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New Accounting Standards | 12 Months Ended
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Dec. 31, 2017
New Accounting Standards [Abstract] |
New Accounting Standards | ﻿ 2. New Accounting Standards ﻿ Adoption of New Accounting Standards ﻿ The following table provides a description of our adoption of ne w Accounting Standards Updates (“ASU s”) issued by the FASB and the impact of the adoption on our financial statements: ﻿
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﻿Standard | Description | Date of Adoption | Effect on Financial Statements or Other Significant Matters
﻿ASU 2016-09, Improvements to Employee Share-Based Payment Accounting | These amendments require all income tax effects of awards to be recognized in the income statement when the awards vest or are settled rather than through additional paid-in capital in the equity section of the balance sheet. The amendments also permit an employer to repurchase an employee’s shares at the maximum statutory tax rate in the employee’s applicable jurisdiction for tax withholding purposes without triggering liability accounting. Finally, the amendments permit entities to make a one-time accounting policy election to account for forfeitures as they occur. Specific adoption methods depend on the issue being adopted and range from prospective to retrospective adoption. Early adoption is permitted; however, all amendments must be adopted in the same period. If an entity early adopts the amendments in an interim period, any adjustments should be reflected as of the beginning of the fiscal year that includes that interim period. | Early adopted as of October 1, 2016 | We recognized an income tax benefit of $8 million in federal income tax expense (benefit) in our Consolidated Statements of Comprehensive Income (Loss) for the year ended December 31, 2016. The income tax benefit included a reclassification of $3 million from additional paid-in capital for the nine months ended September 30, 2016, as the transition guidance required us to reflect any adjustment as of January 1, 2016.
﻿ASU 2016-05, Effect of Derivative Contract Novations on Existing Hedge Accounting Relationships | The amendments clarify that a change in the counterparty to a derivative instrument identified in a hedging relationship in and of itself does not require dedesignation of that hedging relationship provided that all other hedge accounting criteria continue to be met. We adopted the guidance in this ASU prospectively. | January 1, 2017 | The adoption of this ASU did not have an effect on our consolidated financial condition or results of operations.
﻿ASU 2016-06, Contingent Put and Call Options in Debt Instruments | The amendments clarify the requirements for assessing whether contingent call and put options that can accelerate the payment of principal on debt instruments are clearly and closely related to their debt hosts. Upon adoption of this ASU, entities will be required to assess embedded call and put options solely in accordance with the four-step decision sequence that was developed by the FASB Derivatives Implementation Group. We adopted this ASU using a modified retrospective basis applied to existing debt instruments. | January 1, 2017 | The adoption of this ASU did not have an effect on our consolidated financial condition or results of operations.
ASU 2017-04, Simplifying the Test for Goodwill Impairment | These amendments eliminate the requirement in current GAAP to perform Step 2 of the goodwill impairment test in favor of only applying a quantitative test (referred to in previous guidance as Step 1). As part of the quantitative test, the fair value of the reporting unit is compared with its carrying value, and an impairment charge is recognized when the carrying value exceeds the reporting unit’s fair value. An entity still has the option to first perform a qualitative assessment of an individual reporting unit to determine if the quantitative assessment is necessary. ASU 2017-04 should be adopted prospectively, and early adoption is permitted on impairment testing dates after January 1, 2017. . | Early adopted as of our October 1, 2017 goodwill impairment measurement date. There were no impairment indicators during the first three quarters of 2017. | We recognized a goodwill impairment of $905 million during the fourth quarter of 2017 related to our Life Insurance segment reported in the impairment of intangibles line item on our Consolidated Statements of Comprehensive Income (Loss). For more information regarding our goodwill impairment, see Note 10.
﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ ﻿ Future Adoption of New Accounting Standards ﻿ The following table provides a description of future adoptions of new accounting standards that may have an impact on our financial statements when adopted: ﻿ ﻿ ﻿
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﻿Standard | Description | Projected Date of Adoption | Effect on Financial Statements or Other Significant Matters
﻿ASU 2014-09, Revenue from Contracts with Customers | This standard establishes the core principle of recognizing revenue to depict the transfer of promised goods and services. The amendments define a five-step process that systematically identifies the various components of the revenue recognition process, culminating with the recognition of revenue upon satisfaction of an entity’s performance obligation. Although these amendments will supersede nearly all existing revenue recognition guidance under GAAP, ASU 2014-09 will not amend the accounting for insurance and investment contracts recognized in accordance with ASC Topic 944, Financial Services – Insurance, leases, financial instruments and guarantees. Retrospective, or modified retrospective, application is required. | January 1, 2018 | Our revenue within the scope of this standard primarily includes commissions and advisory fees earned by our broker dealer operation. We will adopt this ASU using the modified retrospective method. The adoption of ASU 2014-09 will not have a material impact on our consolidated financial condition or results of operations.
﻿ASU 2016-01, Recognition and Measurement of Financial Assets and Financial Liabilities | These amendments require, among other things, the fair value measurement of investments in equity securities and certain other ownership interests that do not result in consolidation and are not accounted for under the equity method of accounting. The change in fair value of the impacted investments in equity securities must be recognized in net income in the period of the change in fair value. In addition, the amendments include certain enhancements to the presentation and disclosure requirements for financial assets and financial liabilities. Early adoption of the ASU is generally not permitted, except as defined in the ASU. The amendments will be adopted in the financial statements through a cumulative-effect adjustment to the beginning balance of retained earnings in the period of adoption. Financial statement disclosures will be updated prospectively. | January 1, 2018 | The current carrying value of our equity securities within the scope of ASU 2016-01 is $110 million. Upon adoption, we will prospectively recognize the change in fair value of these equity securities in current period earnings. The cumulative effective adjustment of adopting ASU 2016-01 will not have a material impact on our consolidated financial condition.
﻿ASU 2016-02, Leases | This standard establishes a new accounting model for leases. Lessees will recognize most leases on the balance sheet as a right-of-use asset and a related lease liability. The lease liability is measured as the present value of the lease payments over the lease term with the right-of-use asset measured at the lease liability amount and including adjustments for certain lease incentives and initial direct costs. Lease expense recognition will continue to differentiate between finance leases and operating leases resulting in a similar pattern of lease expense recognition as under current GAAP. This ASU permits a modified retrospective adoption approach that includes a number of optional practical expedients that entities may elect upon adoption. Early adoption is permitted. | January 1, 2019 | We continue to gather information to determine our leases that are within the scope of this standard. We do not expect there to be a significant difference in our pattern of lease expense recognition under this ASU.
Standard | Description | Projected Date of Adoption | Effect on Financial Statements or Other Significant Matters
﻿ASU 2016-08, Principal versus Agent Considerations (Reporting Revenue Gross versus Net) | These amendments clarify the implementation guidance on principal versus agent considerations in ASU 2014-09, including how an entity should identify the unit of accounting for the principal versus agent evaluation. In addition, the amendments clarify how to apply the control principle to certain types of arrangements, such as service transactions, by explaining what a principal controls before the good or service is transferred to the customer. Transition requirements are consistent with ASU 2014-09. | January 1, 2018 | See comments under ASU 2014-09 for more information.
﻿ASU 2016-10, Identifying Performance Obligations and Licensing | These amendments clarify, among other things, the accounting guidance in ASU 2014-09 regarding how an entity will determine whether promised goods or services are separately identifiable, which is an important consideration in determining whether to account for goods or services as a separate performance obligation. Transition requirements are consistent with ASU 2014-09. | January 1, 2018 | See comments under ASU 2014-09 for more information.
﻿ASU 2016-12, Narrow Scope Improvements and Practical Expedients | The standard update amends the revenue recognition guidance in ASU 2014-09 related to transition, collectability, noncash consideration and the presentation of sales and other similar taxes. The amendments clarify that, for a contract to be considered completed at transition, substantially all of the revenue must have been recognized under current GAAP. The amendments also clarify how an entity should evaluate the collectability threshold and when an entity can recognize nonrefundable consideration received as revenue if an arrangement does not meet the standard’s contract criteria. Transition requirements are consistent with ASU 2014-09. | January 1, 2018 | See comments under ASU 2014-09 for more information.
﻿ASU 2016-13, Measurement of Credit Losses on Financial Instruments | These amendments adopt a new model to measure and recognize credit losses for most financial assets. The method used to measure estimated credit losses for AFS debt securities will be unchanged from current GAAP; however, the amendments require credit losses to be recognized through an allowance rather than as a reduction to the amortized cost of those debt securities. The amendments will permit entities to recognize improvements in credit loss estimates on AFS debt securities by reducing the allowance account immediately through earnings. The amendments will be adopted through a cumulative effect adjustment to the beginning balance of retained earnings as of the first reporting period in which the amendments are effective. Early adoption is permitted for annual periods beginning after December 15, 2018, and interim periods therein. | January 1, 2020 | We are currently evaluating the impact of adopting this ASU on our consolidated financial condition and results of operations, with a primary focus on our fixed maturity securities, mortgage loans and reinsurance recoverables.
﻿ASU 2016-15, Classification of Certain Cash Receipts and Cash Payments | These amendments clarify the classification of eight specific cash flow issues in an entity’s statement of cash flows where it was determined by the FASB that there is diversity in practice. Early adoption of the amendments is permitted, and retrospective transition is required for each period presented in the statement of cash flows. | January 1, 2018 | We will amend classifications in our Consolidated Statements of Cash Flows upon adoption of this ASU
Standard | Description | Projected Date of Adoption | Effect on Financial Statements or Other Significant Matters
﻿ASU 2016-16, Intra-Entity Asset Transfers Other Than Inventory | This amendment requires an entity to recognize current and deferred income taxes for an intra-entity asset transfer, other than inventory, when the transfer occurs, thereby eliminating the current GAAP exception that prohibits the recognition of income taxes until the asset has been sold to an outside party. Early adoption is permitted as of the beginning of the annual reporting period for which financial statements have not been issued. | January 1, 2018 | This amendment is not expected to have a material impact on our consolidated financial condition or results of operations.
﻿ASU 2016-18, Restricted Cash | This amendment requires that amounts generally described as restricted cash and restricted cash equivalents should be included within cash and cash equivalents when reconciling the beginning-of-period and end-of-period total amounts shown on the statement of cash flows. Early adoption is permitted using a retrospective transition method applied to each period presented. | January 1, 2018 | We will provide these additional disclosures in our Consolidated Statements of Cash Flows upon the adoption date as applicable.
﻿ASU 2016-20, Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers | These amendments clarify 13 issues related to the adoption of ASU 2014-09. The most significant issue of these amendments for us is the clarification that all contracts within the scope of Topic 944 are excluded from the scope of ASU 2014-09, rather than just insurance contracts as described in ASU 2014-09. Transition requirements are consistent with ASU 2014-09. | January 1, 2018 | See comments under ASU 2014-09 for more information.
﻿ASU 2017-07, Improving the Presentation of Net Periodic Pension Cost and Net Periodic Postretirement Benefit Cost | These amendments require that an entity report the service cost component of employee pension and postretirement benefit plans in the same line item as other compensation costs from services rendered by the applicable employees during the period. The other components of net benefit cost are required to be presented in the income statement separately from the service cost component and outside a subtotal of income from operations. ASU 2017-07 requires retrospective adoption related to the presentation of net periodic pension cost and postretirement benefit cost. | January 1, 2018 | The adoption of this ASU will not have an effect on our consolidated financial condition or results of operations.
﻿ASU 2017-08, Premium Amortization on Purchased Callable Debt Securities | These amendments require an entity to shorten the amortization period for certain callable debt securities held at a premium so that the premium is amortized to the earliest call date. Early adoption is permitted, and the ASU requires adoption under a modified retrospective basis through a cumulative-effect adjustment to the beginning balance of retained earnings. | January 1, 2019 | We are currently evaluating the impact of adopting this ASU on our consolidated financial condition or results of operations.
﻿ASU 2017-09, Compensation – Stock Compensation: Scope of Modification Accounting | These amendments provide guidance when changes to the terms or conditions of a share-based payment award would require modification accounting. An entity should account for the effects of a modification unless the following are the same immediately before and after the modification: (a) the fair value of the award, (b) the vesting conditions of the award and (c) the classification of the award as an equity instrument or a liability instrument. These amendments are to be applied prospectively to awards modified on or after the effective date. Early adoption is permitted. | January 1, 2018 | The impacts of adopting this standard are prospective. The adoption of this ASU will not impact our consolidated financial condition or results of operations.
Standard | Description | Projected Date of Adoption | Effect on Financial Statements or Other Significant Matters
﻿ASU 2017-12, Targeted Improvements to Accounting for Hedging Activities | These amendments change both the designation and measurement guidance for qualifying hedging relationships and the presentation of hedge results. These amendments retain the threshold of highly effective for hedging relationships, remove the requirement to bifurcate between the portions of the hedging relationship that are effective and ineffective, record hedge item and hedging instrument results in the same financial statement line item, require quantitative assessment initially for all hedging relationships unless the hedging relationship meets the definition of either the shortcut method or critical terms match method and allow the contractual specified index rate to be designated as the hedged risk in a cash flow hedge of interest rate risk of a variable rate financial instrument. These amendments also eliminate the benchmark interest rate concept for variable rate instruments. Early adoption is permitted. | January 1, 2019 | We are currently evaluating the impact of adopting this ASU on our consolidated financial condition or results of operations.
﻿ASU 2018-02, Reclassification of Certain Tax Effects From Accumulated Other Comprehensive Income | These amendments allow a reclassification from AOCI to retained earnings for stranded tax effects associated with the change in the federal corporate income tax rate in the Tax Cuts and Jobs Ac t (the “Tax Act”) of 2017. An entity that elects to reclassify these amounts must reclassify the stranded tax effects related to the change in the federal corporate income tax rate for all items accounted for in OCI. Additional disclosures will be required for entities that elect to reclassify stranded tax effects. The ASU is effective for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years and early adoption is permitted. An entity that elects to early adopt in an annual or interim period after the period of enactment can choose to apply the ASU retrospective to each period impacted or in the period of adoption. | January 1, 2018 | Upon adoption of this ASU, we will reclassify approximately $6 00 million of stranded tax effects resulting from the new federal income rate from AOCI to retained earnings.

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