Holdings 9,882
FAF First American Financial 6,495
ARGO Argo Group 2,266
CRVL Corvel 1,551
GSHD Goosehead Insurance 710
ITIC Investors Title 267
HIIQ Health Insurance Innovations 229
ERIE 2019-09-30
Part I. Financial Information
Item 1. Financial Statements
Note 1. Nature of Operations
Note 2. Significant Accounting Policies
Note 3. Revenue
Note 4. Earnings per Share
Note 5. Fair Value
Note 6. Investments
Note 7. Leases
Note 8. Borrowing Arrangements
Note 9. Postretirement Benefits
Note 10. Income Taxes
Note 11. Capital Stock
Note 12. Accumulated Other Comprehensive Income (Loss)
Note 13. Concentrations of Credit Risk
Note 14. Commitments and Contingencies
Note 15. Subsequent Events
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
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-10.1 ex-10109302019.htm
EX-31.1 ex-31109302019.htm
EX-31.2 ex-31209302019.htm
EX-32 ex-3209302019.htm

Erie Indemnity Earnings 2019-09-30

ERIE 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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erie:fund
Table of Contents

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, 2019
 
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 11, 2019.
 
The number of shares outstanding of the registrant’s Class B Common Stock as of the latest practicable date was 2,542 at October 11, 2019.


Table of Contents

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

2

Table of Contents

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,
 
2019
 
2018
 
2019
 
2018
Operating revenue
 
 
 
 
 

 
 

Management fee revenue - policy issuance and renewal services, net
$
474,427

 
$
451,361

 
$
1,385,923

 
$
1,311,911

Management fee revenue - administrative services, net
14,430

 
13,521

 
42,576

 
39,894

Administrative services reimbursement revenue
142,730

 
140,172

 
431,305

 
432,642

Service agreement revenue
7,155

 
7,072

 
20,754

 
21,297

Total operating revenue
638,742

 
612,126

 
1,880,558

 
1,805,744

 
 
 
 
 
 
 
 
Operating expenses
 
 
 
 
 
 
 
Cost of operations - policy issuance and renewal services
390,105

 
375,259

 
1,160,614

 
1,103,517

Cost of operations - administrative services
142,730

 
140,172

 
431,305

 
432,642

Total operating expenses
532,835

 
515,431

 
1,591,919

 
1,536,159

Operating income
105,907

 
96,695

 
288,639

 
269,585

 
 
 
 
 
 
 
 
Investment income
 
 
 
 
 
 
 
Net investment income
8,652

 
7,659

 
25,199

 
21,583

Net realized investment gains (losses)
1,696

 
0

 
5,501

 
(497
)
Net impairment losses recognized in earnings
(31
)
 
0

 
(193
)
 
(646
)
Equity in earnings of limited partnerships
3,289

 
772

 
2,546

 
361

Total investment income
13,606

 
8,431

 
33,053

 
20,801

 
 
 
 
 
 
 
 
Interest expense, net
111

 
709

 
832

 
1,864

Other income
100

 
54

 
195

 
156

Income before income taxes
119,502

 
104,471

 
321,055

 
288,678

Income tax expense
25,333

 
24,025

 
63,821

 
62,768

Net income
$
94,169

 
$
80,446

 
$
257,234

 
$
225,910

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income per share
 
 
 
 
 

 
 

Class A common stock – basic
$
2.02

 
$
1.73

 
$
5.52

 
$
4.85

Class A common stock – diluted
$
1.80

 
$
1.54

 
$
4.92

 
$
4.32

Class B common stock – basic
$
303

 
$
259

 
$
829

 
$
728

Class B common stock – diluted
$
303

 
$
259

 
$
828

 
$
727

 
 
 
 
 
 
 
 
Weighted average shares outstanding – Basic
 
 
 
 
 

 
 

Class A common stock
46,189,006

 
46,188,941

 
46,188,767

 
46,188,522

Class B common stock
2,542

 
2,542

 
2,542

 
2,542

 
 
 
 
 
 
 
 
Weighted average shares outstanding – Diluted
 
 
 
 
 

 
 

Class A common stock
52,325,125

 
52,317,438

 
52,317,275

 
52,313,642

Class B common stock
2,542

 
2,542

 
2,542

 
2,542

 
 
 
 
 
 
 
 
Dividends declared per share
 
 
 
 
 

 
 

Class A common stock
$
0.90

 
$
0.84

 
$
2.70

 
$
2.52

Class B common stock
$
135.00

 
$
126.00

 
$
405.00

 
$
378.00

 
 
See accompanying notes to Financial Statements. See Note 12, "Accumulated Other Comprehensive Income (Loss)", for amounts reclassified out of accumulated other comprehensive income (loss) into the Statements of Operations. 

3

Table of Contents

ERIE INDEMNITY COMPANY
STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED)
(in thousands)

 
Three months ended
 
Nine months ended
 
September 30,
 
September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
94,169

 
$
80,446

 
$
257,234

 
$
225,910

 
 
 
 
 
 
 
 
Other comprehensive income (loss), net of tax
 
 
 
 
 

 
 

Change in unrealized holding gains (losses) on available-for-sale securities
2,330

 
(492
)
 
10,387

 
(6,470
)
Amortization of prior service costs and net actuarial loss on pension and other postretirement plans
1,231

 
0

 
3,694

 
0

Total other comprehensive income (loss), net of tax
3,561

 
(492
)
 
14,081

 
(6,470
)
Comprehensive income
$
97,730

 
$
79,954

 
$
271,315

 
$
219,440

 
See accompanying notes to Financial Statements. See Note 12, "Accumulated Other Comprehensive Income (Loss)", for amounts reclassified out of accumulated other comprehensive income (loss) into the Statements of Operations.

4

Table of Contents

ERIE INDEMNITY COMPANY
STATEMENTS OF FINANCIAL POSITION
(dollars in thousands, except per share data)

 
 
 
September 30,
 
December 31,
 
 
2019
 
2018
Assets
 
(Unaudited)
 
 
Current assets:
 
 
 
 
Cash and cash equivalents
 
$
344,872

 
$
266,417

Available-for-sale securities
 
32,984

 
402,339

Receivables from Erie Insurance Exchange and affiliates
 
497,985

 
449,873

Prepaid expenses and other current assets
 
47,712

 
36,892

Federal income taxes recoverable
 
6,075

 
8,162

Accrued investment income
 
5,267

 
5,263

Total current assets
 
934,895

 
1,168,946

 
 
 
 
 
Available-for-sale securities
 
647,649

 
346,184

Equity securities
 
55,052

 
11,853

Limited partnership investments
 
32,171

 
34,821

Fixed assets, net
 
194,170

 
130,832

Deferred income taxes, net
 
15,505

 
24,101

Other assets
 
95,138

 
61,590

Total assets
 
$
1,974,580

 
$
1,778,327

 
 
 
 
 
Liabilities and shareholders' equity
 
 
 
 
Current liabilities:
 
 
 
 
Commissions payable
 
$
272,932

 
$
241,573

Agent bonuses
 
73,921

 
103,462

Accounts payable and accrued liabilities
 
131,453

 
111,291

Dividends payable
 
41,913

 
41,910

Contract liability
 
36,318

 
33,854

Deferred executive compensation
 
10,328

 
13,107

Current portion of long-term borrowings
 
1,959

 
1,870

Total current liabilities
 
568,824

 
547,067

 
 
 
 
 
Defined benefit pension plans
 
136,078

 
116,866

Long-term borrowings
 
96,346

 
97,860

Contract liability
 
18,648

 
17,873

Deferred executive compensation
 
13,017

 
13,075

Other long-term liabilities
 
22,396

 
11,914

Total liabilities
 
855,309

 
804,655

 
 
 
 
 
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
 
16,483

 
16,459

Accumulated other comprehensive loss
 
(116,203
)
 
(130,284
)
Retained earnings
 
2,362,911

 
2,231,417

Total contributed capital and retained earnings
 
2,265,361

 
2,119,762

Treasury stock, at cost; 22,110,132 shares held
 
(1,158,620
)
 
(1,157,625
)
Deferred compensation
 
12,530

 
11,535

Total shareholders’ equity
 
1,119,271

 
973,672

Total liabilities and shareholders’ equity
 
$
1,974,580

 
$
1,778,327


See accompanying notes to Financial Statements. 

5

Table of Contents

ERIE INDEMNITY COMPANY
STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
Three and nine months ended September 30, 2019
(dollars in thousands, except per share data)

 
Class A common stock
Class B common stock
Additional paid-in-capital
Accumulated other comprehensive income (loss)
Retained earnings
Treasury stock
Deferred compensation
Total shareholders' equity
Balance, December 31, 2018
$
1,992

$
178

$
16,459

$
(130,284
)
$
2,231,417

$
(1,157,625
)
$
11,535

$
973,672

Net income
 
 
 
 
75,311

 
 
75,311

Other comprehensive income
 
 
 
6,710

 
 
 
6,710

Dividends declared:
 
 
 
 
 
 
 
 
Class A $0.90 per share
 
 
 
 
(41,570
)
 
 
(41,570
)
Class B $135.00 per share
 
 
 
 
(343
)
 
 
(343
)
Net purchase of treasury stock (1)
 
 
24

 
 
0

 
24

Deferred compensation
 
 
 
 
 
(1,154
)
1,154

0

Balance, March 31, 2019
$
1,992

$
178

$
16,483

$
(123,574
)
$
2,264,815

$
(1,158,779
)
$
12,689

$
1,013,804

Net income
 
 
 
 
87,754

 
 
87,754

Other comprehensive income
 
 
 
3,810

 
 
 
3,810

Dividends declared:
 
 
 
 
 
 
 
 
Class A $0.90 per share
 
 
 
 
(41,570
)
 
 
(41,570
)
Class B $135.00 per share
 
 
 
 
(344
)
 
 
(344
)
Net purchase of treasury stock (1)
 
 
0

 
 
0

 
0

Deferred compensation
 
 
 
 
 
(443
)
443

0

Rabbi trust distribution (2)
 
 
 
 
 
922

(922
)
0

Balance, June 30, 2019
$
1,992

$
178

$
16,483

$
(119,764
)
$
2,310,655

$
(1,158,300
)
$
12,210

$
1,063,454

Net income
 
 
 
 
94,169

 
 
94,169

Other comprehensive income
 
 
 
3,561

 
 
 
3,561

Dividends declared:
 
 
 
 
 
 
 

Class A $0.90 per share
 
 
 
 
(41,570
)
 
 
(41,570
)
Class B $135.00 per share
 
 
 
 
(343
)
 
 
(343
)
Net purchase of treasury stock (1)
 
 
0

 
 
0

 
0

Deferred compensation
 
 
 
 
 
(320
)
320

0

Balance, September 30, 2019
$
1,992

$
178

$
16,483

$
(116,203
)
$
2,362,911

$
(1,158,620
)
$
12,530

$
1,119,271



(1) Net purchases of treasury stock in 2019 include the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock based compensation awards. See Note 11, "Capital Stock", for additional information on treasury stock transactions.
(2) Distributions of our Class A shares were made from the rabbi trust to a retired director in 2019.

See accompanying notes to Financial Statements.





















6

Table of Contents

ERIE INDEMNITY COMPANY
STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
Three and nine months ended September 30, 2018
(dollars in thousands, except per share data)

 
Class A common stock
Class B common stock
Additional paid-in-capital
Accumulated other comprehensive income (loss)
Retained earnings
Treasury stock
Deferred compensation
Total shareholders' equity
Balance, December 31, 2017
$
1,992

$
178

$
16,470

$
(156,059
)
$
2,140,853

$
(1,155,668
)
$
9,578

$
857,344

Cumulative effect adjustments (1)
 
 
 
 
(38,392
)
 
 
(38,392
)
Net income
 
 
 
 
65,758

 
 
65,758

Other comprehensive loss
 
 
 
(5,427
)
 
 
 
(5,427
)
Dividends declared:
 
 
 
 
 
 
 
 
Class A $0.84 per share
 
 
 
 
(38,799
)
 
 
(38,799
)
Class B $126.00 per share
 
 
 
 
(320
)
 
 
(320
)
Net purchase of treasury stock (2)
 
 
(9
)
 
 
0

 
(9
)
Deferred compensation
 
 
 
 
 
(1,663
)
1,663

0

Balance, March 31, 2018
$
1,992

$
178

$
16,461

$
(161,486
)
$
2,129,100

$
(1,157,331
)
$
11,241

$
840,155

Net income
 
 
 
 
79,706

 
 
79,706

Other comprehensive loss
 
 
 
(551
)
 
 
 
(551
)
Dividends declared:
 
 
 
 
 
 
 
 
Class A $0.84 per share
 
 
 
 
(38,799
)
 
 
(38,799
)
Class B $126.00 per share
 
 
 
 
(321
)
 
 
(321
)
Net purchase of treasury stock (2)
 
 
(2
)
 
 
0

 
(2
)
Deferred compensation
 
 
 
 
 
(276
)
276

0

Rabbi trust distribution (3)
 
 
 
 
 
608

(608
)
0

Balance, June 30, 2018
$
1,992

$
178

$
16,459

$
(162,037
)
$
2,169,686

$
(1,156,999
)
$
10,909

$
880,188

Net income
 
 
 
 
80,446

 
 
80,446

Other comprehensive loss
 
 
 
(492
)
 
 
 
(492
)
Dividends declared:
 
 
 
 
 
 
 

Class A $0.84 per share
 
 
 
 
(38,799
)
 
 
(38,799
)
Class B $126.00 per share
 
 
 
 
(320
)
 
 
(320
)
Net purchase of treasury stock (2)
 
 
0

 
 
0

 
0

Deferred compensation
 
 
 
 
 
(311
)
311

0

Balance, September 30, 2018
$
1,992

$
178

$
16,459

$
(162,529
)
$
2,211,013

$
(1,157,310
)
$
11,220

$
921,023


(1) Cumulative effect adjustments are primarily related to the implementation of new revenue recognition guidance effective January 1, 2018.
(2) Net purchases of treasury stock in 2018 include the repurchase of our Class A common stock in the open market that were subsequently distributed to satisfy stock based compensation awards. See Note 11, "Capital Stock", for additional information on treasury stock transactions.
(3) Distributions of our Class A shares were made from the rabbi trust to a retired director in 2018.

See accompanying notes to Financial Statements.


7

Table of Contents

ERIE INDEMNITY COMPANY
STATEMENTS OF CASH FLOWS (UNAUDITED)
(in thousands)

 
 
Nine months ended
 
 
September 30,
 
 
2019
 
2018
Cash flows from operating activities
 
 
 
 
Management fee received
 
$
1,387,877

 
$
1,309,769

Administrative services reimbursements received
 
420,697

 
428,071

Service agreement fee received
 
20,754

 
21,297

Net investment income received
 
25,461

 
26,625

Limited partnership distributions
 
1,596

 
6,008

Commissions paid to agents
 
(669,618
)
 
(639,574
)
Agents bonuses paid
 
(112,262
)
 
(130,657
)
Salaries and wages paid
 
(138,279
)
 
(136,868
)
Pension contributions and employee benefits paid
 
(31,926
)
 
(106,718
)
General operating expenses paid
 
(179,799
)
 
(144,759
)
Administrative services expenses paid
 
(424,919
)
 
(427,852
)
Income taxes paid
 
(60,863
)
 
(29,208
)
Interest paid
 
(853
)
 
(1,820
)
Net cash provided by operating activities
 
237,866

 
174,314

 
 
 
 
 
Cash flows from investing activities
 
 
 
 
Purchase of investments:
 
 
 
 
Available-for-sale securities
 
(852,886
)
 
(194,773
)
Equity securities
 
(46,536
)
 
(4,087
)
Limited partnerships
 
(20
)
 
(217
)
Other investments
 
(252
)
 

Proceeds from investments:
 
 
 
 
Available-for-sale securities sales
 
655,519

 
125,913

Available-for-sale securities maturities/calls
 
282,846

 
98,922

Equity securities
 
4,505

 
4,159

Limited partnerships
 
3,600

 
3,046

Purchase of fixed assets
 
(68,363
)
 
(48,667
)
Agent loan distributions
 
(16,458
)
 
(41,767
)
Agent loan repayments
 
5,804

 
4,496

Net cash used in investing activities
 
(32,241
)
 
(52,975
)
 
 
 
 
 
Cash flows from financing activities
 
 
 
 
Dividends paid to shareholders
 
(125,737
)
 
(117,355
)
Net (payments) proceeds from long-term borrowings
 
(1,433
)
 
24,983

Net cash used in financing activities
 
(127,170
)
 
(92,372
)
 
 
 
 
 
Net increase in cash and cash equivalents
 
78,455