Revisions To Financial Statements

3 Months Ended

Mar. 31, 2020

Revisions To Financial Statements [Abstract]

18. REVISIONS TO FINANCIAL STATEMENTS

In preparing third quarter 2019 financial statements, the Company identified errors in the handling of foreign exchange related to premium funds held from reinsureds. Although management determined that the impact of the foreign exchange differences were not material to prior period financial statements, the impact of recording the cumulative difference would have significantly impacted results within the third quarter 2019. As a result, prior period balances have been revised in the applicable financial statements and corresponding footnotes to correct the foreign exchange adjustments.

Management assessed the materiality of this change within prior period financial statements based upon SEC Staff Accounting Bulletin Number 99, Materiality, which is since codified in Accounting Standards Codification ("ASC") 250, Accounting Changes and Error Corrections. The prior period comparative financial statements that are presented herein have been revised.

The following tables present line items for prior period financial statements that have been affected by the revision. For these line items, the tables detail the amounts as previously reported, the impact upon those line items due to the revision, and the amounts as currently revised within the financial statements.

CONSOLIDATED STATEMENTS OF OPERATIONS	Three Months Ended March 31, 2019
AND COMPREHENSIVE INCOME (LOSS):	As Previously		Impact of
	Reported		Revisions		As Revised
(Dollars in thousands)
Revenues:
Other income (expense)		(1,214)		484		(730)
Total revenues	$	1,488,830	$	484	$	1,489,314

INCOME (LOSS) BEFORE TAXES	$	314,655	$	484	$	315,139
Income tax expense (benefit)		63,429		102		63,531

NET INCOME (LOSS)	$	251,226	$	382	$	251,608

COMPREHENSIVE INCOME (LOSS)	$	349,374	$	382	$	349,756

CONSOLIDATED STATEMENTS OF	Three Months Ended March 31, 2019
CHANGES IN STOCKHOLDER'S EQUITY	As Previously		Impact of
	Reported		Revisions		As Revised

(Dollars in thousands)
RETAINED EARNINGS:
Balance, January 1	$	4,070,604	$	(7,908)	$	4,062,696
Net income (loss)		251,226		382		251,608
Balance, March 31		4,321,830		(7,524)		4,314,306

CONSOLIDATED STATEMENTS OF CASH FLOWS	Three Months Ended March 31, 2019
	As Previously		Impact of
	Reported		Revisions		As Revised
(Dollars in thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income (loss)	$	251,226	$	382	$	251,608
Decrease (increase) in funds held by reinsureds, net		(13,877)		(484)		(14,361)
Decrease (increase) in income taxes		94,631		102		94,733