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97
Unum 2015 Annual Report
Accounting Updates Adopted in 2015:
Accounting
Standards
Codification (ASC) Description Date of Adoption Effect on Financial Statements
ASC 860 “Transfers
and Servicing”
This update changed the accounting for repurchase-
to-maturity transactions and linked repurchase
financings to secured borrowing accounting, which is
consistent with the accounting for other repurchase
agreements. The update also required disclosures
for repurchase agreements, securities lending
transactions, and repurchase-to-maturity transactions.
January 1, 2015,
except for certain
disclosures, which
were effective
April 1, 2015.
The adoption of this update
expanded our disclosures, but had
no effect on our financial position
or results of operations.
ASC 323
“Investments —
Equity Method and
Joint Ventures”
This update permitted entities to make an accounting
policy election to account for investments in qualified
affordable housing projects using the proportional
amortization method if certain conditions are met.
Under the proportional amortization method, an entity
amortizes the initial cost of the investment in proportion
to the tax credits and other tax benefits received and
recognizes the net investment performance in the
income statement as a component of income tax
expense (benefit). Additional disclosures concerning
investments in qualified affordable housing projects were
also required. We elected to adopt this guidance and
applied the amendments in the update retrospectively,
adjusting all prior periods in our consolidated financial
statements and accompanying notes.
January 1, 2015 The cumulative effect at January 1,
2013, was an $8.1 million reduction
in stockholders’ equity. The following
table summarizes the effects of our
retrospective adoption on periods
reported herein.