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Liability for Future Policy Benefits, Policyholder's Account Balances, and Deferred Acquisition Costs | 6 Months Ended
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Jun. 30, 2024
Insurance [Abstract] |
Long-Duration Insurance Contracts Disclosure | Liabilities for future policy benefits represent the cost of claims that we estimate we will eventually pay to our policyholders which includes policy liabilities for claims not yet incurred and for claims that have been incurred or are estimated to have been incurred but not yet reported to us. Liabilities for future policy benefits also include the related expenses for our non interest-sensitive life and accident and health products. The liability for future policy benefits is calculated based on the present value of the estimated future policy benefits less the present value of estimated future net premiums collected. Net premiums represent the portion of the gross premium required to provide for all benefits and expenses, excluding acquisition costs or any costs that are required to be charged to expense as incurred. In calculating the liability for future policy benefits, our long-duration contracts are grouped into cohorts by product type and contract issue year. The calculation of the liability for future policy benefits involves numerous assumptions including assumptions related to discount rate, lapses, mortality, and morbidity. Cash flow assumptions are reviewed and updated, as needed, at least annually. Assumptions may be updated more frequently if necessary based on trending experience and future expectations. On a quarterly basis, cohort level cash flow measures are updated based on the emergence of actual experience. The initial, also referred to as the original, discount rate assumptions established for each cohort are used to determine interest accretion. After policy issuance or policy renewal, the discount rate assumptions are updated quarterly and used to update the liability at each reporting date to the current discount rate. The weighted average current discount rate was 5.2 percent at June 30, 2024 compared to 4.8 percent at December 31, 2023, with the increase due primarily to an increase in U.S. Treasury rates. The weighted average current discount rate was 5.0 percent at June 30, 2023 and December 31, 2022. Actual variance from expected experience during the first six months of 2024 and 2023 was due primarily to the Unum US group disability and Unum US group life and accidental death and dismemberment product lines. Also contributing to the comparison for the first six months of 2024 was the Closed Block long-term care product line. During the first six months of 2024 and 2023, the variance in the Unum US group disability product line was primarily due to higher than expected claim resolutions driven by recoveries. During the first six months of 2024 and 2023, the variance in the Unum US group life and accidental death and dismemberment product line was driven primarily by lower than expected new claim incidence for waiver of premium benefits. Also contributing to the comparison for the first six months of 2024 was lower than expected mortality. During the first six months of 2024, the variance in the Closed Block long-term care product line was driven primarily by higher than expected incidence, partially offset by higher than expected claim resolutions. For the six months ended June 30, 2024 and 2023, there were certain cohorts within the Colonial Life segment, related to our cancer and critical illness product line, and within the Closed Block segment, related to our long-term care product line, for which net premiums exceeded gross premiums. The cohorts for which net premiums exceeded the gross premiums within the Closed Block segment resulted in a $26.5 million reduction to income before income tax for the six months ended June 30, 2024 and had an immaterial impact to income before income tax for the six months ended June 30, 2023. For the six months ended June 30, 2024 and 2023, the cohorts for which net premiums exceeded the gross premiums within the Colonial Life segment had an immaterial impact to income before income tax. There were no other product lines with cohorts for which net premiums exceeded gross premiums for the six months ended June 30, 2024 or 2023. The following table presents balances as well as the changes in the liability for future policy benefits for traditional long duration products.
|  |  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  |  |  |  | June 30
|  |  |  |  |  |  |  |  | 2024 |  | 2023
|  |  |  |  |  |  |  |  | (in millions of dollars)
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of year |  |  |  |  |  |  |  |  | $ | 14,417.8 |  | $ | 12,426.2
Beginning balance at original discount rate |  |  |  |  |  |  |  |  | 14,243.2 |  |  | 12,695.3 |
Effect of changes in cash flow assumptions |  |  |  |  |  |  |  |  | — |  |  | — |
Effect of actual variances from expected experience |  |  |  |  |  |  |  |  | (147.4) |  |  | (118.1) |
Adjusted beginning of year balance |  |  |  |  |  |  |  |  | 14,095.8 |  | 12,577.2
Issuances |  |  |  |  |  |  |  |  | 633.9 |  | 514.4
Interest accretion |  |  |  |  |  |  |  |  | 323.6 |  | 275.7
Net premiums collected |  |  |  |  |  |  |  |  | (834.1) |  | (774.1)
Foreign currency |  |  |  |  |  |  |  |  | (6.9) |  | 20.0
Ending balance at original discount rate |  |  |  |  |  |  |  |  | 14,212.3 |  | 12,613.2
Effect of change in discount rate assumptions |  |  |  |  |  |  |  |  | (249.3) |  |  | (153.3) |
Balance, end of period |  |  |  |  |  |  |  |  | $ | 13,963.0 |  | $ | 12,459.9
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |  |  |  |
Balance, beginning of year |  |  |  |  |  |  |  |  | $ | 52,423.6 |  | $ | 48,929.4
Beginning balance at original discount rate |  |  |  |  |  |  |  |  | 51,305.7 |  |  | 49,689.0 |
Effect of changes in cash flow assumptions |  |  |  |  |  |  |  |  | — |  |  | — |
Effect of actual variances from expected experience |  |  |  |  |  |  |  |  | (305.0) |  |  | (351.3) |
Adjusted beginning of year balance |  |  |  |  |  |  |  |  | 51,000.7 |  | 49,337.7
Issuances 1 |  |  |  |  |  |  |  |  | 1,878.2 |  | 1,837.0
Interest accretion |  |  |  |  |  |  |  |  | 1,148.2 |  | 1,104.6
Benefit payments |  |  |  |  |  |  |  |  | (2,872.3) |  | (2,888.7)
Foreign currency |  |  |  |  |  |  |  |  | (26.4) |  | 140.8
Ending balance at original discount rate |  |  |  |  |  |  |  |  | 51,128.4 |  | 49,531.4
Effect of change in discount rate assumptions |  |  |  |  |  |  |  |  | (1,173.5) |  |  | (173.3) |
Balance, end of period |  |  |  |  |  |  |  |  | $ | 49,954.9 |  | $ | 49,358.1
Net liability for future policy benefits |  |  |  |  |  |  |  |  | $ | 35,991.9 |  | $ | 36,898.2
Other 2 |  |  |  |  |  |  |  |  | 1,671.8 |  |  | 1,806.7 |
Total liability for future policy benefits |  |  |  |  |  |  |  |  | 37,663.7 |  |  | 38,704.9 |
Less: Reinsurance recoverable related to future policy benefits |  |  |  |  |  |  |  |  | 7,315.3 |  |  | 7,922.9 |
Net liability for future policy benefits, after reinsurance recoverable |  |  |  |  |  |  |  |  | $ | 30,348.4 |  | $ | 30,782.0
1 Issuances include new policy issuances for most product lines. For our Unum US group disability, Unum US group life and AD&D and Closed Block - All Other product lines and certain of our Unum International product lines, this line represents new claim incurrals.
2 Other primarily relates to our Closed Block - All Other product line.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products presented in the rollforward activity above.
|  | Consolidated
|  | Six Months Ended June 30
|  | 2024 |  | 2023
|  | (in millions of dollars)
Amount recognized in the statement of income: |  |  |  |
Gross premiums or assessments |  | $ | 5,036.4 |  | $ | 4,828.8
Interest accretion |  | $ | 824.6 |  | $ | 828.9
|  |  |  |  |  |  |  | Consolidated
|  |  |  |  |  |  |  | June 30
|  |  |  |  |  |  |  | 2024 |  | 2023
|  |  |  |  |  |  |  | (in millions of dollars, except weighted average data)
Amount of undiscounted: |  |  |  |  |  |  |  |  |  |
Expected future benefit payments |  |  |  |  |  |  |  | $ | 104,473.6 |  | $ | 96,348.8
Expected future gross premiums |  |  |  |  |  |  |  | $ | 38,987.4 |  | $ | 35,233.5
Amount of discounted (at interest accretion rate): |  |  |  |  |  |  |  |  |  |
Expected future gross premiums |  |  |  |  |  |  |  | $ | 25,712.7 |  | $ | 23,774.0
Weighted average interest rate: |  |  |  |  |  |  |  |  |  |
Interest accretion rate |  |  |  |  |  |  |  | 4.9 | % |  | 4.8 | %
Current discount rate |  |  |  |  |  |  |  | 5.2 | % |  | 5.0 | %
Weighted average duration of the liability |  |  |  |  |  |  |  | 11.4 years |  | 10.8 years
The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum US segment.
| June 30, 2024
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Total Unum US
| (in millions of dollars)
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | — |  |  | $ | — |  |  | $ | 1,134.7 |  |  | $ | 1,296.7 |  |  | $ | 2,431.4
Beginning balance at original discount rate | — |  |  | — |  |  | 1,192.5 |  |  | 1,294.4 |  |  | 2,486.9
Effect of changes in cash flow assumptions | — |  |  | — |  |  | — |  |  | — |  |  | —
Effect of actual variances from expected experience | — |  |  | — |  |  | (85.7) |  |  | (16.4) |  |  | (102.1)
Adjusted beginning of year balance | — |  | — |  | 1,106.8 |  | 1,278.0 |  | 2,384.8
Issuances 1 | — |  |  | — |  |  | 248.9 |  | 77.5 |  | 326.4
Interest accretion | — |  |  | — |  |  | 20.0 |  | 27.6 |  | 47.6
Net premiums collected | — |  |  | — |  |  | (98.7) |  | (96.5) |  | (195.2)
Ending balance at original discount rate | — |  | — |  | 1,277.0 |  | 1,286.6 |  | 2,563.6
Effect of change in discount rate assumptions | — |  | — |  | (83.7) |  | (26.5) |  | (110.2)
Balance, end of period | $ | — |  | $ | — |  | $ | 1,193.3 |  | $ | 1,260.1 |  | $ | 2,453.4
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | 5,147.4 |  | $ | 922.0 |  | $ | 2,334.5 |  | $ | 3,348.6 |  | $ | 11,752.5
Beginning balance at original discount rate | 5,277.1 |  | 936.5 |  | 2,422.0 |  | 3,313.9 |  | 11,949.5
Effect of changes in cash flow assumptions | — |  | — |  | — |  | — |  | —
Effect of actual variances from expected experience | (120.9) |  | (38.0) |  | (98.7) |  | (31.1) |  | (288.7)
Adjusted beginning of year balance | 5,156.2 |  | 898.5 |  | 2,323.3 |  | 3,282.8 |  | 11,660.8
Issuances 1 | 677.7 |  | 283.1 |  | 263.4 |  | 81.3 |  | 1,305.5
Interest accretion | 87.3 |  | 10.2 |  | 48.8 |  | 77.0 |  | 223.3
Benefit payments | (808.3) |  | (305.7) |  | (115.5) |  | (139.2) |  | (1,368.7)
Ending balance at original discount rate | 5,112.9 |  | 886.1 |  | 2,520.0 |  | 3,301.9 |  | 11,820.9
Effect of change in discount rate assumptions | (195.2) |  | (21.7) |  | (195.4) |  | (72.8) |  | (485.1) |
Balance, end of period | $ | 4,917.7 |  | $ | 864.4 |  | $ | 2,324.6 |  | $ | 3,229.1 |  | $ | 11,335.8
Net liability for future policy benefits | $ | 4,917.7 |  | $ | 864.4 |  | $ | 1,131.3 |  | $ | 1,969.0 |  | $ | 8,882.4
Other | 0.2 |  | 0.9 |  | 2.7 |  | 26.4 |  | 30.2
Total liability for future policy benefits | 4,917.9 |  | 865.3 |  | 1,134.0 |  | 1,995.4 |  | 8,912.6
Less: Reinsurance recoverable related to future policy benefits | 26.6 |  | 7.2 |  | 13.4 |  | 152.6 |  | 199.8
Net liability for future policy benefits, after reinsurance recoverable | $ | 4,891.3 |  | $ | 858.1 |  | $ | 1,120.6 |  | $ | 1,842.8 |  | $ | 8,712.8
1 Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals.
| June 30, 2023
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Total Unum US
| (in millions of dollars)
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | — |  | $ | — |  | $ | 868.2 |  | $ | 1,202.9 |  | $ | 2,071.1
Beginning balance at original discount rate | — |  | — |  | 937.9 |  | 1,228.1 |  | 2,166.0
Effect of changes in cash flow assumptions | — |  | — |  | — |  | — |  | —
Effect of actual variances from expected experience | — |  | — |  | (91.5) |  | (22.4) |  | (113.9)
Adjusted beginning of year balance | — |  | — |  | 846.4 |  | 1,205.7 |  | 2,052.1
Issuances 1 | — |  | — |  | 102.6 |  | 98.3 |  | 200.9
Interest accretion | — |  | — |  | 13.7 |  | 24.4 |  | 38.1
Net premiums collected | — |  | — |  | (74.1) |  | (89.0) |  | (163.1)
Ending balance at original discount rate | — |  | — |  | 888.6 |  | 1,239.4 |  | 2,128.0
Effect of change in discount rate assumptions | — |  | — |  | (56.8) |  | (20.2) |  | (77.0)
Balance, end of period | $ | — |  | $ | — |  | $ | 831.8 |  | $ | 1,219.2 |  | $ | 2,051.0
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |  |
Balance, beginning of year | $ | 5,533.3 |  | $ | 972.6 |  | $ | 1,999.5 |  | $ | 3,192.8 |  | $ | 11,698.2
Beginning balance at original discount rate | 5,793.1 |  | 998.5 |  | 2,141.2 |  | 3,244.5 |  | 12,177.3
Effect of changes in cash flow assumptions | — |  | — |  | — |  | — |  | —
Effect of actual variances from expected experience | (162.8) |  | (25.4) |  | (121.1) |  | (45.8) |  | (355.1)
Adjusted beginning of year balance | 5,630.3 |  | 973.1 |  | 2,020.1 |  | 3,198.7 |  | 11,822.2
Issuances 1 | 714.3 |  | 311.7 |  | 112.3 |  | 102.4 |  | 1,240.7
Interest accretion | 98.4 |  | 11.1 |  | 42.5 |  | 82.0 |  | 234.0
Benefit payments | (855.0) |  | (349.1) |  | (83.2) |  | (135.4) |  | (1,422.7)
Ending balance at original discount rate | 5,588.0 |  | 946.8 |  | 2,091.7 |  | 3,247.7 |  | 11,874.2
Effect of change in discount rate assumptions | (224.0) |  | (23.5) |  | (100.8) |  | (24.4) |  | (372.7)
Balance, end of period | $ | 5,364.0 |  | $ | 923.3 |  | $ | 1,990.9 |  | $ | 3,223.3 |  | $ | 11,501.5
Net liability for future policy benefits | $ | 5,364.0 |  | $ | 923.3 |  | $ | 1,159.1 |  | $ | 2,004.1 |  | $ | 9,450.5
Other | 0.3 |  | 0.9 |  | 17.4 |  | 27.0 |  | 45.6
Total liability for future policy benefits | 5,364.3 |  | 924.2 |  | 1,176.5 |  | 2,031.1 |  | 9,496.1
Less: Reinsurance recoverable related to future policy benefits | 33.7 |  | 6.5 |  | 12.0 |  | 190.7 |  | 242.9
Net liability for future policy benefits, after reinsurance recoverable | $ | 5,330.6 |  | $ | 917.7 |  | $ | 1,164.5 |  | $ | 1,840.4 |  | $ | 9,253.2
1 Issuances include new policy issuances for most product lines. Issuances for Unum US group disability and Unum US group life and AD&D represents new claim incurrals.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Unum US segment presented in the rollforward activity above.
| Six Months Ended June 30, 2024
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Total Unum US
| (in millions of dollars)
Amount recognized in the statement of income: |  |  |  |  |  |  |  |  |
Gross premiums or assessments | $ | 1,527.5 |  | $ | 995.0 |  | $ | 415.9 |  | $ | 329.7 |  | $ | 3,268.1
Interest accretion | $ | 87.3 |  | $ | 10.2 |  | $ | 28.8 |  | $ | 49.4 |  | $ | 175.7
| Six Months Ended June 30, 2023
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Total Unum US
| (in millions of dollars)
Amount recognized in the statement of income: |  |  |  |  |  |  |  |  |
Gross premiums or assessments | $ | 1,463.6 |  | $ | 930.5 |  | $ | 397.2 |  | $ | 314.4 |  | $ | 3,105.7
Interest accretion | $ | 98.4 |  | $ | 11.1 |  | $ | 28.8 |  | $ | 57.6 |  | $ | 195.9
| June 30, 2024
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Total Unum US
| (in millions of dollars, except weighted average data)
Amount of undiscounted: |  |  |  |  |  |  |  |  |
Expected future benefit payments | $ | 6,183.5 |  |  | $ | 1,008.6 |  |  | $ | 5,351.9 |  |  | $ | 5,300.5 |  |  | $ | 17,844.5 |
Expected future gross premiums | $ | — |  |  | $ | — |  |  | $ | 5,800.9 |  |  | $ | 5,727.0 |  |  | $ | 11,527.9 |
Amount of discounted (at interest accretion rate): |  |  |  |  |  |  |  |  |
Expected future gross premiums | $ | — |  |  | $ | — |  |  | $ | 3,889.6 |  |  | $ | 4,117.7 |  |  | $ | 8,007.3 |
Weighted average interest rate: |  |  |  |  |  |  |  |  |
Interest accretion rate | 4.1 | % |  | 2.3 | % |  | 5.0 | % |  | 5.1 | % |  | 4.3 | %
Current discount rate | 5.0 | % |  | 2.8 | % |  | 5.4 | % |  | 5.2 | % |  | 4.9 | %
Weighted average duration of the liability | 4.2 years |  | 2.6 years |  | 18.1 years |  | 9.6 years |  | 7.0 years
| June 30, 2023
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Total Unum US
| (in millions of dollars, except weighted average data)
Amount of undiscounted: |  |  |  |  |  |  |  |  |
Expected future benefit payments | $ | 6,731.6 |  |  | $ | 1,077.4 |  | $ | 4,526.3 |  |  | $ | 5,185.6 |  | $ | 17,520.9 |
Expected future gross premiums | $ | — |  |  | $ | — |  | $ | 3,857.9 |  |  | $ | 5,637.4 |  | $ | 9,495.3 |
Amount of discounted (at interest accretion rate): |  |  |  |  |  |  |  |  |
Expected future gross premiums | $ | — |  |  | $ | — |  | $ | 2,820.7 |  |  | $ | 4,045.8 |  | $ | 6,866.5 |
Weighted average interest rate: |  |  |  |  |  |  |  |  |
Interest accretion rate | 3.9 | % |  | 2.2 | % |  | 5.0 | % |  | 5.1 | % |  | 4.1%
Current discount rate | 4.9 | % |  | 2.8 | % |  | 5.0 | % |  | 5.0 | % |  | 4.7%
Weighted average duration of the liability | 4.3 years |  | 2.7 years |  | 17.7 years |  | 9.5 years |  | 6.8 years
Unum International Segment The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Unum International segment.
|  |  |  |  | June 30
|  |  |  |  | 2024 |  |  |  |  | 2023
|  |  |  |  | (in millions of dollars)
Present Value of Expected Net Premiums |  |  |  |  |  |  |  |  |  |
Balance, beginning of year |  |  |  |  | $ | 270.3 |  |  |  |  | $ | 197.1
Beginning balance at original discount rate |  |  |  |  | 298.4 |  |  |  |  |  | 246.8 |
Effect of changes in cash flow assumptions |  |  |  |  | — |  |  |  |  |  | — |
Effect of actual variances from expected experience |  |  |  |  | 10.9 |  |  |  |  |  | 8.0 |
Adjusted beginning of year balance |  |  |  |  | 309.3 |  |  |  |  | 254.8
Issuances 1 |  |  |  |  | 16.4 |  |  |  |  | 11.9
Interest accretion |  |  |  |  | 5.8 |  |  |  |  | 4.5
Net premiums collected |  |  |  |  | (14.0) |  |  |  |  | (10.9)
Foreign currency |  |  |  |  | (6.9) |  |  |  |  | 20.0
Ending balance at original discount rate |  |  |  |  | 310.6 |  |  |  |  | 280.3
Effect of change in discount rate assumptions |  |  |  |  | (35.5) |  |  |  |  |  | (36.9) |
Balance, end of period |  |  |  |  | $ | 275.1 |  |  |  |  | $ | 243.4
Present Value of Expected Future Policy Benefits |  |  |  |  |  |  |  |  |  |
Balance, beginning of year |  |  |  |  | $ | 2,527.4 |  |  |  |  | $ | 2,231.4
Beginning balance at original discount rate |  |  |  |  | 2,687.1 |  |  |  |  |  | 2,495.5 |
Effect of changes in cash flow assumptions |  |  |  |  | — |  |  |  |  |  | — |
Effect of actual variances from expected experience |  |  |  |  | 6.4 |  |  |  |  |  | 7.8 |
Adjusted beginning of year balance |  |  |  |  | 2,693.5 |  |  |  |  | 2,503.3
Issuances 1 |  |  |  |  | 197.0 |  |  |  |  | 199.8
Interest accretion |  |  |  |  | 33.7 |  |  |  |  | 31.7
Benefit payments |  |  |  |  | (226.9) |  |  |  |  | (214.0)
Foreign currency |  |  |  |  | (26.4) |  |  |  |  | 140.8
Ending balance at original discount rate |  |  |  |  | 2,670.9 |  |  |  |  | 2,661.6
Effect of change in discount rate assumptions |  |  |  |  | (256.9) |  |  |  |  |  | (336.5) |
Balance, end of period |  |  |  |  | $ | 2,414.0 |  |  |  |  | $ | 2,325.1
Net liability for future policy benefits |  |  |  |  | $ | 2,138.9 |  |  |  |  | $ | 2,081.7
Other |  |  |  |  | 37.3 |  |  |  |  |  | 32.4 |
Total liability for future policy benefits |  |  |  |  | 2,176.2 |  |  |  |  |  | 2,114.1 |
Less: Reinsurance recoverable related to future policy benefits |  |  |  |  | 70.9 |  |  |  |  |  | 73.4 |
Net liability for future policy benefits, after reinsurance recoverable |  |  |  |  | $ | 2,105.3 |  |  |  |  | $ | 2,040.7
1 Issuances for Unum International primarily represent new claim incurrals.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Unum International segment presented in the rollforward activity above.
|  |  | Six Months Ended June 30 |  |  |  |  |
|  |  | 2024 |  | 2023 |  |  |  |  |
|  |  | (in millions of dollars) |  |  |  |  |
Amount recognized in the statement of income: |  |  |  |  |  |  |  |  |  |
Gross premiums or assessments |  |  | $ | 460.5 |  | $ | 436.0 |  |  |  |  |
Interest accretion |  |  | $ | 27.9 |  | $ | 27.2 |  |  |  |  |
|  |  |  |  | June 30 |  |  |
|  |  |  |  | 2024 |  | 2023 |  |  |
|  |  |  |  | (in millions of dollars, except weighted average data) |  |  |
Amount of undiscounted: |  |  |  |  |  |  |  |  |  |
Expected future benefit payments |  |  |  |  | $ | 4,259.1 |  |  | $ | 4,189.4 |  |  |  |
Expected future gross premiums |  |  |  |  | $ | 1,266.3 |  |  | $ | 1,092.4 |  |  |  |
Amount of discounted (at interest accretion rate): |  |  |  |  |  |  |  |  |  |
Expected future gross premiums |  |  |  |  | $ | 816.0 |  |  | $ | 717.8 |  |  |  |
Weighted average interest rate: |  |  |  |  |  |  |  |  |  |
Interest accretion rate |  |  |  |  | 4.1 | % |  | 4.0 | % |  |  |
Current discount rate |  |  |  |  | 5.2 | % |  | 5.7 | % |  |  |
Weighted average duration of the liability |  |  |  |  | 8.6 years |  | 8.6 years |  |  |
Colonial Life Segment The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Colonial Life segment.
| June 30
| 2024 |  | 2023
| (in millions of dollars)
Present Value of Expected Net Premiums |  |  |
Balance, beginning of year | $ | 3,592.6 |  | $ | 3,745.4
Beginning balance at original discount rate | 3,754.3 |  |  | 4,046.4 |
Effect of changes in cash flow assumptions | — |  |  | — |
Effect of actual variances from expected experience | (22.2) |  |  | (63.5) |
Adjusted beginning of year balance | 3,732.1 |  | 3,982.9
Issuances | 291.1 |  | 301.6
Interest accretion | 69.0 |  | 65.4
Net premiums collected | (316.5) |  | (316.7)
Ending balance at original discount rate | 3,775.7 |  | 4,033.2
Effect of change in discount rate assumptions | (233.8) |  |  | (259.2) |
Balance, end of period | $ | 3,541.9 |  | $ | 3,774.0
Present Value of Expected Future Policy Benefits |  |  |
Balance, beginning of year | $ | 5,566.0 |  | $ | 5,581.1
Beginning balance at original discount rate | 5,925.2 |  |  | 6,163.9 |
Effect of changes in cash flow assumptions | — |  |  | — |
Effect of actual variances from expected experience | (41.3) |  |  | (68.9) |
Adjusted beginning of year balance | 5,883.9 |  | 6,095.0
Issuances | 313.3 |  | 324.4
Interest accretion | 115.0 |  | 110.3
Benefit payments | (310.4) |  | (321.1)
Ending balance at original discount rate | 6,001.8 |  | 6,208.6
Effect of change in discount rate assumptions | (540.7) |  |  | (502.8) |
Balance, end of period | $ | 5,461.1 |  | $ | 5,705.8
Net liability for future policy benefits | $ | 1,919.2 |  | $ | 1,931.8
Other | 24.4 |  |  | 19.6 |
Total liability for future policy benefits | 1,943.6 |  |  | 1,951.4 |
Less: Reinsurance recoverable related to future policy benefits | 1.8 |  |  | 1.0 |
Net liability for future policy benefits, after reinsurance recoverable | $ | 1,941.8 |  | $ | 1,950.4
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Colonial Life segment presented in the rollforward activity above.
| Six Months Ended June 30
| 2024 |  | 2023
| (in millions of dollars)
Amount recognized in the statement of income: |  |  |
Gross premiums or assessments | $ | 860.4 |  | $ | 825.8
Interest accretion | $ | 46.0 |  | $ | 44.9
| June 30
| 2024 |  | 2023
| (in millions of dollars, except weighted average data)
Amount of undiscounted: |  |  |
Expected future benefit payments | $ | 10,051.8 |  |  | $ | 10,201.7 |
Expected future gross premiums | $ | 12,146.0 |  |  | $ | 12,391.5 |
Amount of discounted (at interest accretion rate): |  |  |
Expected future gross premiums | $ | 8,821.1 |  |  | $ | 9,018.7 |
Weighted average interest rate: |  |  |
Interest accretion rate | 4.3 | % |  | 4.3 | %
Current discount rate | 5.3 | % |  | 5.1 | %
Weighted average duration of the liability | 16.9 years |  | 17.3 years
Closed Block Segment The following table presents the balances and changes in the reserves for future policy benefits for traditional long duration products in the Closed Block segment.
| June 30, 2024
| Long-term Care |  | All Other |  | Total Closed Block
| (in millions of dollars)
Present Value of Expected Net Premiums |  |  |  |  |
Balance, beginning of year | $ | 8,123.5 |  | $ | — |  | $ | 8,123.5
Beginning balance at original discount rate | 7,703.6 |  | — |  | 7,703.6
Effect of changes in cash flow assumptions | — |  | — |  | —
Effect of actual variances from expected experience | (34.0) |  | — |  | (34.0)
Adjusted beginning of year balance | 7,669.6 |  | — |  | 7,669.6
Interest accretion | 201.2 |  | — |  | 201.2
Net premiums collected | (308.4) |  | — |  | (308.4)
Ending balance at original discount rate | 7,562.4 |  | — |  | 7,562.4
Effect of change in discount rate assumptions | 130.2 |  | — |  | 130.2
Balance, end of period | $ | 7,692.6 |  | $ | — |  | $ | 7,692.6
Present Value of Expected Future Policy Benefits |  |  |  |  |
Balance, beginning of year | $ | 24,697.7 |  | $ | 7,880.0 |  | $ | 32,577.7
Beginning balance at original discount rate | 22,649.3 |  | 8,094.6 |  | 30,743.9
Effect of changes in cash flow assumptions | — |  | — |  | —
Effect of actual variances from expected experience | 11.5 |  | 7.1 |  | 18.6
Adjusted beginning of year balance | 22,660.8 |  | 8,101.7 |  | 30,762.5
Issuances 1 | — |  | 62.4 |  | 62.4
Interest accretion | 599.9 |  | 176.3 |  | 776.2
Benefit payments | (466.3) |  | (500.0) |  | (966.3)
Ending balance at original discount rate | 22,794.4 |  | 7,840.4 |  | 30,634.8
Effect of change in discount rate assumptions | 534.2 |  | (425.0) |  | 109.2
Balance, end of period | $ | 23,328.6 |  | $ | 7,415.4 |  | $ | 30,744.0
Net liability for future policy benefits | $ | 15,636.0 |  | $ | 7,415.4 |  | $ | 23,051.4
Other 2 | 25.2 |  | 1,554.7 |  | 1,579.9
Total liability for future policy benefits | 15,661.2 |  | 8,970.1 |  | 24,631.3
Less: Reinsurance recoverable related to future policy benefits | 4.2 |  | 7,038.6 |  | 7,042.8
Net liability for future policy benefits, after reinsurance recoverable | $ | 15,657.0 |  | $ | 1,931.5 |  | $ | 17,588.5
1 Issuances for Closed Block - All Other represents new claim incurrals.
2 Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products.
| June 30, 2023
| Long-term Care |  | All Other |  | Total Closed Block
| (in millions of dollars)
Present Value of Expected Net Premiums |  |  |  |  |
Balance, beginning of year | $ | 6,412.6 |  | $ | — |  | $ | 6,412.6
Beginning balance at original discount rate | 6,236.1 |  | — |  | 6,236.1
Effect of changes in cash flow assumptions | — |  | — |  | —
Effect of actual variances from expected experience | 51.3 |  | — |  | 51.3
Adjusted beginning of year balance | 6,287.4 |  | — |  | 6,287.4
Interest accretion | 167.7 |  | — |  | 167.7
Net premiums collected | (283.4) |  | — |  | (283.4)
Ending balance at original discount rate | 6,171.7 |  | — |  | 6,171.7
Effect of change in discount rate assumptions | 219.8 |  | — |  | 219.8
Balance, end of period | $ | 6,391.5 |  | $ | — |  | $ | 6,391.5
Present Value of Expected Future Policy Benefits |  |  |  |  |
Balance, beginning of year | $ | 21,199.9 |  | $ | 8,218.8 |  | $ | 29,418.7
Beginning balance at original discount rate | 20,221.6 |  | 8,630.7 |  | 28,852.3
Effect of changes in cash flow assumptions | — |  | — |  | —
Effect of actual variances from expected experience | 70.9 |  | (6.0) |  | 64.9
Adjusted beginning of year balance | 20,292.5 |  | 8,624.7 |  | 28,917.2
Issuances 1 | — |  | 72.1 |  | 72.1
Interest accretion | 549.4 |  | 179.2 |  | 728.6
Benefit payments | (407.9) |  | (523.0) |  | (930.9)
Ending balance at original discount rate | 20,434.0 |  | 8,353.0 |  | 28,787.0
Effect of change in discount rate assumptions | 1,383.3 |  | (344.6) |  | 1,038.7
Balance, end of period | $ | 21,817.3 |  | $ | 8,008.4 |  | $ | 29,825.7
Net liability for future policy benefits | $ | 15,425.8 |  | $ | 8,008.4 |  | $ | 23,434.2
Other 2 | 24.5 |  | 1,684.6 |  | 1,709.1
Total liability for future policy benefits | 15,450.3 |  | 9,693.0 |  | 25,143.3
Less: Reinsurance recoverable related to future policy benefits | 5.4 |  | 7,600.1 |  | 7,605.5
Net liability for future policy benefits, after reinsurance recoverable | $ | 15,444.9 |  | $ | 2,092.9 |  | $ | 17,537.8
1 Issuances for Closed Block - All Other represents new claim incurrals.
2 Other for Closed Block - All Other primarily includes our closed block group pension products and certain of our ceded closed block individual life products.
The following tables summarize the amount of gross premiums and interest accretion reflected in the statements of income as well as the undiscounted and discounted expected gross premiums and expected future benefit payments and the weighted average interest rates for traditional long duration products in the Closed Block segment presented in the rollforward activity above.
| Six Months Ended June 30, 2024
| Long-term Care |  | All Other |  | Total Closed Block
| (in millions of dollars)
Amount recognized in the statement of income: |  |  |  |  |
Gross premiums or assessments | $ | 347.8 |  | $ | 99.6 |  | $ | 447.4
Interest accretion | $ | 398.7 |  | $ | 176.3 |  | $ | 575.0
| Six Months Ended June 30, 2023
| Long-term Care |  | All Other |  | Total Closed Block
| (in millions of dollars)
Amount recognized in the statement of income: |  |  |  |  |
Gross premiums or assessments | $ | 349.0 |  | $ | 112.3 |  | $ | 461.3
Interest accretion | $ | 381.7 |  |  | $ | 179.2 |  | $ | 560.9
| June 30, 2024
| Long-term Care |  | All Other |  | Total Closed Block
| (in millions of dollars, except weighted average data)
Amount of undiscounted: |  |  |  |  |
Expected future benefit payments | $ | 60,832.0 |  |  | $ | 11,486.2 |  | $ | 72,318.2 |
Expected future gross premiums | $ | 14,047.2 |  |  | $ | — |  | $ | 14,047.2 |
Amount of discounted (at interest accretion rate): |  |  |  |  |
Expected future gross premiums | $ | 8,068.3 |  |  | $ | — |  | $ | 8,068.3 |
Weighted average interest rate: |  |  |  |  |
Interest accretion rate | 5.6 | % |  | 4.6 | % |  | 5.2 | %
Current discount rate | 5.4% |  | 5.3 | % |  | 5.4 | %
Weighted average duration of the liability | 16.1 years |  | 7.2 years |  | 13.1 years
| June 30, 2023
| Long-term Care |  | All Other |  | Total Closed Block
| (in millions of dollars, except weighted average data)
Amount of undiscounted: |  |  |  |  |
Expected future benefit payments | $ | 52,124.2 |  |  | $ | 12,312.6 |  | $ | 64,436.8 |
Expected future gross premiums | $ | 12,254.3 |  |  | $ | — |  | $ | 12,254.3 |
Amount of discounted (at interest accretion rate): |  |  |  |  |
Expected future gross premiums | $ | 7,171.0 |  |  | $ | — |  | $ | 7,171.0 |
Weighted average interest rate: |  |  |  |  |
Interest accretion rate | 5.6 | % |  | 4.6 | % |  | 5.2%
Current discount rate | 5.1 | % |  | 5.1 | % |  | 5.1%
Weighted average duration of the liability | 15.1 years |  | 7.3 years |  | 12.2 years
Reconciliation A reconciliation of the liability for future policy benefits reflected in the preceding rollforwards to the related liability balances in the consolidated balance sheets are as follows:
| June 30
| 2024 |  | 2023
| (in millions of dollars)
Liability for future policy benefits |  |  |
Unum US 1 | $ | 8,912.6 |  |  | $ | 9,496.1 |
Unum International | 2,176.2 |  |  | 2,114.1 |
Colonial Life | 1,943.6 |  |  | 1,951.4 |
Closed Block 1 | 24,631.3 |  |  | 25,143.3 |
Other products 1 | 235.7 |  |  | 240.4 |
Total liability for future policy benefits | $ | 37,899.4 |  |  | $ | 38,945.3 |
1 Unum US excludes dental & vision and medical stop-loss product lines and Closed Block excludes our participating fund account, which represents policies issued by one of our subsidiaries prior to its 1986 conversion from a mutual stock life insurance company. The liabilities associated with these products are included within Other products. Policyholders' account balances primarily include our universal life and corporate-owned life insurance products. Policyholders' account balances reflect customer deposits and interest credited less cost of insurance, administration expenses, surrender charges, and customer withdrawals. The following table presents the balances and changes in the policyholders' account balances:
| June 30, 2024
| Unum US - Voluntary Benefits |  | Colonial Life |  | Closed Block - All Other |  | Total
| (in millions of dollars, except weighted average data)
Balance, beginning of year | $ | 578.6 |  | $ | 852.9 |  | $ | 4,082.7 |  | $ | 5,514.2 |
Premiums received | 27.3 |  | 40.5 |  | 8.9 |  | 76.7 |
Policy charges 1 | (28.8) |  | (36.4) |  | (47.6) |  | (112.8) |
Surrenders and withdrawals | (16.8) |  | (20.4) |  | (6.5) |  | (43.7) |
Benefit payments | (3.3) |  | (4.0) |  | (95.9) |  | (103.2) |
Interest credited | 10.6 |  | 17.1 |  | 138.2 |  | 165.9 |
Other | 5.1 |  | — |  | 0.2 |  | 5.3 |
Balance, end of period | 572.7 |  |  | 849.7 |  |  | 4,080.0 |  |  | 5,502.4 |
Reserves in excess of account balance | 101.8 |  | 14.7 |  | 41.4 |  | 157.9 |
Total policyholders' account balances | 674.5 |  |  | 864.4 |  |  | 4,121.4 |  |  | 5,660.3 |
Less: Reinsurance recoverable related to policyholders' account balances | 0.9 |  | — |  | 4,121.4 |  | 4,122.3
Net policyholders' account balances, after reinsurance recoverable | $ | 673.6 |  |  | $ | 864.4 |  |  | $ | — |  |  | $ | 1,538.0 |
Weighted average crediting rate | 3.7% |  | 4.1% |  | 7.0% |  | 6.2%
Net amount at risk 2 | $ | 4,300.4 |  | $ | 8,461.9 |  | $ | 1,750.1 |  | $ | 14,512.4
Cash surrender value | $ | 562.0 |  | $ | 816.4 |  | $ | 4,059.4 |  | $ | 5,437.8
1 Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.
2 For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
| June 30, 2023
| Unum US - Voluntary Benefits |  | Colonial Life |  | Closed Block - All Other |  | Total
| (in millions of dollars, except weighted average data)
Balance, beginning of year | $ | 586.8 |  | $ | 852.4 |  | $ | 4,159.4 |  | $ | 5,598.6 |
Premiums received | 30.2 |  | 43.8 |  | 11.1 |  | 85.1 |
Policy charges 1 | (30.7) |  | (37.8) |  | (52.8) |  | (121.3) |
Surrenders and withdrawals | (16.4) |  | (19.2) |  | (8.9) |  | (44.5) |
Benefit payments | (5.4) |  | (4.1) |  | (133.8) |  | (143.3) |
Interest credited | 11.4 |  | 17.1 |  | 158.8 |  | 187.3 |
Other | 4.6 |  | (0.1) |  | (19.0) |  | (14.5) |
Balance, end of period | 580.5 |  |  | 852.1 |  |  | 4,114.8 |  |  | 5,547.4 |
Reserves in excess of account balance | 96.7 |  | 14.9 |  | 33.4 |  | 145.0 |
Total policyholders' account balances | 677.2 |  |  | 867.0 |  |  | 4,148.2 |  |  | 5,692.4 |
Less: Reinsurance recoverable related to policyholders' account balances | 1.0 |  | — |  | 4,148.2 |  | 4,149.2
Net policyholders' account balances, after reinsurance recoverable | $ | 676.2 |  | $ | 867.0 |  | $ | — |  | $ | 1,543.2
Weighted average crediting rate | 4.0% |  | 4.1% |  | 7.9% |  | 6.9%
Net amount at risk 2 | $ | 4,695.5 |  | $ | 9,042.3 |  | $ | 1,844.0 |  | $ | 15,581.8 |
Cash surrender value | $ | 570.3 |  | $ | 807.7 |  | $ | 4,021.5 |  | $ | 5,399.5 |
1 Contracts included in the policyholder account balances are generally charged a premium and/or monthly assessments on the basis of the account balance.
2 For those guarantees of benefits that are payable in the event of death, the net amount at risk is generally defined as the current guaranteed minimum death benefit in excess of the current account balance at the balance sheet date.
The balance of the account values by range of guaranteed minimum crediting rates and the related range of difference, in basis points, between rates being credited to policyholders and the respective guaranteed minimums is as follows.
|  | June 30, 2024
Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 Basis Point - 50 Basis Points Above |  | 51 Basis Points - 150 Basis Points Above |  | Greater than 150 Basis Points Above |  | Total
|  | (in millions of dollars)
|  | Unum US - Voluntary Benefits
3.00% - 3.99% |  | $ | 90.3 |  | $ | — |  | $ | — |  | $ | — |  | $ | 90.3
4.00% - 4.99% |  | 222.0 |  | 192.4 |  | 36.3 |  | — |  | 450.7
5.00% - 6.00% |  | 31.7 |  | — |  | — |  | — |  | 31.7
|  | 344.0 |  | 192.4 |  | 36.3 |  | — |  | 572.7
|  | Colonial Life
4.00% - 5.00% |  | 843.4 |  | 6.3 |  | — |  | — |  | 849.7
|  | Closed Block - All Other
3.00% - 5.99% |  | 494.2 |  | 1,084.2 |  | 27.1 |  | — |  |  | 1,605.5
6.00% - 8.99% |  | 2.5 |  | 23.8 |  | — |  | — |  |  | 26.3
9.00% - 11.99% |  | — |  | 2,256.0 |  | — |  | — |  |  | 2,256.0
12.00% - 15.00% |  | — |  | 192.2 |  | — |  | — |  |  | 192.2
|  | 496.7 |  | 3,556.2 |  | 27.1 |  | — |  | 4,080.0
Total |  | $ | 1,684.1 |  | $ | 3,754.9 |  | $ | 63.4 |  | $ | — |  | $ | 5,502.4
|  | June 30, 2023
Range of Guaranteed Minimum Crediting Rate |  | At Guaranteed Minimum |  | 1 Basis Point - 50 Basis Points Above |  | 51 Basis Points - 150 Basis Points Above |  | Greater than 150 Basis Points Above |  | Total
|  | (in millions of dollars)
|  | Unum US - Voluntary Benefits
3.00% - 3.99% |  | $ | 92.4 |  | $ | — |  | $ | — |  | $ | — |  | $ | 92.4
4.00% - 4.99% |  | 268.2 |  | 186.8 |  | — |  | — |  | 455.0
5.00% - 6.00% |  | 33.1 |  | — |  | — |  | — |  | 33.1
|  | 393.7 |  | 186.8 |  | — |  | — |  | 580.5
|  | Colonial Life
4.00% - 5.00% |  | 846.0 |  | 6.1 |  | — |  | — |  | 852.1
|  | Closed Block - All Other
3.00% - 5.99% |  | 507.4 |  | 1,111.1 |  | 27.4 |  | — |  |  | 1,645.9
6.00% - 8.99% |  | 2.4 |  | 30.1 |  | — |  | — |  |  | 32.5
9.00% - 11.99% |  | — |  | 2,256.1 |  | — |  | — |  |  | 2,256.1
12.00% - 15.00% |  | — |  | 180.3 |  | — |  | — |  |  | 180.3
|  | 509.8 |  | 3,577.6 |  | 27.4 |  | — |  | 4,114.8
Total |  | $ | 1,749.5 |  | $ | 3,770.5 |  | $ | 27.4 |  | $ | — |  | $ | 5,547.4
Deferred Policy Acquisition Costs by Segment | Note 9 - Deferred Acquisition Costs The following tables display the changes in DAC throughout the period:
| June 30, 2024
| Unum US |  | Unum International |  | Colonial Life |  | Total
| (in millions of dollars)
Balance, beginning of year | $ | 1,232.2 |  | $ | 46.9 |  | $ | 1,435.4 |  | $ | 2,714.5
Capitalization | 165.8 |  | 8.6 |  | 157.6 |  | 332.0
Amortization expense | (141.0) |  | (4.8) |  | (108.3) |  | (254.1)
Foreign currency | — |  | (0.9) |  | — |  | (0.9)
Balance, end of period | $ | 1,257.0 |  | $ | 49.8 |  | $ | 1,484.7 |  | $ | 2,791.5
| June 30, 2023
| Unum US |  | Unum International |  | Colonial Life |  | Total
| (in millions of dollars)
Balance, beginning of year | $ | 1,185.1 |  | $ | 37.0 |  | $ | 1,337.9 |  | $ | 2,560.0
Capitalization | 156.1 |  | 7.0 |  | 151.1 |  | 314.2
Amortization expense | (129.2) |  | (3.7) |  | (96.7) |  | (229.6)
Foreign currency | — |  | 2.6 |  | — |  | 2.6
Balance, end of period | $ | 1,212.0 |  | $ | 42.9 |  | $ | 1,392.3 |  | $ | 2,647.2
| June 30, 2024
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Dental and Vision |  | Total Unum US
| (in millions of dollars)
Balance, beginning of year | $ | 63.6 |  | $ | 48.9 |  | $ | 610.6 |  | $ | 497.8 |  | $ | 11.3 |  | $ | 1,232.2
Capitalization | 32.7 |  | 21.0 |  | 61.1 |  | 43.5 |  | 7.5 |  | 165.8
Amortization expense | (28.6) |  | (17.1) |  | (58.6) |  | (30.5) |  | (6.2) |  | (141.0)
Balance, end of period | $ | 67.7 |  | $ | 52.8 |  | $ | 613.1 |  | $ | 510.8 |  | $ | 12.6 |  | $ | 1,257.0
| June 30, 2023
| Group Disability |  | Group Life and AD&D |  | Voluntary Benefits |  | Individual Disability |  | Dental and Vision |  | Total Unum US
| (in millions of dollars)
Balance, beginning of year | $ | 61.0 |  | $ | 49.3 |  | $ | 601.0 |  | $ | 464.4 |  | $ | 9.4 |  | $ | 1,185.1
Capitalization | 30.4 |  |  | 19.9 |  | 57.6 |  | 42.1 |  | 6.1 |  | 156.1
Amortization expense | (25.9) |  |  | (19.3) |  | (52.2) |  | (26.7) |  | (5.1) |  | (129.2)
Balance, end of period | $ | 65.5 |  | $ | 49.9 |  | $ | 606.4 |  | $ | 479.8 |  | $ | 10.4 |  | $ | 1,212.0

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- Definition The entire disclosure for long duration contracts. This may include the information pertinent to an understanding of the types of traditional and nontraditional insurance and investment contracts sold and serviced, including the nature and amount of estimated guaranteed obligations pertaining to such contracts and the assumptions underlying such estimated amounts, hedging strategies, and sales inducements offered. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -SubTopic 40 -Name Accounting Standards Codification -Section 65 -Paragraph 2 -Subparagraph (u) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480016/944-40-65-2 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 944 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/944/tableOfContent + Details
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