Quarterly Report (10-q)

Date : 11/12/2019 @ 1:34PM
Source : Edgar (US Regulatory)
Stock : Torchmark Corporation (TMK)
Quote : 88.1  0.0 (0.00%) @ 12:00AM

Quarterly Report (10-q)

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark one)
QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the quarterly period ended September 30, 2019
or
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the transition period from _____ to ________
Commission File Number 1-8052
GLOBE LIFE INC.
(Exact name of registrant as specified in its charter)
Delaware
 
63-0780404
(State or other jurisdiction of incorporation or organization)
 
(I.R.S. Employer Identification No.)
3700 South Stonebridge Drive, McKinney, Texas 75070
(Address of principal executive offices) (Zip Code)

(972569-4000
(Registrant’s telephone number, including area code)
NONE
(Former name, former address and former fiscal year, if changed since last report)

Securities registered pursuant to Section 12(b) of the Act:
Title of each class
Trading Symbol(s)
Name of each exchange on which registered
Common Stock, $1.00 par value per share
GL
New York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.                                 Yes       No  
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).                                             Yes      No  
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer”, “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
 
  
Accelerated filer
 
Non-accelerated filer
 
  
Smaller reporting company
 
 
 
 
 
Emerging growth company
 
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
 
¨
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).     Yes     No  

Indicate the number of shares outstanding for each of the issuer’s classes of common stock, as of the last practicable date.
Class
 
Outstanding at November 4, 2019
Common Stock, $1.00 Par Value
 
108,288,348




GLOBE LIFE INC.
Table of Contents
 
 
 
Page
PART I. FINANCIAL INFORMATION
 
 
Item 1.
 
 
 
1
 
 
2
 
 
3
 
 
4
 
 
6
 
 
 
 
 
 
 
 
 
7
 
 
7
 
 
10
 
 
12
 
 
20
 
 
22
 
 
23
 
 
25
 
 
25
 
 
 
 
 
Item 2.
31
 
 
 
 
 
Item 3.
59
 
 
 
 
 
Item 4.
59
 
 
 
PART II. OTHER INFORMATION
 
 
 
 
 
 
Item 1.
59
 
 
 
 
 
Item 1A.
59
 
 
 
 
 
Item 2.
60
 
 
 
 
 
Item 6.
60
 
 
 
 
61











As used in this Form 10‑Q, “Globe Life,” the “Company,” “we,” “our” and “us” refer to Globe Life Inc., a Delaware corporation incorporated in 1979, its subsidiaries and affiliates.



PART I—FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

GLOBE LIFE INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)
(Dollar amounts in thousands, except per share data)
 
September 30,
2019
 
December 31,
2018
Assets:
 
 
 
Investments:
 
 
 
Fixed maturities—available for sale, at fair value (amortized cost: 2019—$16,209,723; 2018—$15,753,471)
$
18,797,674

 
$
16,297,932

Policy loans
568,892

 
550,066

Other long-term investments (includes: 2019—$184,466; 2018—$108,241 under the fair value option)
315,535

 
207,258

Short-term investments
77,556

 
63,288

Total investments
19,759,657

 
17,118,544

Cash
66,675

 
121,026

Accrued investment income
253,125

 
243,003

Other receivables
432,236

 
415,157

Deferred acquisition costs
4,281,018

 
4,137,925

Goodwill
441,591

 
441,591

Other assets
557,604

 
549,899

Assets related to discontinued operations

 
68,577

Total assets
$
25,791,906

 
$
23,095,722

Liabilities:
 
 
 
Future policy benefits
$
14,358,592

 
$
13,953,826

Unearned and advance premium
62,586

 
61,208

Policy claims and other benefits payable
351,729

 
350,826

Other policyholders' funds
95,875

 
97,459

Total policy liabilities
14,868,782

 
14,463,319

Current and deferred income taxes
1,498,025

 
1,047,737

Short-term debt
233,314

 
307,848

Long-term debt (estimated fair value: 2019—$1,466,868; 2018—$1,384,455)
1,351,190

 
1,357,185

Other liabilities
528,064

 
453,270

Liabilities related to discontinued operations

 
51,186

Total liabilities
18,479,375

 
17,680,545

Commitments and Contingencies (Note 5)

 

Shareholders' equity:
 
 
 
Preferred stock, par value $1 per share—5,000,000 shares authorized; outstanding: 0 in 2019 and 2018

 

Common stock, par value $1 per share—320,000,000 shares authorized; outstanding: (2019—121,218,183 issued; 2018— 121,218,183 issued)
121,218

 
121,218

Additional paid-in-capital
538,051

 
524,414

Accumulated other comprehensive income (loss)
1,943,124

 
319,475

Retained earnings
5,686,636

 
5,213,468

Treasury stock, at cost: (2019—12,773,862 shares; 2018—10,525,147 shares)
(976,498
)
 
(763,398
)
Total shareholders' equity
7,312,531

 
5,415,177

Total liabilities and shareholders' equity
$
25,791,906

 
$
23,095,722

See accompanying Notes to Condensed Consolidated Financial Statements.

1
        GL Q3 2019 FORM 10-Q


GLOBE LIFE INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(Dollar amounts in thousands, except per share data)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Revenue:
 
 
 
 
 
 
 
Life premium
$
630,824

 
$
605,547

 
$
1,886,314

 
$
1,806,384

Health premium
269,166

 
255,201

 
802,132

 
758,439

Other premium
3

 
2

 
4

 
12

Total premium
899,993

 
860,750

 
2,688,450

 
2,564,835

Net investment income
228,905

 
221,627

 
683,003

 
658,279

Realized gains (losses)
11,943

 
1,032

 
18,426

 
14,796

Other income
438

 
393

 
1,077

 
1,104

Total revenue
1,141,279

 
1,083,802

 
3,390,956

 
3,239,014

 
 
 
 
 
 
 
 
Benefits and expenses:
 
 
 
 
 
 
 
Life policyholder benefits
406,963

 
396,701

 
1,227,616

 
1,196,616

Health policyholder benefits
170,875

 
162,574

 
511,403

 
483,654

Other policyholder benefits
7,854

 
8,581

 
23,792

 
25,852

Total policyholder benefits
585,692

 
567,856

 
1,762,811

 
1,706,122

 
 
 
 
 
 
 
 
Amortization of deferred acquisition costs
138,449

 
129,492

 
412,436

 
388,189

Commissions, premium taxes, and non-deferred acquisition costs
74,139

 
69,632

 
221,302

 
208,698

Other operating expense
74,575

 
74,059

 
226,412

 
209,503

Interest expense
21,094

 
22,433

 
63,804

 
66,466

Total benefits and expenses
893,949

 
863,472

 
2,686,765

 
2,578,978

 
 
 
 
 
 
 
 
Income before income taxes
247,330

 
220,330

 
704,191

 
660,036

Income tax benefit (expense)
(45,512
)
 
(41,630
)
 
(130,370
)
 
(123,232
)
Income from continuing operations
201,818

 
178,700

 
573,821

 
536,804

 
 
 
 
 
 
 
 
Income (loss) from discontinued operations, net of tax

 
24

 
(92
)
 
(55
)
Net income
$
201,818

 
$
178,724

 
$
573,729

 
$
536,749

 
 
 
 
 
 
 
 
Basic net income (loss) per common share:
 
 
 
 
 
 
 
Continuing operations
$
1.85

 
$
1.59

 
$
5.24

 
$
4.74

Discontinued operations

 

 

 
(0.01
)
Total basic net income per common share
$
1.85

 
$
1.59

 
$
5.24

 
$
4.73

 
 
 
 
 
 
 
 
Diluted net income (loss) per common share:
 
 
 
 
 
 
 
Continuing operations
$
1.82

 
$
1.55

 
$
5.14

 
$
4.64

Discontinued operations

 

 

 

Total diluted net income per common share
$
1.82

 
$
1.55

 
$
5.14

 
$
4.64





See accompanying Notes to Condensed Consolidated Financial Statements.

2
        GL Q3 2019 FORM 10-Q


GLOBE LIFE INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(Dollar amounts in thousands)
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
201,818

 
$
178,724

 
$
573,729

 
$
536,749

 
 
 
 
 
 
 
 
Other comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Investments:
 
 
 
 
 
 
 
Unrealized gains (losses) on fixed maturities:
 
 
 
 
 
 
 
Unrealized holding gains (losses) arising during period
649,270

 
(173,598
)
 
2,057,614

 
(1,202,762
)
Reclassifications adjustments included in net income
(11,020
)
 
(458
)
 
(14,307
)
 
(9,715
)
Foreign exchange adjustment on securities recorded at fair value
(301
)
 
8,624

 
183

 
7,360

Unrealized gains (losses) on fixed maturities
637,949

 
(165,432
)
 
2,043,490

 
(1,205,117
)
 
 
 
 
 
 
 
 
Unrealized gains (losses) on other investments
1,429

 
1,310

 
9,063

 
(492
)
Total unrealized investment gains (losses)
639,378

 
(164,122
)
 
2,052,553

 
(1,205,609
)
Less applicable tax (expense) benefit
(134,272
)
 
34,464

 
(431,037
)
 
253,176

Unrealized gains (losses) on investments, net of tax
505,106

 
(129,658
)
 
1,621,516

 
(952,433
)
 
 
 
 
 
 
 
 
Deferred acquisition costs:
 
 
 
 
 
 
 
Unrealized gains (losses) attributable to deferred acquisition costs
402

 
1,178

 
(2,627
)
 
3,669

Less applicable tax (expense) benefit
(84
)
 
(248
)
 
552

 
(771
)
Unrealized gains (losses) attributable to deferred acquisition costs, net of tax
318

 
930

 
(2,075
)
 
2,898

 
 
 
 
 
 
 
 
Foreign exchange translation:
 
 
 
 
 
 
 
Foreign exchange translation adjustments, other than securities
(4,082
)
 
(168
)
 
(1,031
)
 
(7,684
)
Less applicable tax (expense) benefit
858

 
36

 
218

 
1,615

Foreign exchange translation adjustments, other than securities, net of tax
(3,224
)
 
(132
)
 
(813
)
 
(6,069
)
 
 
 
 
 
 
 
 
Pension:
 
 
 
 
 
 
 
Amortization of pension costs
2,117

 
3,778

 
6,355

 
11,334

Less applicable tax (expense) benefit
(443
)
 
(793
)
 
(1,334
)
 
(2,380
)
Pension adjustments, net of tax
1,674

 
2,985

 
5,021

 
8,954

 
 
 
 
 
 
 
 
Other comprehensive income (loss)
503,874

 
(125,875
)
 
1,623,649

 
(946,650
)
Comprehensive income (loss)
$
705,692

 
$
52,849

 
$
2,197,378

 
$
(409,901
)








See accompanying Notes to Condensed Consolidated Financial Statements.

3
        GL Q3 2019 FORM 10-Q


GLOBE LIFE INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY
(Unaudited)
(Dollar amounts in thousands, except per share data)

 
Preferred Stock
 
Common Stock
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
Treasury Stock
 
Total Shareholders' Equity
Balance at January 1, 2019
$

 
$
121,218

 
$
524,414

 
$
319,475

 
$
5,213,468

 
$
(763,398
)
 
$
5,415,177

Adoption of ASU 2016-02(1)

 

 

 

 
(497
)
 

 
(497
)
Comprehensive income (loss)

 

 

 
550,592

 
185,345

 

 
735,937

Common dividends declared ($0.1725 per share)

 

 

 

 
(18,943
)
 

 
(18,943
)
Acquisition of treasury stock

 

 

 

 

 
(110,896
)
 
(110,896
)
Stock-based compensation

 

 
(5,885
)
 

 
(6,817
)
 
23,261

 
10,559

Exercise of stock options

 

 

 

 
(7,736
)
 
19,825

 
12,089

Balance at March 31, 2019

 
121,218

 
518,529

 
870,067

 
5,364,820

 
(831,208
)
 
6,043,426

Other

 

 

 

 
105

 

 
105

Comprehensive income (loss)

 

 

 
569,183

 
186,566

 

 
755,749

Common dividends declared ($0.1725 per share)

 

 

 

 
(18,838
)
 

 
(18,838
)
Acquisition of treasury stock

 

 

 

 

 
(119,201
)
 
(119,201
)
Stock-based compensation

 

 
7,989

 

 

 
3,267

 
11,256

Exercise of stock options

 

 

 

 
(18,136
)
 
46,037

 
27,901

Balance at June 30, 2019

 
121,218

 
526,518

 
1,439,250

 
5,514,517

 
(901,105
)
 
6,700,398

Comprehensive income (loss)

 

 

 
503,874

 
201,818

 

 
705,692

Common dividends declared ($0.1725 per share)

 

 

 

 
(18,695
)
 

 
(18,695
)
Acquisition of treasury stock

 

 

 

 

 
(104,372
)
 
(104,372
)
Stock-based compensation

 

 
11,533

 

 

 

 
11,533

Exercise of stock options

 

 

 

 
(11,004
)
 
28,979

 
17,975

Balance at September 30, 2019
$

 
$
121,218

 
$
538,051

 
$
1,943,124

 
$
5,686,636

 
$
(976,498
)
 
$
7,312,531

(1)
See further discussion in Note 2—New Accounting Standards.


















See accompanying Notes to Condensed Consolidated Financial Statements.

4
        GL Q3 2019 FORM 10-Q


GLOBE LIFE INC.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (Continued)
(Unaudited)
(Dollar amounts in thousands, except per share data)

 
Preferred Stock
 
Common Stock
 
Additional Paid-In Capital
 
Accumulated Other Comprehensive Income (Loss)
 
Retained Earnings
 
Treasury Stock
 
Total Shareholders' Equity
Balance at January 1, 2018
$

 
$
124,218

 
$
508,476

 
$
1,424,274

 
$
4,806,208

 
$
(631,755
)
 
$
6,231,421

Adoption of ASU 2016-01

 

 

 

 
4,896

 

 
4,896

Comprehensive income (loss)

 

 

 
(484,075
)
 
173,600

 

 
(310,475
)
Common dividends declared ($0.16 per share)

 

 

 

 
(18,216
)
 

 
(18,216
)
Acquisition of treasury stock

 

 

 

 

 
(109,954
)
 
(109,954
)
Stock-based compensation

 

 
465

 

 
(1,803
)
 
10,398

 
9,060

Exercise of stock options

 

 

 

 
(9,077
)
 
22,646

 
13,569

Balance at March 31, 2018

 
124,218

 
508,941

 
940,199

 
4,955,608

 
(708,665
)
 
5,820,301

Comprehensive income (loss)

 

 

 
(336,700
)
 
184,425

 

 
(152,275
)
Common dividends declared ($0.16 per share)

 

 

 

 
(18,062
)
 

 
(18,062
)
Acquisition of treasury stock

 

 

 

 

 
(96,635
)
 
(96,635
)
Stock-based compensation

 

 
8,136

 

 

 
2,361

 
10,497

Exercise of stock options

 

 

 

 
(6,900
)
 
14,683

 
7,783

Balance at June 30, 2018

 
124,218

 
517,077

 
603,499

 
5,115,071

 
(788,256
)
 
5,571,609

Comprehensive income (loss)

 

 

 
(125,875
)
 
178,724

 

 
52,849

Common dividends declared ($0.16 per share)

 

 

 

 
(17,953
)
 

 
(17,953
)
Acquisition of treasury stock

 

 

 

 

 
(91,725
)
 
(91,725
)
Stock-based compensation

 

 
10,412

 

 

 

 
10,412

Exercise of stock options

 

 

 

 
(7,878
)
 
21,591

 
13,713

Balance at September 30, 2018
$

 
$
124,218

 
$
527,489

 
$
477,624

 
$
5,267,964

 
$
(858,390
)
 
$
5,538,905























See accompanying Notes to Condensed Consolidated Financial Statements.

5
        GL Q3 2019 FORM 10-Q


GLOBE LIFE INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(Dollar amounts in thousands)
 
Nine Months Ended
September 30,
 
2019
 
2018
Cash provided from (used for) operating activities
$
1,030,175

 
$
937,289

 
 
 
 
Cash provided from (used for) investing activities:
 
 
 
Investments sold or matured:
 
 
 
Fixed maturities available for sale—sold
62,151

 
12,162

Fixed maturities available for sale—matured or other redemptions
604,701

 
266,736

Other long-term investments

 
47

Total investments sold or matured
666,852

 
278,945

Acquisition of investments:
 
 
 
Fixed maturities—available for sale
(1,056,822
)
 
(727,296
)
Other long-term investments
(107,660
)
 
(74,396
)
Total investments acquired
(1,164,482
)
 
(801,692
)
Net increase (decrease) in policy loans
(18,826
)
 
(14,307
)
Net increase (decrease) in short-term investments
(5,270
)
 
(506,419
)
Additions to properties
(30,049
)
 
(27,316
)
Dispositions of properties
32

 
17

Investment in low-income housing interests
(16,824
)
 
(19,075
)
Cash provided from (used for) investing activities
(568,567
)
 
(1,089,847
)
 
 
 
 
Cash provided from (used for) financing activities:
 
 
 
Issuance of common stock
57,573

 
35,065

Cash dividends paid to shareholders
(55,493
)
 
(53,481
)
Repayment of debt
(5,000
)
 
(23,125
)
Proceeds from issuance of debt

 
550,000

Payment for debt issuance costs

 
(6,797
)
Net borrowing (repayment) of commercial paper
(76,409
)
 
(7,196
)
Acquisition of treasury stock
(334,469
)
 
(298,314
)
Net receipts (payments) from deposit product
(95,626
)
 
(87,561
)
Cash provided from (used for) financing activities
(509,424
)
 
108,591

 
 
 
 
Effect of foreign exchange rate changes on cash
(6,535
)
 
2,843

Net increase (decrease) in cash
(54,351
)
 
(41,124
)
Cash at beginning of year
121,026

 
118,563

Cash at end of period
$
66,675

 
$
77,439











See accompanying Notes to Condensed Consolidated Financial Statements.

6
        GL Q3 2019 FORM 10-Q


GLOBE LIFE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands, except per share data)




Note 1—Significant Accounting Policies

Business: Effective August 8, 2019, Torchmark Corporation changed its corporate name to Globe Life Inc. The New York Stock Exchange (NYSE) ticker was changed to "GL" on August 9, 2019. The name change is part of a brand alignment strategy which will enhance the Company's ability to build name recognition with potential customers and agent recruits through the use of a single brand. The underwriting companies owned by Globe Life Inc. (the Parent Company) will continue to exist as legal entities, but over a period of time will go to market under the Globe Life name to leverage branding initiatives implemented at Globe Life And Accident Insurance Company in recent years.

"Globe Life" and the "Company" refer to Globe Life Inc., an insurance holding company incorporated in Delaware in 1979, and its subsidiaries and affiliates. Its primary subsidiaries are Globe Life And Accident Insurance Company, American Income Life Insurance Company (American Income), Liberty National Life Insurance Company (Liberty National), Family Heritage Life Insurance Company of America (Family Heritage), and United American Insurance Company (United American).

Globe Life provides a variety of life and supplemental health insurance products and annuities to a broad base of customers. The Company is organized into four reportable segments: life insurance, supplemental health insurance, annuities, and investments.

Basis of Presentation: The accompanying condensed consolidated financial statements of Globe Life Inc. have been prepared in accordance with the instructions to Form 10-Q. Therefore, they do not include all of the disclosures required by accounting principles generally accepted in the United States of America (GAAP) for annual financial statements. However, in the opinion of management, these statements include all adjustments, consisting of normal recurring adjustments, which are necessary for a fair presentation of the condensed consolidated financial position at September 30, 2019, and the condensed consolidated results of operations, comprehensive income, and cash flows for the periods ended September 30, 2019 and 2018. The interim period condensed consolidated financial statements should be read in conjunction with the Consolidated Financial Statements that are included in the Form 10-K filed with the Securities Exchange Commission (SEC) on March 1, 2019.

Note 2—New Accounting Standards

Accounting Pronouncements Adopted in the Current Year
Standard
 
Description
 
Effective date
 
Effect on the consolidated financial statements
ASU No. 2016-02/2018-11, Leases (Topic 842), with clarification guidance issued in July 2018.
 
The standard requires lessees to record a right-of-use asset and corresponding lease liability on the balance sheet for all operating leases that do not qualify for the practical expedients allowed for in this standard. Additional qualitative and quantitative disclosures are required.
 
This standard became effective for the Company beginning January 1, 2019.
 
The Company adopted the optional transition method allowed for under ASU 2018-11 by not restating comparative periods and recognizing an immaterial cumulative-effect adjustment to the opening balance of retained earnings on January 1, 2019. The Company does not have any significant lessor contracts. The adoption did not have a material impact on the consolidated financial statements.
ASU No. 2017-08, Receivables—Nonrefundable Fees and Other Costs (Topic 310-20): Premium Amortization on Purchased Callable Debt Securities
 
This standard was issued to shorten the amortization period for certain callable debt securities held at a premium. The standard requires the premium to be amortized to the earliest call date.
 
This standard became effective for the Company beginning January 1, 2019.
 
This adoption did not have a material impact on the condensed consolidated financial statements.



7
        GL Q3 2019 FORM 10-Q


GLOBE LIFE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands, except per share data)



Accounting Pronouncements Yet to be Adopted
Standard
 
Description
 
Effective date
 
Effect on the consolidated financial statements
ASU No. 2016-13/2018-19/2019-04/2019-05, Financial Instruments—Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, with clarification guidance issued in November 2018, along with April and May 2019.
 
This standard ("CECL") provides financial statement users with more decision-useful information about the expected credit losses on financial instruments, such as assets recorded at amortized cost, as well as to change the loss impairment methodology for available-for-sale fixed maturities by use of an allowance rather than a direct write-down.
 
This standard will become effective on January 1, 2020 with a modified retrospective transition and an opening balance sheet adjustment to retained earnings on January 1, 2020. The applicable section of the standard related to debt securities requires a prospective transition.
 
The Company's available-for-sale fixed maturities and other financing receivables will be the relevant financial assets within the scope of the standard. Based on current analysis, the adoption of the guidance is not expected to have a material impact on the consolidated financial statements.
ASU No. 2018-12
Financial Services - Insurance (Topic 944): Targeted Improvements to the Accounting for Long-Duration Contracts
 
ASU 2018-12 is a significant change to our current accounting and disclosure of long-duration contracts, which is our primary business. The guidance was primarily issued to 1) improve the timeliness of recognizing changes in the liability for future policy benefits and modify the rate used to discount future cash flows, 2) simplify and improve the accounting for certain market-based options or guarantees associated with deposit (or account balance) contracts, 3) simplify the amortization of deferred acquisition costs, and 4) improve the effectiveness of the required disclosures.
 
This standard is effective beginning January 1, 2021. In July 2019, the FASB tentatively approved a proposal to defer the adoption date by one year to January 1, 2022. While final approval was received in the third quarter, the corresponding ASU has not yet been issued. Early adoption of the amendments is permitted.

An entity may select to either adopt a modified retrospective transition or a full retrospective transition. Each adoption allows for an opening balance sheet adjustment through AOCI.

 
The Company is currently in the process of evaluating the impact this standard will have on the consolidated financial statements and disclosures, specifically assessing key accounting policies, assumption and data inputs, controls, as well as enhanced system solutions.

Due to the overall nature of the standard, the impact on the consolidated financial statements is expected to be significant. At this time, the Company does not have an estimate of the impact. The Company does not anticipate to early adopt this ASU.
ASU No. 2018-13
Fair Value Measurement (Topic 820): Disclosure Framework-Changes to the Disclosure Requirements for Fair Value Measurement
 
The amendment modifies the disclosure requirements for fair value measurements by removing, modifying, or adding certain disclosures.
 
The revised standard is effective beginning January 1, 2020. The removed and modified disclosures will be adopted on a retrospective basis and the new disclosures will be adopted on a prospective basis. Early adoption is permitted.
 
The Company does not expect the adoption of this guidance to have a material impact on the consolidated financial statements.
 
 
 
 
 
 
 
 
 
 
 
 
 
 


8
                                              GL Q3 2019 FORM 10-Q


GLOBE LIFE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands, except per share data)



Accounting Pronouncements Yet to be Adopted (continued)
Standard
 
Description
 
Effective date
 
Effect on the consolidated financial statements
ASU No. 2018-14, Compensation-Retirement Benefits-Defined Benefit Plans-General (Subtopic 715-20), Changes to the Disclosure Requirements for Defined Benefit Plans
 
The standard removes disclosures that are no longer considered cost beneficial, clarifies the specific requirements of disclosures and adds disclosure requirements identified as relevant to defined benefit plans.
 
This standard is effective beginning January 1, 2021, and will be applied retrospectively. Early adoption is permitted.
 
The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.
ASU No. 2018-15, Intangibles-Goodwill and Other-Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement that is a Service Contract
 
The standard was issued to now allow the capitalization of implementation costs incurred in a hosting arrangement that is a service contract with similar treatment of developed or obtained internal-use software.
 
The standard is effective beginning January 1, 2020, and the Company plans to apply the standards on a prospective basis. Early adoption of the amendments is also permitted.
 
The Company does not expect the adoption of this standard to have a material impact on the consolidated financial statements.



9
                                              GL Q3 2019 FORM 10-Q


GLOBE LIFE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands, except per share data)



Note 3—Supplemental Information about Changes to Accumulated Other Comprehensive Income

Components of Accumulated Other Comprehensive Income: An analysis of the change in balance by component of Accumulated Other Comprehensive Income is as follows for the three and nine month periods ended September 30, 2019 and 2018:
 
Three Months Ended September 30, 2018
 
Available
for Sale
Assets
 
Deferred
Acquisition
Costs
 
Foreign
Exchange
 
Pension
Adjustments
 
Total
Balance at July 1, 2018
$
746,514

 
$
(6,579
)
 
$
10,365

 
$
(146,801
)
 
$
603,499

Other comprehensive income (loss) before reclassifications, net of tax
(129,296
)
 
930

 
(132
)
 

 
(128,498
)
Reclassifications, net of tax
(362
)
 

 

 
2,985

 
2,623

Other comprehensive income (loss)
(129,658
)
 
930

 
(132
)
 
2,985

 
(125,875
)
Balance at September 30, 2018
$
616,856

 
$
(5,649
)
 
$
10,233

 
$
(143,816
)
 
$
477,624


 
Three Months Ended September 30, 2019
 
Available
for Sale
Assets
 
Deferred
Acquisition
Costs
 
Foreign
Exchange
 
Pension
Adjustments
 
Total
Balance at July 1, 2019
$
1,552,108

 
$
(6,556
)
 
$
8,906

 
$
(115,208
)
 
$
1,439,250

Other comprehensive income (loss) before reclassifications, net of tax
513,812

 
318

 
(3,224
)
 

 
510,906

Reclassifications, net of tax
(8,706
)
 

 

 
1,674

 
(7,032
)
Other comprehensive income (loss)
505,106

 
318

 
(3,224
)
 
1,674

 
503,874

Balance at September 30, 2019
$
2,057,214

 
$
(6,238
)
 
$
5,682

 
$
(113,534
)
 
$
1,943,124


 
Nine Months Ended September 30, 2018
 
Available
for Sale
Assets
 
Deferred
Acquisition
Costs
 
Foreign
Exchange
 
Pension
Adjustments
 
Total
Balance at January 1, 2018
$
1,569,289

 
$
(8,547
)
 
$
16,302

 
$
(152,770
)
 
$
1,424,274

Other comprehensive income (loss) before reclassifications, net of tax
(944,758
)
 
2,898

 
(6,069
)
 

 
(947,929
)
Reclassifications, net of tax
(7,675
)
 

 

 
8,954

 
1,279

Other comprehensive income (loss)
(952,433
)
 
2,898

 
(6,069
)
 
8,954

 
(946,650
)
Balance at September 30, 2018
$
616,856

 
$
(5,649
)
 
$
10,233

 
$
(143,816
)
 
$
477,624


 
Nine Months Ended September 30, 2019
 
Available
for Sale
Assets
 
Deferred
Acquisition
Costs
 
Foreign
Exchange
 
Pension
Adjustments
 
Total
Balance at January 1, 2019
$
435,698

 
$
(4,163
)
 
$
6,495

 
$
(118,555
)
 
$
319,475

Other comprehensive income (loss) before reclassifications, net of tax
1,632,819

 
(2,075
)
 
(813
)
 

 
1,629,931

Reclassifications, net of tax
(11,303
)
 

 

 
5,021

 
(6,282
)
Other comprehensive income (loss)
1,621,516

 
(2,075
)
 
(813
)
 
5,021

 
1,623,649

Balance at September 30, 2019
$
2,057,214

 
$
(6,238
)
 
$
5,682

 
$
(113,534
)
 
$
1,943,124



10
        GL Q3 2019 FORM 10-Q


GLOBE LIFE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands, except per share data)



Reclassification adjustments: Reclassification adjustments out of Accumulated Other Comprehensive Income are presented below for the three and nine month periods ended September 30, 2019 and 2018.
  
 
Three Months Ended
September 30,
 
Nine Months Ended September 30,
 
Affected line items in the Statement of Operations
Component Line Item
 
2019
 
2018
 
2019
 
2018
 
Unrealized investment gains (losses) on available for sale assets:
 
 
 
 
 
 
 
 
 

Realized (gains) losses
 
$
(12,430
)
 
$
(1,510
)
 
$
(18,337
)
 
$
(12,327
)
 
Realized investment gains (losses)
Amortization of (discount) premium
 
1,410

 
1,052

 
4,030

 
2,612

 
Net investment income
Total before tax
 
(11,020
)
 
(458
)
 
(14,307
)
 
(9,715
)
 

Tax
 
2,314

 
96

 
3,004

 
2,040

 
Income taxes
Total after-tax
 
(8,706
)
 
(362
)
 
(11,303
)
 
(7,675
)
 

Pension adjustments:
 
 
 
 
 
 
 
 
 

Amortization of prior service cost
 
158

 
119

 
474

 
357

 
Other operating expense
Amortization of actuarial (gain) loss
 
1,959

 
3,659

 
5,881

 
10,977

 
Other operating expense
Total before tax
 
2,117

 
3,778

 
6,355

 
11,334

 

Tax
 
(443
)
 
(793
)
 
(1,334
)
 
(2,380
)
 
Income taxes
Total after-tax
 
1,674

 
2,985

 
5,021

 
8,954

 

Total reclassification (after-tax)
 
$
(7,032
)
 
$
2,623

 
$
(6,282
)
 
$
1,279

 


 

11
                                              GL Q3 2019 FORM 10-Q


GLOBE LIFE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands, except per share data)



Note 4—Investments

Portfolio Composition: Summaries of fixed maturities available for sale by cost or amortized cost and estimated fair value at September 30, 2019 and December 31, 2018 are as follows. Redeemable preferred stock is included within the corporates by sector.
 
At September 30, 2019
 
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
 Value(1)
 
% of Total
Fixed
Maturities
(2)
Fixed maturities available for sale:
 
 
 
 
 
 
 
 
 
U.S. Government direct, guaranteed, and government-sponsored enterprises
$
393,186

 
$
55,730

 
$
(291
)
 
$
448,625

 
2
States, municipalities, and political subdivisions
1,459,986

 
174,070

 
(242
)
 
1,633,814

 
9
Foreign governments
24,428

 
2,442

 
(98
)
 
26,772

 
Corporates, by sector:
 
 
 
 
 
 


 
 
Financial
4,031,919

 
721,475

 
(27,772
)
 
4,725,622

 
25
Utilities
1,939,618

 
454,518

 
(1,640
)
 
2,392,496

 
13
Energy
1,658,861

 
269,339

 
(35,836
)
 
1,892,364

 
10
Other corporate sectors
6,500,351

 
970,984

 
(21,765
)
 
7,449,570

 
40
Total corporates
14,130,749

 
2,416,316

 
(87,013
)
 
16,460,052

 
88
Collateralized debt obligations
56,815

 
28,275

 
(6,929
)
 
78,161

 
Other asset-backed securities
144,559

 
5,967

 
(276
)
 
150,250

 
1
Total fixed maturities
$
16,209,723

 
$
2,682,800

 
$
(94,849
)
 
$
18,797,674

 
100
(1)
Amount reported in the balance sheet.
(2)
At fair value.
 
At December 31, 2018
 
Cost or
Amortized
Cost
 
Gross
Unrealized
Gains
 
Gross
Unrealized
Losses
 
Fair
 Value(1)
 
% of Total
Fixed
Maturities
(2)
Fixed maturities available for sale:
 
 
 
 
 
 
 
 
 
U.S. Government direct, guaranteed, and government-sponsored enterprises
$
390,351

 
$
5,104

 
$
(2,787
)
 
$
392,668

 
2
States, municipalities, and political subdivisions
1,354,810

 
83,600

 
(1,750
)
 
1,436,660

 
9
Foreign governments
19,006

 
1,810

 

 
20,816

 
Corporates, by sector:
 
 
 
 
 
 
 
 
 
Financial
3,759,768

 
262,875

 
(87,515
)
 
3,935,128

 
24
Utilities
1,989,506

 
217,846

 
(24,399
)
 
2,182,953

 
13
Energy
1,652,700

 
93,880

 
(62,371
)
 
1,684,209

 
10
Other corporate sectors
6,382,707

 
283,524

 
(242,509
)
 
6,423,722

 
40
Total corporates
13,784,681

 
858,125

 
(416,794
)
 
14,226,012

 
87
Collateralized debt obligations
57,769

 
22,014

 
(6,414
)
 
73,369

 
1
Other asset-backed securities
146,854

 
2,187

 
(634
)
 
148,407

 
1
Total fixed maturities
$
15,753,471

 
$
972,840

 
$
(428,379
)
 
$
16,297,932

 
100
(1)
Amount reported in the balance sheet.
(2)
At fair value.


12
        GL Q3 2019 FORM 10-Q


GLOBE LIFE INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
(Dollar amounts in thousands, except per share data)



A schedule of fixed maturities available for sale by contractual maturity date at September 30, 2019 is shown below on an amortized cost basis and on a fair value basis. Actual disposition dates could differ from contractual maturities due to call or prepayment provisions.
 
At September 30, 2019
 
Amortized
Cost
 
Fair
Value
Fixed maturities available for sale:
 
 
 
Due in one year or less
$
100,626

 
$
102,237

Due after one year through five years
643,842

 
691,898

Due after five years through ten years
1,670,278

 
1,924,341

Due after ten years through twenty years
5,246,650

 
6,314,401

Due after twenty years
8,346,465

 
9,535,865

Mortgage-backed and asset-backed securities
201,862

 
228,932


$
16,209,723

 
$
18,797,674



Analysis of investment operations: Net investment income for the three and nine month periods ended September 30, 2019 and 2018 is summarized as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Fixed maturities available for sale
$
216,154

 
$
210,929

 
$
647,784

 
$
629,242

Policy loans
10,959

 
10,490

 
32,416

 
30,889

Other long-term investments
5,105

 
3,682

 
12,484

 
8,656

Short-term investments
514

 
489

 
2,096

 
1,313

 
232,732

 
225,590

 
694,780

 
670,100

Less investment expense
(3,827
)
 
(3,963
)
 
(11,777
)
 
(11,821
)
Net investment income
$
228,905

 
$
221,627

 
$
683,003

 
$
658,279



Selected information about sales of fixed maturities available for sale is as follows:
 
Three Months Ended
September 30,
 
Nine Months Ended
September 30,
 
2019
 
2018
 
2019
 
2018
Fixed maturities available for sale:
 
 
 
 
 
 
 
Proceeds from sales(1)
$
27,154

 
$
12,162

 
$