Condensed Consolidating Financial Information (Tables)

12 Months Ended

Dec. 31, 2019

Condensed Consolidating Financial Information

Condensed Consolidating Financial Information, Notes Guarantor (Table)

Condensed Consolidating Statements of Financial Position

December 31, 2019

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	265.8	$	62,363.1	$	7,833.1	$	(355.8)	$	70,106.2
Fixed maturities, trading		268.2		237.5		170.2		—		675.9
Equity securities		—		69.9		1,809.5		—		1,879.4
Mortgage loans		—		15,388.5		1,793.5		(695.1)		16,486.9
Real estate		—		3.3		1,711.5		—		1,714.8
Policy loans		—		742.2		55.8		—		798.0
Investment in unconsolidated entities		17,539.6		5,036.2		6,429.5		(28,175.1)		830.2
Other investments		10.4		3,682.5		2,859.6		(2,692.5)		3,860.0
Cash and cash equivalents		394.9		1,178.1		1,767.7		(824.8)		2,515.9
Accrued investment income		1.6		608.5		81.4		(4.9)		686.6
Premiums due and other receivables		—		2,082.3		4,525.8		(4,867.8)		1,740.3
Deferred acquisition costs		—		3,509.7		11.6		—		3,521.3
Property and equipment		—		733.9		233.8		—		967.7
Goodwill		—		54.3		1,639.5		—		1,693.8
Other intangibles		—		17.7		1,769.0		—		1,786.7
Separate account assets		—		125,801.7		39,666.3		—		165,468.0
Other assets		383.2		1,118.6		5,358.4		(5,504.1)		1,356.1
Total assets	$	18,863.7	$	222,628.0	$	77,716.2	$	(43,120.1)	$	276,087.8
Liabilities
Contractholder funds	$	—	$	38,334.6	$	3,388.0	$	(355.1)	$	41,367.5
Future policy benefits and claims		—		35,476.6		6,740.7		(1,379.1)		40,838.2
Other policyholder funds		—		790.3		171.9		(2.8)		959.4
Short-term debt		—		—		93.4		—		93.4
Long-term debt		3,625.5		—		763.1		(654.5)		3,734.1
Income taxes currently payable		—		—		81.7		(65.5)		16.2
Deferred income taxes		—		325.8		1,965.9		(495.1)		1,796.6
Separate account liabilities		—		125,801.7		39,666.3		—		165,468.0
Other liabilities		620.2		10,533.5		7,111.2		(11,401.2)		6,863.7
Total liabilities		4,245.7		211,262.5		59,982.2		(14,353.3)		261,137.1
Redeemable noncontrolling interest		—		—		264.9		—		264.9
Stockholders' equity
Common stock		4.8		2.5		—		(2.5)		4.8
Additional paid-in capital		10,182.6		6,331.5		10,038.7		(16,370.2)		10,182.6
Retained earnings		11,074.3		2,410.8		6,414.3		(8,825.1)		11,074.3
Accumulated other comprehensive income		1,037.9		2,620.7		948.3		(3,569.0)		1,037.9
Treasury stock, at cost		(7,681.6)		—		—		—		(7,681.6)
Total stockholders' equity attributable to PFG		14,618.0		11,365.5		17,401.3		(28,766.8)		14,618.0
Noncontrolling interest		—		—		67.8		—		67.8
Total stockholders’ equity		14,618.0		11,365.5		17,469.1		(28,766.8)		14,685.8
Total liabilities and stockholders' equity	$	18,863.7	$	222,628.0	$	77,716.2	$	(43,120.1)	$	276,087.8

(1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $731.9 million and $593.7 million, respectively.

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Financial Position

December 31, 2018

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	211.5	$	53,401.7	$	6,857.9	$	(362.6)	$	60,108.5
Fixed maturities, trading		308.9		165.5		161.7		—		636.1
Equity securities		—		84.8		1,758.9		—		1,843.7
Mortgage loans		—		14,478.0		1,615.5		(756.6)		15,336.9
Real estate		—		1.9		1,727.8		—		1,729.7
Policy loans		—		755.9		45.5		—		801.4
Investment in unconsolidated entities		13,862.4		2,324.4		6,853.8		(22,171.8)		868.8
Other investments		10.7		5,549.1		2,517.6		(4,635.9)		3,441.5
Cash and cash equivalents		334.9		1,323.9		2,014.8		(696.1)		2,977.5
Accrued investment income		1.4		563.2		77.5		(5.9)		636.2
Premiums due and other receivables		—		1,818.1		3,781.3		(4,186.3)		1,413.1
Deferred acquisition costs		—		3,680.2		13.3		—		3,693.5
Property and equipment		—		661.3		106.0		—		767.3
Goodwill		—		54.3		1,045.7		—		1,100.0
Other intangibles		—		19.7		1,295.4		—		1,315.1
Separate account assets		—		107,343.0		37,644.9		—		144,987.9
Other assets		375.0		1,135.1		4,418.3		(4,549.5)		1,378.9
Total assets	$	15,104.8	$	193,360.1	$	71,935.9	$	(37,364.7)	$	243,036.1
Liabilities
Contractholder funds	$	—	$	36,861.7	$	3,189.2	$	(351.2)	$	39,699.7
Future policy benefits and claims		—		30,690.3		6,128.6		(1,154.1)		35,664.8
Other policyholder funds		—		725.7		165.3		(2.6)		888.4
Short-term debt		—		—		42.9		—		42.9
Long-term debt		3,129.8		—		851.2		(721.4)		3,259.6
Income taxes currently payable		—		—		80.7		(55.4)		25.3
Deferred income taxes		—		405.3		1,056.4		(503.3)		958.4
Separate account liabilities		—		107,343.0		37,644.9		—		144,987.9
Other liabilities		585.0		8,503.2		8,586.5		(12,012.8)		5,661.9
Total liabilities		3,714.8		184,529.2		57,745.7		(14,800.8)		231,188.9
Redeemable noncontrolling interest		—		—		391.2		—		391.2
Stockholders' equity
Common stock		4.8		2.5		—		(2.5)		4.8
Additional paid-in capital		10,060.7		6,331.6		9,461.2		(15,792.8)		10,060.7
Retained earnings		10,290.2		2,441.2		5,855.0		(8,296.2)		10,290.2
Accumulated other comprehensive income (loss)		(1,565.1)		55.6		(1,583.2)		1,527.6		(1,565.1)
Treasury stock, at cost		(7,400.6)		—		—		—		(7,400.6)
Total stockholders' equity attributable to PFG		11,390.0		8,830.9		13,733.0		(22,563.9)		11,390.0
Noncontrolling interest		—		—		66.0		—		66.0
Total stockholders’ equity		11,390.0		8,830.9		13,799.0		(22,563.9)		11,456.0
Total liabilities and stockholders' equity	$	15,104.8	$	193,360.1	$	71,935.9	$	(37,364.7)	$	243,036.1

(1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $671.7 million and $542.4 million, respectively.

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Operations

For the year ended December 31, 2019

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined		Eliminations		consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—	$	7,189.2	$	677.4	$	—	$	7,866.6
Fees and other revenues		—		2,343.9		2,461.9		(395.9)		4,409.9
Net investment income		19.4		2,843.7		2,223.9		(1,088.6)		3,998.4
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		12.3		(3,509.5)		3,488.5		(0.6)		(9.3)
Net other-than-temporary impairment losses on available-for-sale securities		—		(35.6)		(2.7)		—		(38.3)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—		(4.7)		(0.5)		—		(5.2)
Net impairment losses on available-for-sale securities		—		(40.3)		(3.2)		—		(43.5)
Net realized capital gains (losses)		12.3		(3,549.8)		3,485.3		(0.6)		(52.8)
Total revenues		31.7		8,827.0		8,848.5		(1,485.1)		16,222.1
Expenses
Benefits, claims and settlement expenses		—		8,940.7		976.4		(11.3)		9,905.8
Dividends to policyholders		—		119.1		—		—		119.1
Operating expenses		210.9		2,460.0		2,206.2		(373.2)		4,503.9
Total expenses		210.9		11,519.8		3,182.6		(384.5)		14,528.8
Income (loss) before income taxes		(179.2)		(2,692.8)		5,665.9		(1,100.6)		1,693.3
Income taxes (benefits)		(44.2)		(685.5)		980.2		(1.3)		249.2
Equity in the net income (loss) of subsidiaries		1,529.2		3,121.0		(3,115.6)		(1,534.6)		—
Net income		1,394.2		1,113.7		1,570.1		(2,633.9)		1,444.1
Net income attributable to noncontrolling interest		—		—		49.9		—		49.9
Net income attributable to PFG	$	1,394.2	$	1,113.7	$	1,520.2	$	(2,633.9)	$	1,394.2
Net income	$	1,394.2	$	1,113.7	$	1,570.1	$	(2,633.9)	$	1,444.1
Other comprehensive income		2,570.9		2,564.6		2,654.0		(5,182.8)		2,606.7
Comprehensive income	$	3,965.1	$	3,678.3	$	4,224.1	$	(7,816.7)	$	4,050.8

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Operations

For the year ended December 31, 2018

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined		Eliminations		consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—	$	5,846.0	$	563.6	$	—	$	6,409.6
Fees and other revenues		—		2,174.4		2,487.0		(387.6)		4,273.8
Net investment income		25.8		2,655.7		2,192.6		(1,244.9)		3,629.2
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		(8.2)		118.8		(175.1)		18.2		(46.3)
Net other-than-temporary impairment (losses) recoveries on available-for-sale securities		—		14.1		(3.5)		—		10.6
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified to (from) other comprehensive income		—		(40.1)		0.4		—		(39.7)
Net impairment losses on available-for-sale securities		—		(26.0)		(3.1)		—		(29.1)
Net realized capital gains (losses)		(8.2)		92.8		(178.2)		18.2		(75.4)
Total revenues		17.6		10,768.9		5,065.0		(1,614.3)		14,237.2
Expenses
Benefits, claims and settlement expenses		—		7,346.3		857.1		(10.9)		8,192.5
Dividends to policyholders		—		123.6		—		—		123.6
Operating expenses		191.9		2,320.1		1,982.7		(358.0)		4,136.7
Total expenses		191.9		9,790.0		2,839.8		(368.9)		12,452.8
Income (loss) before income taxes		(174.3)		978.9		2,225.2		(1,245.4)		1,784.4
Income taxes (benefits)		(62.5)		60.0		235.0		(1.8)		230.7
Equity in the net income (loss) of subsidiaries		1,658.3		334.7		(335.3)		(1,657.7)		—
Net income		1,546.5		1,253.6		1,654.9		(2,901.3)		1,553.7
Net income attributable to noncontrolling interest		—		—		7.2		—		7.2
Net income attributable to PFG	$	1,546.5	$	1,253.6	$	1,647.7	$	(2,901.3)	$	1,546.5
Net income	$	1,546.5	$	1,253.6	$	1,654.9	$	(2,901.3)	$	1,553.7
Other comprehensive loss		(1,824.5)		(1,548.5)		(1,928.5)		3,465.8		(1,835.7)
Comprehensive loss	$	(278.0)	$	(294.9)	$	(273.6)	$	564.5	$	(282.0)

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Operations

For the year ended December 31, 2017

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined		Eliminations		consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—	$	5,777.7	$	439.7	$	—	$	6,217.4
Fees and other revenues		7.8		2,140.9		2,163.4		(419.8)		3,892.3
Net investment income		9.7		2,533.1		3,180.9		(2,264.4)		3,459.3
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		(0.6)		(84.5)		691.8		(0.7)		606.0
Net other-than-temporary impairment losses on available-for-sale securities		—		(28.2)		(0.5)		—		(28.7)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—		(46.4)		(6.7)		—		(53.1)
Net impairment losses on available-for-sale securities		—		(74.6)		(7.2)		—		(81.8)
Net realized capital gains (losses)		(0.6)		(159.1)		684.6		(0.7)		524.2
Total revenues		16.9		10,292.6		6,468.6		(2,684.9)		14,093.2
Expenses
Benefits, claims and settlement expenses		—		7,153.5		679.9		(10.8)		7,822.6
Dividends to policyholders		—		124.6		—		—		124.6
Operating expenses		238.1		2,185.4		1,823.2		(352.9)		3,893.8
Total expenses		238.1		9,463.5		2,503.1		(363.7)		11,841.0
Income (loss) before income taxes		(221.2)		829.1		3,965.5		(2,321.2)		2,252.2
Income taxes (benefits)		63.1		(540.1)		376.4		28.3		(72.3)
Equity in the net income (loss) of subsidiaries (1)		2,594.7		901.5		(1,005.3)		(2,490.9)		—
Net income		2,310.4		2,270.7		2,583.8		(4,840.4)		2,324.5
Net income attributable to noncontrolling interest		—		—		14.1		—		14.1
Net income attributable to PFG	$	2,310.4	$	2,270.7	$	2,569.7	$	(4,840.4)	$	2,310.4
Net income	$	2,310.4	$	2,270.7	$	2,583.8	$	(4,840.4)	$	2,324.5
Other comprehensive income		840.3		611.6		877.6		(1,485.2)		844.3
Comprehensive income	$	3,150.7	$	2,882.3	$	3,461.4	$	(6,325.6)	$	3,168.8

(1) Principal Life Insurance Company Only includes income from discontinued operations of $35.5 million related to its sale of Principal Global Investors, LLC to PFS in connection with a corporate reorganization.

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Cash Flows

For the year ended December 31, 2019

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined		Eliminations		consolidated
	(in millions)
Operating activities
Net cash provided by operating activities	$	7.1	$	2,292.0	$	650.5	$	2,543.6	$	5,493.2
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(251.5)		(11,482.9)		(2,402.7)		—		(14,137.1)
Sales		—		1,411.0		988.9		(2.5)		2,397.4
Maturities		200.0		6,123.0		741.2		—		7,064.2
Mortgage loans acquired or originated		—		(2,943.6)		(555.9)		11.8		(3,487.7)
Mortgage loans sold or repaid		—		2,030.8		372.0		(66.9)		2,335.9
Real estate acquired		—		(0.3)		(127.2)		—		(127.5)
Real estate sold		—		—		96.3		—		96.3
Net purchases of property and equipment		(0.1)		(52.9)		(79.4)		—		(132.4)
Purchase of business or interests in subsidiaries, net of cash acquired		—		—		(1,208.5)		—		(1,208.5)
Dividends and returns of capital received from unconsolidated entities		494.2		2.2		1,169.2		(1,665.6)		—
Net change in other investments		(34.0)		2,646.8		(420.3)		(2,681.6)		(489.1)
Net cash provided by (used in) investing activities		408.6		(2,265.9)		(1,426.4)		(4,404.8)		(7,688.5)
Financing activities
Issuance of common stock		37.7		—		—		—		37.7
Acquisition of treasury stock		(281.0)		—		—		—		(281.0)
Payments for financing element derivatives		—		(26.9)		—		—		(26.9)
Purchase of subsidiary shares from noncontrolling interest		—		—		(1.7)		—		(1.7)
Dividends to common stockholders		(606.0)		—		—		—		(606.0)
Issuance of long-term debt		493.6		—		11.3		—		504.9
Principal repayments of long-term debt		—		—		(99.1)		66.9		(32.2)
Net proceeds from short-term borrowings		—		—		57.5		—		57.5
Dividends and capital paid to parent		—		(1,169.2)		(496.4)		1,665.6		—
Investment contract deposits		—		8,727.6		472.4		—		9,200.0
Investment contract withdrawals		—		(7,709.4)		(38.3)		—		(7,747.7)
Net increase in banking operation deposits		—		—		623.4		—		623.4
Other		—		6.0		(0.3)		—		5.7
Net cash provided by (used in) financing activities		(355.7)		(171.9)		528.8		1,732.5		1,733.7
Net increase (decrease) in cash and cash equivalents		60.0		(145.8)		(247.1)		(128.7)		(461.6)
Cash and cash equivalents at beginning of period		334.9		1,323.9		2,014.8		(696.1)		2,977.5
Cash and cash equivalents at end of period	$	394.9	$	1,178.1	$	1,767.7	$	(824.8)	$	2,515.9

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Cash Flows

For the year ended December 31, 2018

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined		Eliminations		consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(132.4)	$	5,410.9	$	473.1	$	(595.1)	$	5,156.5
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(210.9)		(11,457.5)		(2,249.2)		7.8		(13,909.8)
Sales		—		2,557.9		1,255.2		—		3,813.1
Maturities		2.3		5,660.9		554.4		—		6,217.6
Mortgage loans acquired or originated		—		(3,060.0)		(497.0)		109.5		(3,447.5)
Mortgage loans sold or repaid		—		1,967.4		297.8		(36.8)		2,228.4
Real estate acquired		—		—		(88.1)		—		(88.1)
Real estate sold		—		—		63.5		—		63.5
Net purchases of property and equipment		(0.1)		(50.5)		(41.7)		—		(92.3)
Purchase of business or interests in subsidiaries, net of cash acquired		—		—		(184.7)		—		(184.7)
Dividends and returns of capital received from unconsolidated entities		1,041.6		50.1		861.6		(1,953.3)		—
Net change in other investments		(2.2)		(626.1)		120.7		204.9		(302.7)
Net cash provided by (used in) investing activities		830.7		(4,957.8)		92.5		(1,667.9)		(5,702.5)
Financing activities
Issuance of common stock		64.0		—		—		—		64.0
Acquisition of treasury stock		(671.6)		—		—		—		(671.6)
Payments for financing element derivatives		—		(65.9)		—		—		(65.9)
Purchase of subsidiary shares from noncontrolling interest		—		—		(31.1)		—		(31.1)
Dividends to common stockholders		(598.6)		—		—		—		(598.6)
Issuance of long-term debt		—		—		178.9		(98.1)		80.8
Principal repayments of long-term debt		—		—		(38.1)		36.8		(1.3)
Net proceeds from short-term borrowings		—		—		8.5		—		8.5
Dividends and capital paid to parent		—		(861.6)		(1,091.7)		1,953.3		—
Investment contract deposits		—		7,896.0		412.8		—		8,308.8
Investment contract withdrawals		—		(6,520.1)		(69.5)		—		(6,589.6)
Net increase in banking operation deposits		—		—		553.0		—		553.0
Other		—		(4.3)		—		—		(4.3)
Net cash provided by (used in) financing activities		(1,206.2)		444.1		(77.2)		1,892.0		1,052.7
Net increase (decrease) in cash and cash equivalents		(507.9)		897.2		488.4		(371.0)		506.7
Cash and cash equivalents at beginning of period		842.8		426.7		1,526.4		(325.1)		2,470.8
Cash and cash equivalents at end of period	$	334.9	$	1,323.9	$	2,014.8	$	(696.1)	$	2,977.5

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Cash Flows

For the year ended December 31, 2017

	Principal		Principal Life		Principal Financial				Principal
	Financial		Insurance		Services, Inc. and				Financial
	Group, Inc.		Company		other subsidiaries				Group, Inc.
	parent only		only		combined		Eliminations		consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(443.2)	$	5,571.5	$	(2,114.7)	$	1,174.4	$	4,188.0
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		—		(12,054.5)		(1,317.1)		—		(13,371.6)
Sales		—		1,005.3		425.1		(16.8)		1,413.6
Maturities		—		7,894.7		848.5		—		8,743.2
Mortgage loans acquired or originated		—		(2,629.8)		(448.1)		322.1		(2,755.8)
Mortgage loans sold or repaid		—		1,696.2		388.4		(212.6)		1,872.0
Real estate acquired		—		—		(200.5)		—		(200.5)
Real estate sold		—		—		481.9		—		481.9
Net purchases of property and equipment		(0.1)		(108.1)		(56.6)		—		(164.8)
Dividends and returns of capital received from unconsolidated entities		1,002.5		149.7		1,845.9		(2,998.1)		—
Net change in other investments		(1.1)		281.9		155.4		(507.0)		(70.8)
Net cash provided by (used in) investing activities		1,001.3		(3,764.6)		2,122.9		(3,412.4)		(4,052.8)
Financing activities
Issuance of common stock		162.5		—		—		—		162.5
Acquisition of treasury stock		(220.4)		—		—		—		(220.4)
Proceeds from financing element derivatives		—		0.1		—		—		0.1
Payments for financing element derivatives		—		(77.6)		—		—		(77.6)
Purchase of subsidiary shares from noncontrolling interest		—		—		(16.2)		2.9		(13.3)
Sale of subsidiary shares to noncontrolling interest		—		—		2.9		(2.9)		—
Dividends to common stockholders		(540.0)		—		—		—		(540.0)
Issuance of long-term debt		—		—		380.5		(377.7)		2.8
Principal repayments of long-term debt		—		—		(269.9)		213.4		(56.5)
Net repayments of short-term borrowings		—		—		(15.5)		—		(15.5)
Dividends and capital paid to parent		—		(1,845.9)		(1,152.2)		2,998.1		—
Investment contract deposits		—		9,760.5		393.9		—		10,154.4
Investment contract withdrawals		—		(9,889.9)		(24.7)		—		(9,914.6)
Net increase in banking operation deposits		—		—		136.6		—		136.6
Other		—		(2.5)		—		—		(2.5)
Net cash used in financing activities		(597.9)		(2,055.3)		(564.6)		2,833.8		(384.0)
Net decrease in cash and cash equivalents		(39.8)		(248.4)		(556.4)		595.8		(248.8)
Cash and cash equivalents at beginning of period		882.6		675.1		2,082.8		(920.9)		2,719.6
Cash and cash equivalents at end of period	$	842.8	$	426.7	$	1,526.4	$	(325.1)	$	2,470.8

Condensed Consolidating Financial Information, Shelf Registration Guarantor (Table)

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Financial Position

December 31, 2019

					Principal Life
	Principal		Principal		Insurance Company				Principal
	Financial		Financial		and other				Financial
	Group, Inc.		Services, Inc.		subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	265.8	$	—	$	69,840.4	$	—	$	70,106.2
Fixed maturities, trading		268.2		—		407.7		—		675.9
Equity securities		—		41.4		1,838.0		—		1,879.4
Mortgage loans		—		—		16,486.9		—		16,486.9
Real estate		—		—		1,714.8		—		1,714.8
Policy loans		—		—		798.0		—		798.0
Investment in unconsolidated entities		17,539.6		16,664.1		649.4		(34,022.9)		830.2
Other investments		10.4		251.9		3,597.7		—		3,860.0
Cash and cash equivalents		394.9		598.4		2,656.2		(1,133.6)		2,515.9
Accrued investment income		1.6		0.4		684.6		—		686.6
Premiums due and other receivables		—		100.0		1,961.1		(320.8)		1,740.3
Deferred acquisition costs		—		—		3,521.3		—		3,521.3
Property and equipment		—		—		967.7		—		967.7
Goodwill		—		618.5		1,075.3		—		1,693.8
Other intangibles		—		531.7		1,255.0		—		1,786.7
Separate account assets		—		—		165,468.0		—		165,468.0
Other assets		383.2		35.2		1,509.5		(571.8)		1,356.1
Total assets	$	18,863.7	$	18,841.6	$	274,431.6	$	(36,049.1)	$	276,087.8
Liabilities
Contractholder funds	$	—	$	—	$	41,367.5	$	—	$	41,367.5
Future policy benefits and claims		—		—		40,838.2		—		40,838.2
Other policyholder funds		—		—		959.4		—		959.4
Short-term debt		—		—		93.4		—		93.4
Long-term debt		3,625.5		320.7		108.7		(320.8)		3,734.1
Income taxes currently payable		—		—		66.4		(50.2)		16.2
Deferred income taxes		—		5.9		2,285.8		(495.1)		1,796.6
Separate account liabilities		—		—		165,468.0		—		165,468.0
Other liabilities		620.2		1,113.6		6,104.7		(974.8)		6,863.7
Total liabilities		4,245.7		1,440.2		257,292.1		(1,840.9)		261,137.1
Redeemable noncontrolling interest		—		—		264.9		—		264.9
Stockholders' equity
Common stock		4.8		—		11.0		(11.0)		4.8
Additional paid-in capital		10,182.6		9,658.3		12,157.9		(21,816.2)		10,182.6
Retained earnings		11,074.3		6,263.5		2,985.1		(9,248.6)		11,074.3
Accumulated other comprehensive income		1,037.9		1,479.6		1,654.8		(3,134.4)		1,037.9
Treasury stock, at cost		(7,681.6)		—		(2.0)		2.0		(7,681.6)
Total stockholders' equity attributable to PFG		14,618.0		17,401.4		16,806.8		(34,208.2)		14,618.0
Noncontrolling interest		—		—		67.8		—		67.8
Total stockholders' equity		14,618.0		17,401.4		16,874.6		(34,208.2)		14,685.8
Total liabilities and stockholders' equity	$	18,863.7	$	18,841.6	$	274,431.6	$	(36,049.1)	$	276,087.8

(1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $731.9 million and $593.7 million, respectively.

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Financial Position

December 31, 2018

					Principal Life
	Principal		Principal		Insurance Company				Principal
	Financial		Financial		and other				Financial
	Group, Inc.		Services, Inc.		subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Assets
Fixed maturities, available-for-sale	$	211.5	$	—	$	59,897.0	$	—	$	60,108.5
Fixed maturities, trading		308.9		—		327.2		—		636.1
Equity securities		—		11.9		1,831.8		—		1,843.7
Mortgage loans		—		—		15,336.9		—		15,336.9
Real estate		—		—		1,729.7		—		1,729.7
Policy loans		—		—		801.4		—		801.4
Investment in unconsolidated entities		13,862.4		14,325.5		726.0		(28,045.1)		868.8
Other investments		10.7		100.9		3,329.9		—		3,441.5
Cash and cash equivalents		334.9		649.0		3,096.8		(1,103.2)		2,977.5
Accrued investment income		1.4		0.3		634.5		—		636.2
Premiums due and other receivables		—		0.5		1,779.6		(367.0)		1,413.1
Deferred acquisition costs		—		—		3,693.5		—		3,693.5
Property and equipment		—		—		767.3		—		767.3
Goodwill		—		—		1,100.0		—		1,100.0
Other intangibles		—		—		1,315.1		—		1,315.1
Separate account assets		—		—		144,987.9		—		144,987.9
Other assets		375.0		38.7		1,521.9		(556.7)		1,378.9
Total assets	$	15,104.8	$	15,126.8	$	242,876.5	$	(30,072.0)	$	243,036.1
Liabilities
Contractholder funds	$	—	$	—	$	39,699.7	$	—	$	39,699.7
Future policy benefits and claims		—		—		35,664.8		—		35,664.8
Other policyholder funds		—		—		888.4		—		888.4
Short-term debt		—		—		42.9		—		42.9
Long-term debt		3,129.8		366.7		129.9		(366.8)		3,259.6
Income taxes currently payable		—		9.8		61.5		(46.0)		25.3
Deferred income taxes		—		13.9		1,446.4		(501.9)		958.4
Separate account liabilities		—		—		144,987.9		—		144,987.9
Other liabilities		585.0		1,002.9		4,838.1		(764.1)		5,661.9
Total liabilities		3,714.8		1,393.3		227,759.6		(1,678.8)		231,188.9
Redeemable noncontrolling interest		—		—		391.2		—		391.2
Stockholders' equity
Common stock		4.8		—		11.0		(11.0)		4.8
Additional paid-in capital		10,060.7		9,100.0		12,004.5		(21,104.5)		10,060.7
Retained earnings		10,290.2		5,716.8		3,549.8		(9,266.6)		10,290.2
Accumulated other comprehensive loss		(1,565.1)		(1,083.3)		(903.6)		1,986.9		(1,565.1)
Treasury stock, at cost		(7,400.6)		—		(2.0)		2.0		(7,400.6)
Total stockholders' equity attributable to PFG		11,390.0		13,733.5		14,659.7		(28,393.2)		11,390.0
Noncontrolling interest		—		—		66.0		—		66.0
Total stockholders' equity		11,390.0		13,733.5		14,725.7		(28,393.2)		11,456.0
Total liabilities and stockholders' equity	$	15,104.8	$	15,126.8	$	242,876.5	$	(30,072.0)	$	243,036.1

(1) PFG sponsors nonqualified benefit plans. Nonqualified benefit plan assets and liabilities held in Rabbi trusts were $671.7 million and $542.4 million, respectively.

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Operations

For the year ended December 31, 2019

					Principal Life
	Principal		Principal		Insurance				Principal
	Financial		Financial		Company and				Financial
	Group, Inc.		Services, Inc.		other subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—	$	—	$	7,866.6	$	—	$	7,866.6
Fees and other revenues		—		205.9		4,215.5		(11.5)		4,409.9
Net investment income (loss)		19.4		(6.5)		3,975.1		10.4		3,998.4
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		12.3		17.5		(38.9)		(0.2)		(9.3)
Net other-than-temporary impairment losses on available-for-sale securities		—		—		(38.3)		—		(38.3)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—		—		(5.2)		—		(5.2)
Net impairment losses on available-for-sale securities		—		—		(43.5)		—		(43.5)
Net realized capital gains (losses)		12.3		17.5		(82.4)		(0.2)		(52.8)
Total revenues		31.7		216.9		15,974.8		(1.3)		16,222.1
Expenses
Benefits, claims and settlement expenses		—		—		9,905.8		—		9,905.8
Dividends to policyholders		—		—		119.1		—		119.1
Operating expenses		210.9		368.2		3,935.1		(10.3)		4,503.9
Total expenses		210.9		368.2		13,960.0		(10.3)		14,528.8
Income (loss) before income taxes		(179.2)		(151.3)		2,014.8		9.0		1,693.3
Income taxes (benefits)		(44.2)		(11.8)		305.2		—		249.2
Equity in the net income of subsidiaries		1,529.2		1,659.7		—		(3,188.9)		—
Net income		1,394.2		1,520.2		1,709.6		(3,179.9)		1,444.1
Net income attributable to noncontrolling interest		—		—		49.9		—		49.9
Net income attributable to PFG	$	1,394.2	$	1,520.2	$	1,659.7	$	(3,179.9)	$	1,394.2
Net income	$	1,394.2	$	1,520.2	$	1,709.6	$	(3,179.9)	$	1,444.1
Other comprehensive income		2,570.9		2,530.9		2,562.2		(5,057.3)		2,606.7
Comprehensive income	$	3,965.1	$	4,051.1	$	4,271.8	$	(8,237.2)	$	4,050.8

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Operations

For the year ended December 31, 2018

					Principal Life
	Principal		Principal		Insurance				Principal
	Financial		Financial		Company and				Financial
	Group, Inc.		Services, Inc.		other subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—	$	—	$	6,409.6	$	—	$	6,409.6
Fees and other revenues		—		2.7		4,286.4		(15.3)		4,273.8
Net investment income (loss)		25.8		(6.7)		3,598.0		12.1		3,629.2
Net realized capital losses, excluding impairment losses on available-for-sale securities		(8.2)		(3.5)		(34.6)		—		(46.3)
Net other-than-temporary impairment recoveries on available-for-sale securities		—		—		10.6		—		10.6
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—		—		(39.7)		—		(39.7)
Net impairment losses on available-for-sale securities		—		—		(29.1)		—		(29.1)
Net realized capital losses		(8.2)		(3.5)		(63.7)		—		(75.4)
Total revenues		17.6		(7.5)		14,230.3		(3.2)		14,237.2
Expenses
Benefits, claims and settlement expenses		—		—		8,192.5		—		8,192.5
Dividends to policyholders		—		—		123.6		—		123.6
Operating expenses		191.9		29.1		3,929.5		(13.8)		4,136.7
Total expenses		191.9		29.1		12,245.6		(13.8)		12,452.8
Income (loss) before income taxes		(174.3)		(36.6)		1,984.7		10.6		1,784.4
Income taxes (benefits)		(62.5)		0.2		293.0		—		230.7
Equity in the net income of subsidiaries		1,658.3		1,684.5		—		(3,342.8)		—
Net income		1,546.5		1,647.7		1,691.7		(3,332.2)		1,553.7
Net income attributable to noncontrolling interest		—		—		7.2		—		7.2
Net income attributable to PFG	$	1,546.5	$	1,647.7	$	1,684.5	$	(3,332.2)	$	1,546.5
Net income	$	1,546.5	$	1,647.7	$	1,691.7	$	(3,332.2)	$	1,553.7
Other comprehensive loss		(1,824.5)		(1,839.1)		(1,856.4)		3,684.3		(1,835.7)
Comprehensive loss	$	(278.0)	$	(191.4)	$	(164.7)	$	352.1	$	(282.0)

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Operations

For the year ended December 31, 2017

					Principal Life
	Principal		Principal		Insurance				Principal
	Financial		Financial		Company and				Financial
	Group, Inc.		Services, Inc.		other subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Revenues
Premiums and other considerations	$	—	$	—	$	6,217.4	$	—	$	6,217.4
Fees and other revenues		7.8		0.2		3,894.7		(10.4)		3,892.3
Net investment income (loss)		9.7		(2.8)		3,396.5		55.9		3,459.3
Net realized capital gains (losses), excluding impairment losses on available-for-sale securities		(0.6)		4.2		602.4		—		606.0
Net other-than-temporary impairment losses on available-for-sale securities		—		—		(28.7)		—		(28.7)
Other-than-temporary impairment losses on fixed maturities, available-for-sale reclassified from other comprehensive income		—		—		(53.1)		—		(53.1)
Net impairment losses on available-for-sale securities		—		—		(81.8)		—		(81.8)
Net realized capital gains (losses)		(0.6)		4.2		520.6		—		524.2
Total revenues		16.9		1.6		14,029.2		45.5		14,093.2
Expenses
Benefits, claims and settlement expenses		—		—		7,822.6		—		7,822.6
Dividends to policyholders		—		—		124.6		—		124.6
Operating expenses		238.1		48.4		3,616.9		(9.6)		3,893.8
Total expenses		238.1		48.4		11,564.1		(9.6)		11,841.0
Income (loss) before income taxes		(221.2)		(46.8)		2,465.1		55.1		2,252.2
Income taxes (benefits)		63.1		115.4		(280.9)		30.1		(72.3)
Equity in the net income of subsidiaries		2,594.7		2,731.9		—		(5,326.6)		—
Net income		2,310.4		2,569.7		2,746.0		(5,301.6)		2,324.5
Net income attributable to noncontrolling interest		—		—		14.1		—		14.1
Net income attributable to PFG	$	2,310.4	$	2,569.7	$	2,731.9	$	(5,301.6)	$	2,310.4
Net income	$	2,310.4	$	2,569.7	$	2,746.0	$	(5,301.6)	$	2,324.5
Other comprehensive income		840.3		809.8		801.8		(1,607.6)		844.3
Comprehensive income	$	3,150.7	$	3,379.5	$	3,547.8	$	(6,909.2)	$	3,168.8

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Cash Flows

For the year ended December 31, 2019

					Principal Life
	Principal		Principal		Insurance				Principal
	Financial		Financial		Company and				Financial
	Group, Inc.		Services, Inc.		other subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	7.1	$	(54.7)	$	5,760.7	$	(219.9)	$	5,493.2
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(251.5)		(0.2)		(13,885.4)		—		(14,137.1)
Sales		—		0.2		2,397.2		—		2,397.4
Maturities		200.0		—		6,864.2		—		7,064.2
Mortgage loans acquired or originated		—		—		(3,487.7)		—		(3,487.7)
Mortgage loans sold or repaid		—		—		2,335.9		—		2,335.9
Real estate acquired		—		—		(127.5)		—		(127.5)
Real estate sold		—		—		96.3		—		96.3
Net purchases of property and equipment		(0.1)		(2.0)		(130.3)		—		(132.4)
Purchase of business or interests in subsidiaries, net of cash acquired		—		(1,209.6)		1.1		—		(1,208.5)
Dividends and returns of capital received from unconsolidated entities		494.2		2,118.7		—		(2,612.9)		—
Net change in other investments		(34.0)		(362.9)		(235.8)		143.6		(489.1)
Net cash provided by (used in) investing activities		408.6		544.2		(6,172.0)		(2,469.3)		(7,688.5)
Financing activities
Issuance of common stock		37.7		—		—		—		37.7
Acquisition of treasury stock		(281.0)		—		—		—		(281.0)
Payments for financing element derivatives		—		—		(26.9)		—		(26.9)
Purchase of subsidiary shares from noncontrolling interest		—		—		(1.7)		—		(1.7)
Dividends to common stockholders		(606.0)		—		—		—		(606.0)
Issuance of long-term debt		493.6		10.0		11.3		(10.0)		504.9
Principal repayments of long-term debt		—		(55.9)		(32.2)		55.9		(32.2)
Net proceeds from short-term borrowings		—		—		57.5		—		57.5
Dividends and capital paid to parent		—		(494.2)		(2,118.7)		2,612.9		—
Investment contract deposits		—		—		9,200.0		—		9,200.0
Investment contract withdrawals		—		—		(7,747.7)		—		(7,747.7)
Net increase in banking operation deposits		—		—		623.4		—		623.4
Other		—		—		5.7		—		5.7
Net cash provided by (used in) financing activities		(355.7)		(540.1)		(29.3)		2,658.8		1,733.7
Net increase (decrease) in cash and cash equivalents		60.0		(50.6)		(440.6)		(30.4)		(461.6)
Cash and cash equivalents at beginning of period		334.9		649.0		3,096.8		(1,103.2)		2,977.5
Cash and cash equivalents at end of period	$	394.9	$	598.4	$	2,656.2	$	(1,133.6)	$	2,515.9

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Cash Flows

For the year ended December 31, 2018

					Principal Life
	Principal		Principal		Insurance				Principal
	Financial		Financial		Company and				Financial
	Group, Inc.		Services, Inc.		other subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(132.4)	$	696.3	$	5,030.9	$	(438.3)	$	5,156.5
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		(210.9)		—		(13,698.9)		—		(13,909.8)
Sales		—		—		3,813.1		—		3,813.1
Maturities		2.3		—		6,215.3		—		6,217.6
Mortgage loans acquired or originated		—		—		(3,447.5)		—		(3,447.5)
Mortgage loans sold or repaid		—		—		2,228.4		—		2,228.4
Real estate acquired		—		—		(88.1)		—		(88.1)
Real estate sold		—		—		63.5		—		63.5
Net purchases of property and equipment		(0.1)		—		(92.2)		—		(92.3)
Purchase of business or interests in subsidiaries, net of cash acquired		—		—		(184.7)		—		(184.7)
Dividends and returns of capital received from unconsolidated entities		1,041.6		589.1		—		(1,630.7)		—
Net change in other investments		(2.2)		(166.2)		(413.9)		279.6		(302.7)
Net cash provided by (used in) investing activities		830.7		422.9		(5,605.0)		(1,351.1)		(5,702.5)
Financing activities
Issuance of common stock		64.0		—		—		—		64.0
Acquisition of treasury stock		(671.6)		—		—		—		(671.6)
Payments for financing element derivatives		—		—		(65.9)		—		(65.9)
Purchase of subsidiary shares from noncontrolling interest		—		—		(31.1)		—		(31.1)
Dividends to common stockholders		(598.6)		—		—		—		(598.6)
Issuance of long-term debt		—		11.1		80.8		(11.1)		80.8
Principal repayments of long-term debt		—		(57.1)		(1.3)		57.1		(1.3)
Net proceeds from short-term borrowings		—		—		8.5		—		8.5
Dividends and capital paid to parent		—		(1,041.6)		(589.1)		1,630.7		—
Investment contract deposits		—		—		8,308.8		—		8,308.8
Investment contract withdrawals		—		—		(6,589.6)		—		(6,589.6)
Net increase in banking operation deposits		—		—		553.0		—		553.0
Other		—		—		(4.3)		—		(4.3)
Net cash provided by (used in) financing activities		(1,206.2)		(1,087.6)		1,669.8		1,676.7		1,052.7
Net increase (decrease) in cash and cash equivalents		(507.9)		31.6		1,095.7		(112.7)		506.7
Cash and cash equivalents at beginning of period		842.8		617.4		2,001.1		(990.5)		2,470.8
Cash and cash equivalents at end of period	$	334.9	$	649.0	$	3,096.8	$	(1,103.2)	$	2,977.5

21. Condensed Consolidating Financial Information – (continued)

Condensed Consolidating Statements of Cash Flows

For the year ended December 31, 2017

					Principal Life
	Principal		Principal		Insurance				Principal
	Financial		Financial		Company and				Financial
	Group, Inc.		Services, Inc.		other subsidiaries				Group, Inc.
	parent only		only		combined (1)		Eliminations		consolidated
	(in millions)
Operating activities
Net cash provided by (used in) operating activities	$	(443.2)	$	(252.8)	$	4,483.6	$	400.4	$	4,188.0
Investing activities
Fixed maturities available-for-sale and equity securities with intent to hold:
Purchases		—		—		(13,371.6)		—		(13,371.6)
Sales		—		—		1,413.6		—		1,413.6
Maturities		—		—		8,743.2		—		8,743.2
Mortgage loans acquired or originated		—		—		(2,755.8)		—		(2,755.8)
Mortgage loans sold or repaid		—		—		1,872.0		—		1,872.0
Real estate acquired		—		—		(200.5)		—		(200.5)
Real estate sold		—		—		481.9		—		481.9
Net purchases of property and equipment		(0.1)		—		(164.7)		—		(164.8)
Dividends and returns of capital received from unconsolidated entities		1,002.5		691.2		—		(1,693.7)		—
Net change in other investments		(1.1)		7.5		(61.6)		(15.6)		(70.8)
Net cash provided by (used in) investing activities		1,001.3		698.7		(4,043.5)		(1,709.3)		(4,052.8)
Financing activities
Issuance of common stock		162.5		—		—		—		162.5
Acquisition of treasury stock		(220.4)		—		—		—		(220.4)
Proceeds from financing element derivatives		—		—		0.1		—		0.1
Payments for financing element derivatives		—		—		(77.6)		—		(77.6)
Purchase of subsidiary shares from noncontrolling interest		—		—		(13.3)		—		(13.3)
Dividends to common stockholders		(540.0)		—		—		—		(540.0)
Issuance of long-term debt		—		9.4		2.8		(9.4)		2.8
Principal repayments of long-term debt		—		(38.8)		(56.5)		38.8		(56.5)
Net repayments of short-term
borrowings		—		—		(92.0)		76.5		(15.5)
Dividends and capital paid to parent		—		(1,002.5)		(691.2)		1,693.7		—
Investment contract deposits		—		—		10,154.4		—		10,154.4
Investment contract withdrawals		—		—		(9,914.6)		—		(9,914.6)
Net increase in banking operation deposits		—		—		136.6		—		136.6
Other		—		—		(2.5)		—		(2.5)
Net cash used in financing activities		(597.9)		(1,031.9)		(553.8)		1,799.6		(384.0)
Net decrease in cash and cash equivalents		(39.8)		(586.0)		(113.7)		490.7		(248.8)
Cash and cash equivalents at beginning of period		882.6		1,203.4		2,114.8		(1,481.2)		2,719.6
Cash and cash equivalents at end of period	$	842.8	$	617.4	$	2,001.1	$	(990.5)	$	2,470.8