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Revisions To Financial Statements | 6 Months Ended
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Jun. 30, 2020
Revisions To Financial Statements [Abstract] |
Revisions To Financial Statements | 3. REVISIONS TO FINANCIAL STATEMENTS In preparing third quarter 2019 financial statements, the Company identified errors in the handling of foreign exchange related to premium funds held from reinsureds. Although management determined that the impact of the foreign exchange differences were not material to prior period financial statements, the impact of recording the cumulative difference would have significantly impacted results within the third quarter 2019. As a result, prior period balances have been revised in the applicable financial statements and corresponding footnotes to correct the foreign exchange adjustments. Management assessed the materiality of this change within prior period financial statements based upon SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in Accounting Standards Codification ("ASC") 250, Accounting Changes and Error Corrections. The prior period comparative financial statements that are presented herein have been revised. The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE |  |  | Three Months Ended June 30, 2019 |  |  | Six Months Ended June 30, 2019
INCOME (LOSS): |  |  | As Previously |  |  | Impact of |  |  |  |  |  | As Previously |  |  | Impact of |  |  |
|  |  | Reported |  |  | Revisions |  |  | As Revised |  |  | Reported |  |  | Revisions |  |  | As Revised
(Dollars in thousands) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Other income (expense) |  | $ | (7,977) |  | $ | (10,248) |  | $ | (18,225) |  | $ | (17,030) |  | $ | (4,495) |  | $ | (21,525)
Total revenues |  | $ | 2,018,975 |  | $ | (10,248) |  | $ | 2,008,727 |  | $ | 3,979,058 |  | $ | (4,495) |  | $ | 3,974,563
INCOME (LOSS) BEFORE TAXES |  | $ | 382,593 |  | $ | (10,248) |  | $ | 372,345 |  | $ | 791,384 |  | $ | (4,495) |  | $ | 786,889
Income tax expense (benefit) |  |  | 39,738 |  |  | (261) |  |  | 39,477 |  |  | 99,629 |  |  | (159) |  |  | 99,470
NET INCOME (LOSS) |  | $ | 342,855 |  | $ | (9,987) |  | $ | 332,868 |  | $ | 691,755 |  | $ | (4,336) |  | $ | 687,419
COMPREHENSIVE INCOME (LOSS) |  | $ | 514,064 |  | $ | (9,987) |  | $ | 504,077 |  | $ | 1,109,410 |  | $ | (4,336) |  | $ | 1,105,074
EARNINGS PER COMMON SHARE: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 8.42 |  | $ | (0.25) |  | $ | 8.17 |  | $ | 16.98 |  | $ | (0.10) |  | $ | 16.88
Diluted |  | $ | 8.39 |  | $ | (0.24) |  | $ | 8.15 |  | $ | 16.93 |  | $ | (0.11) |  | $ | 16.82
CONSOLIDATED STATEMENTS OF |  | Six Months Ended June 30, 2019
CHANGES IN STOCKHOLDER'S EQUITY |  | As Previously |  | Impact of |  |  |
|  | Reported |  | Revisions |  | As Revised
(Dollars in thousands) |  |  |  |  |  |  |  |  |
RETAINED EARNINGS: |  |  |  |  |  |  |  |  |
Balance, January 1 |  | $ | 9,574,440 |  | $ | (43,007) |  | $ | 9,531,433
Net income (loss) |  |  | 348,900 |  |  | 5,651 |  |  | 354,551
Balance, March 31 |  |  | 9,866,203 |  |  | (37,356) |  |  | 9,828,847
Net income (loss) |  |  | 342,855 |  |  | (9,987) |  |  | 332,868
Balance, June 30, |  |  | 10,152,059 |  |  | (47,343) |  |  | 10,104,716
TOTAL STOCKHOLDER'S EQUITY, June 30 |  | $ | 8,884,160 |  | $ | (47,343) |  | $ | 8,836,817
CONSOLIDATED STATEMENTS OF CASH FLOWS |  | Six Months Ended June 30, 2019
|  | As Previously |  | Impact of |  |  |
|  | Reported |  | Revisions |  | As Revised
(Dollars in thousands) |  |  |  |  |  |  |  |  |
CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |  |  |  |  |  |  |
Net income (loss) |  | $ | 691,755 |  | $ | (4,336) |  | $ | 687,419
Decrease (increase) in premiums receivable |  |  | (178,319) |  |  | 3,736 |  |  | (174,583)
Decrease (increase) in funds held by reinsureds, net |  |  | (56,180) |  |  | 759 |  |  | (55,421)
Decrease (increase) in income taxes |  |  | 180,285 |  |  | (159) |  |  | 180,126

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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