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Revision of Immaterial Misstatement in Prior Year Financial Statements (Tables)

9 Months Ended

Sep. 30, 2021

Accounting Changes and Error Corrections [Abstract]

Schedule of Error Corrections and Prior Period Adjustments

The following tables reconcile selected lines from the Company's year-end December 31, 2020 consolidated balance sheet and the three and nine months ended September 30, 2020 consolidated statement of comprehensive income from the previously reported amounts to the revised amounts.

Revised Consolidated Balance Sheet			Year Ended December 31, 2020
			As Reported						Adjustment						As Revised
			(Dollars in thousands)
Assets
Deferred policy acquisition costs			$	2,045,812					$	179,387					$	2,225,199
Deferred sales inducements			1,328,857						119,518						1,448,375
Total assets			71,389,674						298,905						71,688,579
Liabilities and Stockholders' Equity
Liabilities:
Policy benefit reserves			61,768,246						584,636						62,352,882
Deferred income taxes			564,003						(60,003)						504,000
Total liabilities			64,814,958						524,633						65,339,591
Stockholders' equity:
Accumulated other comprehensive income			2,429,285						(225,728)						2,203,557
Total stockholders' equity			6,574,716						(225,728)						6,348,988
Total liabilities and stockholders' equity			71,389,674						298,905						71,688,579

Revised Consolidated Statement of Comprehensive Income			Three Months Ended September 30, 2020
			As Reported						Adjustment						As Revised
			(Dollars in thousands)
Other comprehensive income:
Change in net unrealized investment gains/losses (1)			$	494,154					$	(73,607)					$	420,547
Other comprehensive income before income tax			496,546						(73,607)						422,939
Income tax effect related to other comprehensive income			(104,274)						15,458						(88,816)
Other comprehensive income			392,272						(58,149)						334,123
Comprehensive income			1,059,472						(58,149)						1,001,323
			Nine Months Ended September 30, 2020
			As Reported						Adjustment						As Revised
			(Dollars in thousands)
Other comprehensive income:
Change in net unrealized investment gains/losses (1)			$	767,646					$	(72,053)					$	695,593
Other comprehensive income before income tax			777,456						(72,053)						705,403
Income tax effect related to other comprehensive income			(163,266)						15,131						(148,135)
Other comprehensive income			614,190						(56,922)						557,268
Comprehensive income			1,276,908						(56,922)						1,219,986

(1)Net of related adjustments to amortization of deferred sales inducements, deferred policy acquisition costs and policy benefit reserves

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No definition available.

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- Definition

Tabular disclosure of prior period adjustments to previously issued financial statements including (1) the effect of the correction on each financial statement line item and any per-share amounts affected for each prior period presented (2) the cumulative effect of the change on retained earnings or other appropriate components of equity or net assets in the statement of financial position, as of the beginning of the earliest period presented, and (3) the effect of the prior period adjustments (both gross and net of applicable income tax) on the net income of each prior period presented in the entity's annual report for the year in which the adjustments are made.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22663-107794

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 7
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22644-107794

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 250
-SubTopic 10
-Section 50
-Paragraph 8
-URI http://asc.fasb.org/extlink&oid=124431687&loc=d3e22658-107794

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