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INVESTMENTS | 3 Months Ended
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Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract] |
INVESTMENTS | a) Fixed Maturities and Equity securities Fixed maturities The following table provides the amortized cost and fair values of the Company's fixed maturities classified as available for sale:
|  | Amortized cost |  | Allowance for expected credit losses |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value |  |  |
| At March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
| Fixed maturities |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 1,787,739 |  |  | $ | — |  |  | $ | 78,458 |  |  | $ | (57) |  |  | $ | 1,866,140 |  |  |  |
| Non-U.S. government | 613,672 |  |  | — |  |  | 4,147 |  |  | (19,178) |  |  | 598,641 |  |  |  |
| Corporate debt | 4,917,957 |  |  | (19,884) |  |  | 64,712 |  |  | (183,033) |  |  | 4,779,752 |  |  |  |
| Agency RMBS(1) | 1,564,292 |  |  | — |  |  | 53,183 |  |  | (965) |  |  | 1,616,510 |  |  |  |
| CMBS(2) | 1,402,480 |  |  | — |  |  | 42,896 |  |  | (16,693) |  |  | 1,428,683 |  |  |  |
| Non-agency RMBS | 125,340 |  |  | (118) |  |  | 1,258 |  |  | (3,469) |  |  | 123,011 |  |  |  |
| ABS(3) | 1,543,933 |  |  | (17) |  |  | 2,125 |  |  | (100,862) |  |  | 1,445,179 |  |  |  |
| Municipals(4) | 210,713 |  |  | — |  |  | 7,728 |  |  | (171) |  |  | 218,270 |  |  |  |
| Total fixed maturities | $ | 12,166,126 |  |  | $ | (20,019) |  |  | $ | 254,507 |  |  | $ | (324,428) |  |  | $ | 12,076,186 |  |  |  |
| At December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
| Fixed maturities |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 2,102,849 |  |  | $ | — |  |  | $ | 16,345 |  |  | $ | (6,313) |  |  | $ | 2,112,881 |  |  |  |
| Non-U.S. government | 564,505 |  |  | — |  |  | 14,535 |  |  | (2,448) |  |  | 576,592 |  |  |  |
| Corporate debt | 4,797,384 |  |  | — |  |  | 140,426 |  |  | (7,556) |  |  | 4,930,254 |  |  |  |
| Agency RMBS(1) | 1,570,823 |  |  | — |  |  | 25,215 |  |  | (3,454) |  |  | 1,592,584 |  |  |  |
| CMBS(2) | 1,340,156 |  |  | — |  |  | 29,838 |  |  | (4,942) |  |  | 1,365,052 |  |  |  |
| Non-agency RMBS | 84,381 |  |  | — |  |  | 1,393 |  |  | (852) |  |  | 84,922 |  |  |  |
| ABS(3) | 1,599,867 |  |  | — |  |  | 4,706 |  |  | (5,880) |  |  | 1,598,693 |  |  |  |
| Municipals(4) | 203,275 |  |  | — |  |  | 4,359 |  |  | (407) |  |  | 207,227 |  |  |  |
| Total fixed maturities | $ | 12,263,240 |  |  | $ | — |  |  | $ | 236,817 |  |  | $ | (31,852) |  |  | $ | 12,468,205 |  |  |  |
(1)Residential mortgage-backed securities ("RMBS") originated by U.S. government-sponsored agencies. (2)Commercial mortgage-backed securities ("CMBS"). (3)Asset-backed securities ("ABS") include debt tranched securities collateralized primarily by auto loans, student loans, credit card receivables and collateralized loan obligations ("CLOs"). (4)Municipals include bonds issued by states, municipalities and political subdivisions. Equity Securities The following table provides the cost and fair values of the Company's equity securities:
|  | Cost |  | Gross unrealized gains |  | Gross unrealized losses |  | Fair value |
| At March 31, 2020 |  |  |  |  |  |  |  |
| Equity securities |  |  |  |  |  |  |  |
| Common stocks | $ | 504 |  |  | $ | 63 |  |  | $ | (449) |  |  | $ | 118 |  |
| Preferred stocks | 6,532 |  |  | 787 |  |  | (11) |  |  | 7,308 |  |
| Exchange-traded funds | 200,197 |  |  | 35,729 |  |  | (13,583) |  |  | 222,343 |  |
| Bond mutual funds | 183,708 |  |  | — |  |  | (8,532) |  |  | 175,176 |  |
| Total equity securities | $ | 390,941 |  |  | $ | 36,579 |  |  | $ | (22,575) |  |  | $ | 404,945 |  |
| At December 31, 2019 |  |  |  |  |  |  |  |
| Equity securities |  |  |  |  |  |  |  |
| Common stocks | $ | 504 |  |  | $ | 77 |  |  | $ | (388) |  |  | $ | 193 |  |
| Preferred stocks | — |  |  | — |  |  | — |  |  | — |  |
| Exchange-traded funds | 215,986 |  |  | 81,444 |  |  | (105) |  |  | 297,325 |  |
| Bond mutual funds | 182,466 |  |  | — |  |  | (5,777) |  |  | 176,689 |  |
| Total equity securities | $ | 398,956 |  |  | $ | 81,521 |  |  | $ | (6,270) |  |  | $ | 474,207 |  |
In the normal course of investing activities, the Company actively manages allocations to non-controlling tranches of structured securities which are variable interests issued by Variable Interest Entities ("VIEs"). These structured securities include RMBS, CMBS and ABS. The Company also invests in limited partnerships which represent 58% of the Company's other investments. The investments in limited partnerships include hedge funds, direct lending funds, private equity funds and real estate funds as well as CLO equity tranched securities, which are variable interests issued by VIEs (refer to Note 3(c) 'Other Investments'). The Company does not have the power to direct the activities that are most significant to the economic performance of these VIEs therefore the Company is not the primary beneficiary of these VIEs. The maximum exposure to loss on these interests is limited to the amount of commitment made by the Company. The Company has not provided financial or other support to these structured securities other than the original investment. Contractual Maturities of Fixed Maturities Expected maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations with or without call or prepayment penalties. The table below provides the contractual maturities of fixed maturities:
|  | Amortized cost |  | Fair value |  | % of Total fair value |
| At March 31, 2020 |  |  |  |  |  |
| Maturity |  |  |  |  |  |
| Due in one year or less | $ | 420,406 |  |  | $ | 418,331 |  |  | 3.5 | % |
| Due after one year through five years | 4,435,933 |  |  | 4,411,851 |  |  | 36.5 | % |
| Due after five years through ten years | 2,347,057 |  |  | 2,301,408 |  |  | 19.1 | % |
| Due after ten years | 326,685 |  |  | 331,213 |  |  | 2.7 | % |
|  | 7,530,081 |  |  | 7,462,803 |  |  | 61.8 | % |
| Agency RMBS | 1,564,292 |  |  | 1,616,510 |  |  | 13.4 | % |
| CMBS | 1,402,480 |  |  | 1,428,683 |  |  | 11.8 | % |
| Non-agency RMBS | 125,340 |  |  | 123,011 |  |  | 1.0 | % |
| ABS | 1,543,933 |  |  | 1,445,179 |  |  | 12.0 | % |
| Total | $ | 12,166,126 |  |  | $ | 12,076,186 |  |  | 100.0 | % |
| At December 31, 2019 |  |  |  |  |  |
| Maturity |  |  |  |  |  |
| Due in one year or less | $ | 438,881 |  |  | $ | 443,228 |  |  | 3.6 | % |
| Due after one year through five years | 4,810,202 |  |  | 4,884,837 |  |  | 39.2 | % |
| Due after five years through ten years | 2,091,486 |  |  | 2,157,157 |  |  | 17.3 | % |
| Due after ten years | 327,444 |  |  | 341,732 |  |  | 2.7 | % |
|  | 7,668,013 |  |  | 7,826,954 |  |  | 62.8 | % |
| Agency RMBS | 1,570,823 |  |  | 1,592,584 |  |  | 12.8 | % |
| CMBS | 1,340,156 |  |  | 1,365,052 |  |  | 10.9 | % |
| Non-agency RMBS | 84,381 |  |  | 84,922 |  |  | 0.7 | % |
| ABS | 1,599,867 |  |  | 1,598,693 |  |  | 12.8 | % |
| Total | $ | 12,263,240 |  |  | $ | 12,468,205 |  |  | 100.0 | % |
Gross Unrealized Losses The following table summarizes fixed maturities and equity securities in an unrealized loss position and the aggregate fair value and gross unrealized loss by length of time the security has continuously been in an unrealized loss position:
|  | 12 months or greater |  |  |  | Less than 12 months |  |  |  | Total |  |  |
|  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |  | Fair value |  | Unrealized losses |
| At March 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |
| Fixed maturities |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | — |  |  | $ | — |  |  | $ | 33,246 |  |  | $ | (57) |  |  | $ | 33,246 |  |  | $ | (57) |  |
| Non-U.S. government | 56,233 |  |  | (4,852) |  |  | 310,184 |  |  | (14,326) |  |  | 366,417 |  |  | (19,178) |  |
| Corporate debt | 86,332 |  |  | (13,220) |  |  | 2,418,579 |  |  | (169,813) |  |  | 2,504,911 |  |  | (183,033) |  |
| Agency RMBS | 8,532 |  |  | (135) |  |  | 69,214 |  |  | (830) |  |  | 77,746 |  |  | (965) |  |
| CMBS | 9,954 |  |  | (688) |  |  | 413,682 |  |  | (16,005) |  |  | 423,636 |  |  | (16,693) |  |
| Non-agency RMBS | 4,568 |  |  | (1,405) |  |  | 67,711 |  |  | (2,064) |  |  | 72,279 |  |  | (3,469) |  |
| ABS | 265,024 |  |  | (28,221) |  |  | 971,556 |  |  | (72,641) |  |  | 1,236,580 |  |  | (100,862) |  |
| Municipals | — |  |  | — |  |  | 28,367 |  |  | (171) |  |  | 28,367 |  |  | (171) |  |
| Total fixed maturities | $ | 430,643 |  |  | $ | (48,521) |  |  | $ | 4,312,539 |  |  | $ | (275,907) |  |  | $ | 4,743,182 |  |  | $ | (324,428) |  |
| At December 31, 2019 |  |  |  |  |  |  |  |  |  |  |  |
| Fixed maturities |  |  |  |  |  |  |  |  |  |  |  |
| U.S. government and agency | $ | 9,536 |  |  | $ | (67) |  |  | $ | 614,705 |  |  | $ | (6,246) |  |  | $ | 624,241 |  |  | $ | (6,313) |  |
| Non-U.S. government | 99,466 |  |  | (2,036) |  |  | 18,361 |  |  | (412) |  |  | 117,827 |  |  | (2,448) |  |
| Corporate debt | 121,635 |  |  | (3,847) |  |  | 375,858 |  |  | (3,709) |  |  | 497,493 |  |  | (7,556) |  |
| Agency RMBS | 195,395 |  |  | (1,816) |  |  | 326,402 |  |  | (1,638) |  |  | 521,797 |  |  | (3,454) |  |
| CMBS | 24,281 |  |  | (64) |  |  | 364,641 |  |  | (4,878) |  |  | 388,922 |  |  | (4,942) |  |
| Non-agency RMBS | 6,345 |  |  | (792) |  |  | 25,816 |  |  | (60) |  |  | 32,161 |  |  | (852) |  |
| ABS | 535,780 |  |  | (4,667) |  |  | 404,641 |  |  | (1,213) |  |  | 940,421 |  |  | (5,880) |  |
| Municipals | 5,418 |  |  | (34) |  |  | 46,684 |  |  | (373) |  |  | 52,102 |  |  | (407) |  |
| Total fixed maturities | $ | 997,856 |  |  | $ | (13,323) |  |  | $ | 2,177,108 |  |  | $ | (18,529) |  |  | $ | 3,174,964 |  |  | $ | (31,852) |  |
Fixed Maturities At March 31, 2020, 2,783 fixed maturities (2019: 1,190) were in an unrealized loss position of $324 million (2019: $32 million), of which $127 million (2019: $5 million) was related to securities below investment grade or not rated. At March 31, 2020, 320 fixed maturities (2019: 497) had been in a continuous unrealized loss position for twelve months or greater and had a fair value of $431 million (2019: $998 million). The Company concluded that the unrealized loss on these securities as well as the remaining securities in an unrealized loss position were due to non-credit factors at March 31, 2020, and were expected to recover in value as the securities approach maturity. At March 31, 2020, the Company did not intend to sell the securities in an unrealized loss position and it is more likely than not that the Company will not be required to sell these securities before the anticipated recovery of their amortized costs. b) Mortgage Loans The following table provides details of the Company's mortgage loans held-for-investment:
|  | March 31, 2020 |  |  |  | December 31, 2019 |  |  |
|  | Carrying value |  | % of Total |  | Carrying value |  | % of Total |
| Mortgage Loans held-for-investment: |  |  |  |  |  |  |  |
| Commercial | $ | 517,181 |  |  | 100 | % |  | $ | 432,748 |  |  | 100 | % |
| Total Mortgage Loans held-for-investment | $ | 517,181 |  |  | 100 | % |  | $ | 432,748 |  |  | 100 | % |
The primary credit quality indicator for commercial mortgage loans is the debt service coverage ratio which compares a property’s net operating income to amounts needed to service the principal and interest due under the loan, (generally, the lower the debt service coverage ratio, the higher the risk of experiencing a credit loss) and the loan-to-value ratio which compares the unpaid principal balance of the loan to the estimated fair value of the underlying collateral (generally, the higher the loan-to-value ratio, the higher the risk of experiencing a credit loss). The debt service coverage ratio and loan-to-value ratio, as well as the values utilized in calculating these ratios, are updated annually, on a rolling basis. The Company has a high quality mortgage loan portfolio with a weighted average debt service coverage ratio of 2.1x and a weighted average loan-to-value ratio of 58%. At March 31, 2020, there are no credit losses or past due amounts associated with the commercial mortgage loans held by the Company. c) Other Investments The following tables provide a summary of the Company's other investments, together with additional information relating to the liquidity of each category:
|  | Fair value |  |  |  | Redemption frequency (if currently eligible) |  | Redemption notice period |
| At March 31, 2020 |  |  |  |  |  |  |  |
| Long/short equity funds | $ | 22,281 |  |  | 3 | % |  | Annually |  | 60 days |
| Multi-strategy funds | 140,096 |  |  | 18 | % |  | Quarterly, Semi-annually |  | 60-90 days |
| Direct lending funds | 289,952 |  |  | 36 | % |  | n/a |  | n/a |
| Private equity funds | 83,693 |  |  | 10 | % |  | n/a |  | n/a |
| Real estate funds | 157,039 |  |  | 20 | % |  | n/a |  | n/a |
| CLO-Equities | 12,793 |  |  | 1 | % |  | n/a |  | n/a |
| Other privately held investments | 37,441 |  |  | 5 | % |  | n/a |  | n/a |
| Overseas deposits | 54,513 |  |  | 7 | % |  | n/a |  | n/a |
| Total other investments | $ | 797,808 |  |  | 100 | % |  |  |  |  |
| At December 31, 2019 |  |  |  |  |  |  |  |
| Long/short equity funds | $ | 31,248 |  |  | 4 | % |  | Annually |  | 60 days |
| Multi-strategy funds | 136,542 |  |  | 18 | % |  | Quarterly, Semi-annually |  | 60-90 days |
| Direct lending funds | 277,395 |  |  | 36 | % |  | n/a |  | n/a |
| Private equity funds | 80,412 |  |  | 10 | % |  | n/a |  | n/a |
| Real estate funds | 130,112 |  |  | 17 | % |  | n/a |  | n/a |
| CLO-Equities | 14,328 |  |  | 2 | % |  | n/a |  | n/a |
| Other privately held investments | 36,934 |  |  | 5 | % |  | n/a |  | n/a |
| Overseas deposits | 63,952 |  |  | 8 | % |  | n/a |  | n/a |
| Total other investments | $ | 770,923 |  |  | 100 | % |  |  |  |  |
n/a - not applicable Two common redemption restrictions which may impact the Company's ability to redeem hedge funds are gates and lockups. A gate is a suspension of redemptions which may be implemented by the general partner or investment manager of the fund in order to defer, in whole or in part, the redemption request in the event the aggregate amount of redemption requests exceeds a predetermined percentage of the fund's net assets which may otherwise hinder the general partner or investment manager's ability to liquidate holdings in an orderly fashion in order to generate the cash necessary to fund extraordinarily large redemption payouts. A lockup period is the initial amount of time an investor is contractually required to hold the security before having the ability to redeem. During the three months ended March 31, 2020 and 2019, neither of these restrictions impacted the Company's redemption requests. At March 31, 2020, $67 million (2019: $69 million), representing 42% (2019: 41%) of total hedge funds, relate to holdings where the Company is still within the lockup period. The expiration of these lockup periods range from October 2020 to March 2022. At March 31, 2020, the Company had $157 million (2019: $170 million) of unfunded commitments as a limited partner in direct lending funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until the completion of the fund's investment term. These funds have investment terms ranging from five to fifteen years and the General Partners of certain funds have the option to extend the term by up to three years. At March 31, 2020, the Company had $20 million (2019: $24 million) of unfunded commitments as a limited partner in multi-strategy hedge funds. Once the full amount of committed capital has been called by the General Partner of each of these funds, the assets will not be fully returned until after the completion of the funds' investment term. These funds have investment terms ranging from two years to the dissolution of the underlying fund. At March 31, 2020, the Company had $162 million (2019: $82 million) of unfunded commitments as a limited partner in funds which invest in real estate and real estate securities and businesses. These funds include an open-ended fund and funds with investment terms ranging from seven years to the dissolution of the underlying fund. At March 31, 2020, the Company had $187 million (2019: $261 million) of unfunded commitments as a limited partner in private equity funds. The life of the funds is subject to the dissolution of the underlying funds. The Company expects the overall holding period to be over five years. During 2015, the Company made a $50 million commitment as a limited partner of a bank revolver opportunity fund. The fund has an investment term of seven years and the General Partners have the option to extend the term by up to two years. At March 31, 2020, this commitment remains unfunded. It is not anticipated that the full amount of this fund will be drawn. Syndicate 2007 holds overseas deposits which include investments in private funds where the underlying investments are primarily U.S. government, non-U.S. government and corporate debt securities. The funds do not trade on an exchange and therefore are not included within available for sale investments. d) Equity Method Investments During 2016, the Company paid $108 million including direct transaction costs to acquire 19% of the common equity of Harrington Reinsurance Holdings Limited ("Harrington"), the parent company of Harrington Re Ltd. ("Harrington Re"), an independent reinsurance company jointly sponsored by AXIS Capital and The Blackstone Group L.P. ("Blackstone"). Through long-term service agreements, AXIS Capital will serve as Harrington Re's reinsurance underwriting manager and Blackstone will serve as exclusive investment management service provider. As an investor, the Company expects to benefit from underwriting profit generated by Harrington Re and the income and capital appreciation Blackstone seeks to deliver through its investment management services. In addition, the Company has entered into an arrangement with Blackstone under which underwriting and investment related fees will be shared equally. Harrington is not a VIE that is required to be included in the Company's consolidated financial statements. The Company accounts for its ownership interest in Harrington under the equity method of accounting. The Company's proportionate share of the underlying equity in net assets resulted in a basis difference of $5 million which represents initial transactions costs. e) Net Investment Income Net investment income was derived from the following sources:
|  | Three months ended March 31, |  |  |  |  |  |  |
|  | 2020 |  | 2019 |  |  |  |  |
| Fixed maturities | $ | 89,943 |  |  | $ | 91,382 |  |  |  |  |  |
| Other investments | (2,120) |  |  | 6,895 |  |  |  |  |  |
| Equity securities | 2,125 |  |  | 2,328 |  |  |  |  |  |
| Mortgage loans | 4,053 |  |  | 3,063 |  |  |  |  |  |
| Cash and cash equivalents | 4,930 |  |  | 5,801 |  |  |  |  |  |
| Short-term investments | 1,498 |  |  | 3,894 |  |  |  |  |  |
| Gross investment income | 100,429 |  |  | 113,363 |  |  |  |  |  |
| Investment expenses | (7,328) |  |  | (6,060) |  |  |  |  |  |
| Net investment income | $ | 93,101 |  |  | $ | 107,303 |  |  |  |  |  |
f) Net Investment Gains (Losses) The following table provides an analysis of net investment gains (losses):
|  | Three months ended March 31, |  |  |  |  |  |  |
|  | 2020 |  | 2019 |  |  |  |  |
| Gross realized investment gains |  |  |  |  |  |  |  |
| Fixed maturities and short-term investments | $ | 39,931 |  |  | $ | 10,437 |  |  |  |  |  |
| Equity securities | 1,920 |  |  | 1,445 |  |  |  |  |  |
| Gross realized investment gains | 41,851 |  |  | 11,882 |  |  |  |  |  |
| Gross realized investment losses |  |  |  |  |  |  |  |
| Fixed maturities and short-term investments | (22,766) |  |  | (20,279) |  |  |  |  |  |
| Equity securities | (2,682) |  |  | (93) |  |  |  |  |  |
| Gross realized investment losses | (25,448) |  |  | (20,372) |  |  |  |  |  |
| Allowance for expected credit losses | (20,019) |  |  | — |  |  |  |  |  |
| Impairment losses(1) | (1,190) |  |  | — |  |  |  |  |  |
| OTTI losses | — |  |  | (4,036) |  |  |  |  |  |
| Change in fair value of investment derivatives(2) | 3,162 |  |  | (2,102) |  |  |  |  |  |
| Net unrealized gains (losses) on equity securities | (61,233) |  |  | 27,395 |  |  |  |  |  |
| Net investment gains (losses) |  | $ | (62,877) |  |  | $ | 12,767 |  |  |  |  |  |
(1) Related to instances where the Company intends to sell securities or it is more likely than not that the Company will be required to sell securities before their anticipated recovery. (2) Refer to Note 5 'Derivative Instruments'. The following table provides a reconciliation of the beginning and ending balances of the allowance for expected credit losses on fixed maturities classified as available for sale:
|  | Three months ended March 31, |  |  |  |  |  |  |
|  | 2020 |  |  |  |  |  |  |
| Balance at beginning of period | $ | — |  |  |  |  |  |  |  |
| Expected credit losses on securities where credit losses were not previously recognized | 20,019 |  |  |  |  |  |  |  |
| Additions (reductions) for expected credit losses on securities where credit losses were previously recognized | — |  |  |  |  |  |  |  |
| Impairments of securities which the Company intends to sell or more likely than not will be required to sell | — |  |  |  |  |  |  |  |
| Securities sold/redeemed/matured/defaults of credit-impaired securities | — |  |  |  |  |  |  |  |
| Balance at end of period | $ | 20,019 |  |  |  |  |  |  |  |
g) Reverse Repurchase Agreements At March 31, 2020, the Company held $18 million (2019: $nil) of reverse repurchase agreements. These loans are fully collateralized, are generally outstanding for a short period of time and are presented on a gross basis as part of cash and cash equivalents in the Company's consolidated balance sheets. The required collateral for these loans is either cash or U.S. Treasuries at a minimum rate of 102% of the loan principal. Upon maturity, the Company receives principal and interest income. The Company monitors the estimated fair value of the securities loaned and borrowed on a daily basis with additional collateral obtained as necessary throughout the duration of the transaction.

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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