0001104659-19-056238.txt : 20191025 0001104659-19-056238.hdr.sgml : 20191025 20191024214626 ACCESSION NUMBER: 0001104659-19-056238 CONFORMED SUBMISSION TYPE: 8-K PUBLIC DOCUMENT COUNT: 14 CONFORMED PERIOD OF REPORT: 20191024 ITEM INFORMATION: Results of Operations and Financial Condition ITEM INFORMATION: Financial Statements and Exhibits FILED AS OF DATE: 20191025 DATE AS OF CHANGE: 20191024 FILER: COMPANY DATA: COMPANY CONFORMED NAME: PRINCIPAL FINANCIAL GROUP INC CENTRAL INDEX KEY: 0001126328 STANDARD INDUSTRIAL CLASSIFICATION: ACCIDENT & HEALTH INSURANCE [6321] IRS NUMBER: 421520346 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 8-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-16725 FILM NUMBER: 191167360 BUSINESS ADDRESS: STREET 1: 711 HIGH STREET CITY: DES MOINES STATE: IA ZIP: 50392 BUSINESS PHONE: 5152475111 MAIL ADDRESS: STREET 1: 711 HIGH STREET CITY: DES MOINES STATE: IA ZIP: 50392 8-K 1 tm1920771-1_8k.htm FORM 8-K
0001126328 false 0001126328 2019-10-23 2019-10-24 iso4217:USD xbrli:shares iso4217:USD xbrli:shares

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

 

FORM 8-K

 

CURRENT REPORT

 

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

 

Date of Report: October 24, 2019

(Date of earliest event reported)

 

PRINCIPAL FINANCIAL GROUP, INC.

(Exact name of registrant as specified in its charter)

 

Delaware 1-16725 42-1520346

(State or other jurisdiction

of incorporation)

 (Commission file number)

(I.R.S. Employer

Identification Number)

 

711 High Street, Des Moines, Iowa 50392

(Address of principal executive offices)

 

(515) 247-5111

(Registrant’s telephone number, including area code)

 

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

 

¨         Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
   
¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
   
¨

Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

   
¨

Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

   
¨

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§203.405 of this chapter) or rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

   
  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.

 

Title of each class   Trading symbol(s)   Name of each exchange on which registered
Common Stock   PFG   Nasdaq Global Select Market

 

 

 

 

 

 

Item 2.02Results of Operations and Financial Condition

 

On October 24, 2019, Principal Financial Group, Inc. publicly announced information regarding its results of operations and financial condition for the quarter ended September 30, 2019. The text of the announcement is included herewith as Exhibit 99.

 

Item 9.01Financial Statements and Exhibits

 

99Third Quarter 2019 Earnings Release
104Cover Page to this Current Report on Form 8-K in Inline XBRL

 

 

 

 

SIGNATURE

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

 

 

  PRINCIPAL FINANCIAL GROUP, INC.
   
   
  By: /s/ Deanna D. Strable-Soethout
  Name: Deanna D. Strable-Soethout
  Title: Executive Vice President and Chief Financial Officer

 

 

Date:    October 24, 2019

 

 

 EX-99 2 tm19207711_ex99.htm EXHIBIT 99

 

Exhibit 99

 

 

Release:On receipt, Oct. 24, 2019
Media Contact:

Erica Jensen, 515-362-0049, jensen.erica@principal.com
Investor Contact:John Egan, 515-235-9500, egan.john@principal.com

 

Principal Announces Third Quarter 2019 Results

 

Company Also Announces Common Stock Dividend

 

Company Highlights
·Third quarter 2019 net income attributable to Principal Financial Group, Inc. (PFG) of $277.1 million, or $0.98 per diluted share
·Third quarter 2019 non-GAAP operating earnings1 of $345.3 million, or $1.23 per diluted share
·Record assets under management (AUM) of $703.4 billion
·Company declares fourth quarter 2019 common stock dividend of $0.55 per share; a 2 percent increase over fourth quarter 2018

 

(Des Moines, Iowa) – Principal Financial Group® (Nasdaq: PFG) today announced results for third quarter 2019.

 

·Net income attributable to PFG for third quarter 2019 of $277.1 million, compared to $456.3 million for third quarter 2018. Net income per diluted share of $0.98 for third quarter 2019 compared to $1.59 in the prior year quarter. Third quarter net income includes a $74.0 million after-tax loss, or $0.26 per diluted share, related to an impairment of an equity method investment.

 

oAs noted in Exhibit 1, third quarter 2019 net income reflected the results of the significant variances, including the annual actuarial assumption review, which decreased net income by $36.5 million, or $0.13 per diluted share.

 

oAs a reminder, third quarter 2018 net income benefited $112.8 million, or $0.40 per diluted share, from the significant variances outlined in Exhibit 1.

 

·Non-GAAP operating earnings for third quarter 2019 of $345.3 million, compared to $481.2 million for third quarter 2018. Non-GAAP operating earnings per diluted share of $1.23 for third quarter 2019 compared to $1.67 for third quarter 2018.

 

oThird quarter 2019 non-GAAP operating earnings reflected the following significant variances from expected as noted in Exhibit 1:

 

§Results of the annual actuarial assumption review decreased non-GAAP operating earnings by $32.9 million, or $0.12 per diluted share;

 

§$8.4 million, or $0.03 per diluted share, of transition and integration expenses from our recent acquisition of the Wells Fargo Institutional Retirement & Trust (IRT) business; and

 

§A net benefit of $7.0 million, or $0.03 per diluted share, from higher than expected encaje performance and lower than expected inflation, both in Latin America.

 

 

 

1 Use of non-GAAP financial measures is discussed in this release after segment results. Non-GAAP operating earnings for total company is after tax.

 

 

 

 

 

oAfter excluding the significant variances noted in Exhibit 1, non-GAAP operating earnings decreased 10 percent over the strong prior year quarter.

 

·Quarterly common stock dividend of $0.55 per share for fourth quarter 2019 was authorized by the company’s Board of Directors, bringing the trailing twelve-month dividend to $2.18 per share, a 4 percent increase compared to the prior year trailing twelve-month period. The dividend will be payable on Dec. 27, 2019, to shareholders of record as of Dec. 3, 2019.

 

 

“At $345 million in the third quarter, and $1.5 billion over the trailing twelve months, Principal continues to deliver strong non-GAAP operating earnings, despite ongoing fee pressures and macroeconomic headwinds,” said Dan Houston, chairman, president and CEO. “Principal also delivered $6.9 billion of net cash flow in the third quarter, our strongest result in three years, with positive net cash flow for each of our asset management and accumulation segments.”

 

“Our acquisition of Wells Fargo’s Institutional Retirement & Trust business closed July 1st, and integration is progressing according to plan,” added Houston. “As expected, we’re already seeing a number of benefits emerge from the deal.  In addition to the acquisition, we’ve returned $627 million to shareholders through common stock dividends and share repurchases, bringing deployed capital to more than $1.8 billion through nine months.”

 

 

Other third quarter highlights

 

·Principal closed the acquisition of the Wells Fargo IRT business on July 1.

 

oAcquisition includes defined contribution, defined benefit, executive deferred compensation, employee stock ownership plans, intuitional trust and custody and institutional asset advisory businesses.

 

oAcquired assets under administration (AUA) of $876.2 billion as of the end of third quarter.

 

·Strong Morningstar investment performance2; 81 percent of fund level AUM had a 4- or 5-star rating. 49 percent of Principal’s investment options above median on a one-year basis, 75 percent on a three-year basis, and 78 percent on a five-year basis.

 

·Retirement and Income Solutions (RIS) - Fee sales were $3.7 billion and net cash flow was $1.1 billion, reflecting a 10 percent increase in recurring deposits from the prior year quarter. Coupled with strong asset appreciation, end of period account values increased $14.1 billion, or 6 percent compared to a year ago, to $252.3 billion.

 

·RIS-Spread account values were $49.6 billion, an 11 percent increase over the prior year quarter. Third quarter sales were $3.1 billion, including a record $1.3 billion of pension risk transfer sales.

 

·Principal Global Investors (PGI) AUM was a record $441.9 billion, including positive net cash flow of $2.9 billion. Pre-tax return on operating revenues less pass-through expenses3 was 37.4 percent.

 

 

 

2 Represents the percentage of Principal actively managed mutual funds, exchange traded funds (ETFs), insurance separate accounts, and collective investment trusts (CITs) in the top two Morningstar quartiles. Excludes Money Market, Stable Value, Liability Driven Investment, Hedge Fund Separate Account and US Property Separate Account.

3 Pre-tax return on operating revenues less pass-through expenses = pre-tax operating earnings, adjusted for noncontrolling interest divided by operating revenues less pass-through expenses.

 

 

 

 

 

·Principal International (PI) generated net cash flow of $1.6 billion, led by Brazil and Hong Kong, marking its 44th consecutive quarter of positive net cash flow. In addition, China had $2.8 billion of positive net cash flow, which is not included in reported net cash flow.

 

·Specialty Benefits premium and fees4 increased 7 percent compared to the year ago quarter driven by strong retention, sales and in-group growth.

 

·Individual Life sales increased 29 percent over the year ago quarter with more than 60 percent of sales from the business market.

 

·Continued strong capital position as we deployed $201.7 million of capital in third quarter 2019, including:

o$153.0 million of common stock dividends with the $0.55 per share common dividend paid in the third quarter;

 

o$43.7 million to repurchase 0.8 million shares of common stock; and

 

o$5.0 million to a minority investment.

 

Segment Results

 

Retirement and Income Solutions - Fee

 

(in millions except percentages or otherwise noted) Quarter Trailing Twelve Months    
3Q19 3Q18 % Change 3Q19 3Q18 % Change
Pre-tax operating earnings5 $85.1 $145.2 (41)% $435.7 $529.6 (18)%
Net revenue6 $467.8 $400.6 17% $1,616.3 $1,602.1 1%
Pre-tax return on net revenue7 18.2% 36.2%   27.0%* 33.1%*  

 

*Pre-tax return on net revenue – Excluding the third quarter actuarial assumption reviews, the trailing twelve-month pre-tax return on net revenue was 28.5 percent for third quarter 2019 and 32.5 percent for third quarter 2018.

 

·Pre-tax operating earnings decreased $60.1 million. Excluding the significant variances outlined in Exhibit 1, pre-tax operating earnings decreased by 8 percent primarily due to higher deferred acquisition cost (DAC) amortization expense and investments in the business.

 

·Net revenue increased $67.2 million. Excluding the significant variances outlined in Exhibit 1, net revenue increased 26 percent due to the recent acquisition.

 

 

 

 

 

 

 

 

 

 

 

4 Premium and fees = premiums and other considerations plus fees and other revenues.

5 Pre-tax operating earnings = operating earnings before income taxes and after noncontrolling interest.

6 Net revenue = operating revenues less benefits, claims and settlement expenses less dividends to policyholders.

7 Pre-tax return on net revenue = pre-tax operating earnings divided by net revenue.

 

 

 

 

 

 

Retirement and Income Solutions - Spread

 

(in millions except percentages or otherwise noted) Quarter

Trailing Twelve Months

3Q19 3Q18 % Change 3Q19 3Q18 % Change
Pre-tax operating earnings $84.6 $121.6 (30)% $414.7 $423.0 (2)%
Net revenue $128.6 $153.2 (16)% $621.1 $572.4 9%
Pre-tax return on net revenue 65.8% 79.4%                    66.8%*

73.9%*

                     

 

*Pre-tax return on net revenue – Excluding the third quarter actuarial assumption reviews, the trailing twelve-month pre-tax return on net revenue was 66.3 percent for third quarter 2019 and 71.4 percent for third quarter 2018.

 

·Pre-tax operating earnings decreased $37.0 million. Excluding the significant variances outlined in Exhibit 1, pre-tax operating earnings declined 12 percent primarily due to lower net revenue, higher DAC amortization expense, and investments in the business.

 

·Net revenue decreased $24.6 million. Excluding the significant variances outlined in Exhibit 1, net revenue decreased 8 percent primarily due to unfavorable mortality experience and lower variable investment income in the current quarter.

 

Principal Global Investors

 

(in millions except percentages or otherwise noted) Quarter

Trailing Twelve Months

3Q19 3Q18 % Change 3Q19 3Q18 % Change
Pre-tax operating earnings $123.0

$216.8

 (43)% $441.7 $586.5 (25)%
Operating revenues less pass-through expenses8 $332.6

$591.2

 (44)% $1,276.7 $1,589.5 (20)%
Pre-tax return on operating revenues less pass-through expenses 37.4%

37.0%

   35.0% 37.3%  
Total PGI assets under management (billions) $441.9

$426.5

 4%      
PGI sourced assets under management (billions) $212.4 $208.1 2%      

 

 

·Pre-tax operating earnings decreased $93.8 million. Excluding the significant variances outlined in Exhibit 1, pre-tax operating earnings declined 6 percent primarily due to lower operating revenues less pass-through expenses and investments in the business.

 

·Operating revenues less pass-through expenses decreased $258.6 million. Excluding the significant variances outlined in Exhibit 1, operating revenues less pass-through expenses decreased 2 percent due to lower performance fees and mix of business.

 

 

 

 

 

8 The company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measures at the end of the release. The company has determined this measure is more representative of underlying operating revenues growth for PGI as it removes commissions and other expenses that are collected through fee revenue and passed through expenses with no impact to pre-tax operating earnings.

 

 

 

 

 

Principal International

 

(in millions except percentages or otherwise noted) Quarter

Trailing Twelve Months

3Q19 3Q18 % Change 3Q19 3Q18 % Change
Pre-tax operating earnings $108.9 $37.0 194% $371.0 $297.8 25%
Combined9 net revenue (at PFG share) $267.6 $240.5 11% $976.6 $965.3 1%
Pre-tax return on combined net revenue (at PFG share) 40.7% 15.4%   38.0%* 30.9%*  
Assets under management (billions) $163.9 $156.6 5%      

 

*Pre-tax return on combined net revenue (at PFG share) – Excluding the third quarter actuarial assumption reviews, the trailing twelve month combined pre-tax return on net revenue (at PFG share) was 37.6 percent for third quarter 2019 and 36.3 percent for third quarter 2018.

 

·Pre-tax operating earnings increased $71.9 million. Excluding the significant variances outlined in Exhibit 1, pre-tax operating earnings increased 2 percent as growth in the business was partially offset by foreign currency translation headwinds.

 

·Combined net revenue (at PFG share) increased $27.1 million. Excluding the significant variances outlined in Exhibit 1, combined net revenue increased 2 percent as growth in the business was partially offset by foreign currency translation headwinds.

 

Specialty Benefits Insurance

 

(in millions except percentages or otherwise noted) Quarter

Trailing Twelve Months

3Q19 3Q18 % Change 3Q19 3Q18 % Change
Pre-tax operating earnings $101.5 $82.5 23% $329.0 $274.9 20%
Premium and fees $587.6 $548.0 7% $2,291.1 $2,131.2 8%
Pre-tax return on premium and fees10 17.3% 15.1%   14.4%* 12.9%*  
Incurred loss ratio 62.3% 61.1%   61.7% 62.0%  

 

*Pre-tax return on premium and fees – Excluding the third quarter actuarial assumption reviews, the trailing twelve-month pre-tax return on premium and fees was 13.5 percent for third quarter 2019 and 12.6 percent for third quarter 2018.

 

·Pre-tax operating earnings increased $19.0 million. Excluding the significant variances outlined in Exhibit 1, pre-tax operating earnings increased 15 percent primarily due to favorable claims experience and growth in the business.

 

·Premium and fees increased $39.6 million reflecting strong retention, sales, and in-group growth.

 

·Incurred loss ratio was at the low end of our expected range.

 

 

 

 

 

9 Combined net revenue: net revenue for all PI companies at 100 percent less pass-through commissions. The company has determined combined net revenue (at PFG share) is more representative of underlying net revenue growth for PI as it reflects our proportionate share of consolidated and equity method subsidiaries. In addition, using this net revenue metric provides a more meaningful representation of our profit margins.

10 Pre-tax return on premium and fees = pre-tax operating earnings divided by premium and fees.

 

 

 

 

 

Individual Life Insurance

 

(in millions except percentages or otherwise noted) Quarter

Trailing Twelve Months

3Q19 3Q18 % Change 3Q19 3Q18 % Change

Pre-tax operating earnings

 $18.6 $43.2 (57)% $161.1 $196.4 (18)%
Premium and fees $384.0 $269.1 43% $1,232.8 $1,091.0 13%
Pre-tax return on premium and fees 4.8% 16.1%   13.1%* 18.0%*  

 

*Pre-tax return on premium and fees – Excluding the third quarter actuarial assumption reviews, the trailing twelve-month pre-tax return on premium and fees was 17.2 percent for third quarter 2019 and 19.4 percent for third quarter 2018.

 

·Pre-tax operating earnings decreased $24.6 million. Excluding the significant variances outlined in Exhibit 1, pre-tax operating earnings decreased 11 percent from a strong prior year quarter as claims returned to expected levels.

 

·Premium and fees increased $114.9 million. Excluding the significant variances outlined in Exhibit 1, premium and fees increased 5 percent due to growth in the business.

 

 

Corporate

 

(in millions except percentages or otherwise
noted)		 Quarter

Trailing Twelve Months

3Q19 3Q18 % Change 3Q19 3Q18 % Change
Pre-tax operating losses $(102.1) $(52.9) (93)% $(362.8) $(279.1) (30)%

 

·Pre-tax operating losses increased $49.2 million. Excluding the significant variances outlined in Exhibit 1, pre-tax operating losses increased 79 percent due to higher operating expenses partially due to a benefit from a tax settlement in the prior year quarter.

 

 

 

 

 

 

Exhibit 1

 

Principal Financial Group

 

Impact of 3Q 2019 and 3Q 2018 significant variances on quarterly net income attributable to PFG and non-GAAP operating earnings

 

(in millions, except per share data)

 

 

  Impacts of 3Q 2019 significant variances   Impacts of 3Q 2018 significant variances
    Actuarial
assumption
review		 Acquisition
transaction &
integration
costs		 Encaje
performance
and inflation
vs expected		 Total 3Q19
significant
variances		   Actuarial
assumption
review		 Accelerated
performance
fee and
elevated
expenses		 Variable
investment
income		 Total 3Q18
significant
variances
Net income attributable to PFG $ (36.5) $ (8.4) $ 7.0 $ (37.9)   $ 32.1 $ 62.5 $ 18.2 $ 112.8
Net realized capital (gains) losses, as adjusted 3.6 - - 3.6   (53.6) - - (53.6)
Non-GAAP operating earnings (32.9) (8.4) 7.0 (34.3)   (21.5) 62.5 18.2 59.2
Income taxes (6.9) (2.3) 2.2 (7.0)   (22.1) 23.1 4.8 5.8
Non-GAAP pre-tax operating earnings $ (39.8) $ (10.7) $ 9.2 $ (41.3)   $ (43.6) $ 85.6 $ 23.0 $ 65.0
                   
Per diluted share:                  
Net income $ (0.13) $ (0.03) $ 0.03 $ (0.13)   $ 0.12 $ 0.22 $ 0.06 $ 0.40
Net realized capital (gains) losses, as adjusted (0.01) - - (0.01)   (0.20) 0.00 0.00 (0.20)
Non-GAAP operating earnings $ (0.12) $ (0.03) $ 0.03 $ (0.12)   $ (0.08) $ 0.22 $ 0.06 $ 0.20
Weighted average diluted common shares outstanding 281.4 281.4 281.4 281.4   287.8 287.8 287.8 287.8
                   
Segment pre-tax operating earnings (losses):                  
RIS-Fee $ (35.5) $ (3.4) $ - $ (38.9)   $ 7.7 $ - $ 2.0 $ 9.7
RIS-Spread 1.2 - - 1.2   11.5 - 15.0 26.5
Retirement and Income Solutions (34.3) (3.4) - (37.7)   19.2 - 17.0 36.2
                   
Principal Global Investors   -  - - -   - 85.6 - 85.6
                   
Principal International   7.8 - 9.2 17.0   (53.5) - - (53.5)
                   
Specialty Benefits 20.5 - - 20.5   6.2 - 6.0 12.2
Individual Life (33.8) - - (33.8)   (15.5) - - (15.5)
U.S. Insurance Solutions   (13.3) - - (13.3)   (9.3) - 6.0 (3.3)
                   
Corporate - (7.3) - (7.3)   - - - -
Total segment pre-tax operating earnings $ (39.8) $ (10.7) $ 9.2 $ (41.3)   $ (43.6) $ 85.6 $ 23.0 $ 65.0
                       

 

 

Income statement line item details of the 3Q18 and 3Q19 significant variances are available in our earnings conference call presentation on our website.

 

 

 

 

 

 

 

Forward looking and cautionary statements

Certain statements made by the company which are not historical facts may be considered forward-looking statements, including, without limitation, statements as to non-GAAP operating earnings, net income available to PFG, net cash flow, realized and unrealized gains and losses, capital and liquidity positions, sales and earnings trends, and management’s beliefs, expectations, goals and opinions. The company does not undertake to update these statements, which are based on a number of assumptions concerning future conditions that may ultimately prove to be inaccurate. Future events and their effects on the company may not be those anticipated, and actual results may differ materially from the results anticipated in these forward-looking statements. The risks, uncertainties and factors that could cause or contribute to such material differences are discussed in the company’s annual report on Form 10-K for the year ended Dec. 31, 2018, and in the company’s quarterly report on Form 10-Q for the quarter ended June 30, 2019, filed by the company with the U.S. Securities and Exchange Commission, as updated or supplemented from time to time in subsequent filings. These risks and uncertainties include, without limitation: adverse capital and credit market conditions may significantly affect the company’s ability to meet liquidity needs, access to capital and cost of capital; conditions in the global capital markets and the economy generally; volatility or declines in the equity, bond or real estate markets; changes in interest rates or credit spreads or a sustained low interest rate environment; the company’s investment portfolio is subject to several risks that may diminish the value of its invested assets and the investment returns credited to customers; the company’s valuation of investments and the determination of the amount of allowances and impairments taken on such investments may include methodologies, estimations and assumptions that are subject to differing interpretations; any impairments of or valuation allowances against the company’s deferred tax assets; the company’s actual experience for insurance and annuity products could differ significantly from its pricing and reserving assumptions; the pattern of amortizing the company’s DAC and other actuarial balances on its universal life-type insurance contracts, participating life insurance policies and certain investment contracts may change; changes in laws, regulations or accounting standards; the company may not be able to protect its intellectual property and may be subject to infringement claims; the company’s ability to pay stockholder dividends and meet its obligations may be constrained by the limitations on dividends Iowa insurance laws impose on Principal Life; litigation and regulatory investigations; from time to time the company may become subject to tax audits, tax litigation or similar proceedings, and as a result it may owe additional taxes, interest and penalties in amounts that may be material; applicable laws and the company’s certificate of incorporation and by-laws may discourage takeovers and business combinations that some stockholders might consider in their best interests; competition, including from companies that may have greater financial resources, broader arrays of products, higher ratings and stronger financial performance; technological and societal changes may disrupt the company’s business model and impair its ability to retain existing customers, attract new customers and maintain its profitability; a downgrade in the company’s financial strength or credit ratings; client terminations, withdrawals or changes in investor preferences; inability to attract and retain qualified employees and sales representatives and develop new distribution sources; an interruption in telecommunication, information technology or other systems, or a failure to maintain the confidentiality, integrity or availability of data residing on such systems; international business risks; fluctuations in foreign currency exchange rates; risks arising from participation in joint ventures; the company may need to fund deficiencies in its “Closed Block” assets; the company’s reinsurers could default on their obligations or increase their rates; risks arising from acquisitions of businesses; and loss of key vendor relationships or failure of a vendor to protect information of our customers or employees.

 

 

 

 

 

 

Use of Non-GAAP financial measures

The company uses a number of non-GAAP financial measures that management believes are useful to investors because they illustrate the performance of normal, ongoing operations, which is important in understanding and evaluating the company’s financial condition and results of operations. They are not, however, a substitute for U.S. GAAP financial measures. Therefore, the company has provided reconciliations of the non-GAAP measures to the most directly comparable U.S. GAAP measure at the end of the release. The company adjusts U.S. GAAP measures for items not directly related to ongoing operations. However, it is possible these adjusting items have occurred in the past and could recur in future reporting periods. Management also uses non-GAAP measures for goal setting, as a basis for determining employee and senior management awards and compensation and evaluating performance on a basis comparable to that used by investors and securities analysts.

 

 

Earnings conference call

On Friday, Oct. 25, 2019, at 10:00 a.m. (ET), Chairman, President and Chief Executive Officer Dan Houston and Executive Vice President and Chief Financial Officer Deanna Strable will lead a discussion of results and the impacts on future prospects, asset quality and capital adequacy during a live conference call, which can be accessed as follows:

 

·Via live Internet webcast. Please go to principal.com/investor at least 10-15 minutes prior to the start of the call to register, and to download and install any necessary audio software.
·Via telephone by dialing 866-427-0175 (U.S. and Canadian callers) or 706-643-7701 (international callers) approximately 10 minutes prior to the start of the call. The access code is 5193169.
·Replay of the earnings call via telephone is available by dialing 855-859-2056 (U.S. and Canadian callers) or 404-537-3406 (international callers). The access code is 5193169. This replay will be available approximately two hours after the completion of the live earnings call through the end of day Nov. 1, 2019.
·Replay of the earnings call via webcast as well as a transcript of the call will be available after the call at principal.com/investor.

 

 

The company’s financial supplement and slide presentation is currently available at principal.com/investor, and may be referred to during the call.

 

About Principal®11

 

Principal helps people and companies around the world build, protect and advance their financial well-being through retirement, insurance and asset management solutions that fit their lives. Our employees are passionate about helping clients of all income and portfolio sizes achieve their goals – offering innovative ideas, investment expertise and real-life solutions to make financial progress possible. To find out more, visit us at principal.com.

 

 

###

 

 

 

 

 

 

 

11 Principal, Principal and symbol design and Principal Financial Group are trademarks and service marks of Principal Financial Services, Inc., a member of the Principal Financial Group.

 

 

 

 

 

 

Summary of Principal Financial Group, Inc. and Segment Results

 

 

 

 

Principal Financial Group, Inc. Results:

 (in millions)
Three Months Ended, Trailing Twelve Months,
9/30/19 9/30/18 9/30/19 9/30/18
Net income attributable to PFG $ 277.1 $ 456.3 $ 1,329.8 $ 2,151.8
Net realized capital (gains) losses, as adjusted 68.2 24.9 159.0 4.9
Other after-tax adjustments 0.0 0.0    0.0 (524.5)
Non-GAAP Operating Earnings* $  345.3 $ 481.2 $ 1,488.8 $ 1,632.2
Income taxes    74.3    112.2  301.6  396.9
Non-GAAP Pre-Tax Operating Earnings $  419.6 $ 593.4 $   1,790.4 $ 2,029.1
         
Segment Pre-Tax Operating Earnings (Losses):        
Retirement and Income Solutions $ 169.7 $ 266.8 $ 850.4 $ 952.6
Principal Global Investors 123.0 216.8 441.7 586.5
Principal International 108.9 37.0  371.0 297.8
U.S. Insurance Solutions 120.1 125.7 490.1 471.3
Corporate (102.1) (52.9) (362.8) (279.1)
Total Segment Pre-Tax Operating Earnings $  419.6 $ 593.4 $ 1,790.4 $ 2,029.1
                 
                 

 

 

 

 Per Diluted Share
Three Months Ended, Nine Months Ended,
9/30/19 9/30/18 9/30/19 9/30/18
Net income $ 0.98 $ 1.59 $ 3.89 $ 4.52
Net realized capital (gains) losses, as adjusted 0.25 0.08 0.28 (0.10)
Non-GAAP Operating Earnings $ 1.23 $ 1.67 $ 4.17 $ 4.42
Weighted-average diluted common shares outstanding (in millions) 281.4 287.8 281.3 290.0

 

 

 

 

*U.S. GAAP (GAAP) net income attributable to PFG versus non-GAAP operating earnings

 

Management uses non-GAAP operating earnings, which is a financial measure that excludes the effect of net realized capital gains and losses, as adjusted, and other after-tax adjustments the company believes are not indicative of overall operating trends, for goal setting, as a basis for determining employee and senior management awards and compensation, and evaluating performance on a basis comparable to that used by investors and securities analysts. Note: it is possible these adjusting items have occurred in the past and could recur in future reporting periods. While these items may be significant components in understanding and assessing our consolidated financial performance, management believes the presentation of non-GAAP operating earnings enhances the understanding of results of operations by highlighting earnings attributable to the normal, ongoing operations of the company’s businesses.

 

 

 

 

 

 

 

 

 

Selected Balance Sheet Statistics

 

 

  Period Ended,
9/30/19 12/31/18
Total assets (in billions) $ 270.2  $ 243.0 
Stockholders’ equity (in millions) $ 14,872.8  $ 11,456.0 
Total common equity (in millions) $ 14,804.2  $ 11,390.0 
Total common equity excluding accumulated other comprehensive income (AOCI) other than foreign currency translation adjustment (in millions) $ 12,143.5  $ 11,695.6 
End of period common shares outstanding (in millions)   278.0    279.5 
Book value per common share $ 53.25  $ 40.75 
Book value per common share excluding AOCI other than foreign currency translation adjustment $ 43.68  $ 41.84 

 

 

 

Principal Financial Group, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

(in millions, except as indicated)

 

  Period Ended,
  9/30/19 12/31/18
Stockholders’ Equity, Excluding AOCI Other Than Foreign Currency Translation Adjustment, Available to Common Stockholders:    
Stockholders’ equity $ 14,872.8  $  11,456.0
Noncontrolling interest (68.6)  (66.0) 
Stockholders’ equity available to common stockholders 14,804.2  11,390.0 
Net unrealized capital (gains) losses (3,094.9)  (207.3) 
Net unrecognized postretirement benefit obligation 434.2  512.9 
Stockholders’ equity, excluding AOCI other than foreign currency translation adjustment, available to common stockholders $  12,143.5 $  11,695.6
 
     
     
Book Value Per Common Share, Excluding AOCI Other Than Foreign Currency Translation Adjustment:    
Book value per common share $  53.25  $ 40.75 
Net unrealized capital (gains) losses (11.13)  (0.74) 
Net unrecognized postretirement benefit obligation 1.56  1.83 
Book value per common share, excluding AOCI other than foreign currency translation adjustment $  43.68  $ 41.84 

 

 

 

 

 

 

Principal Financial Group, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

(in millions)

 

  Three Months Ended, Trailing Twelve Months,
  9/30/19 9/30/18 9/30/19 9/30/18
Income Taxes:        
Total GAAP income taxes (benefits) $ 61.1 $ 109.1 $  204.4 $  (308.6)
Net realized capital gains (losses) tax adjustments (5.5) 4.7 28.1 49.6
Tax benefit related to other after-tax adjustments         -           - - 594.5
Income taxes related to equity method investments and noncontrolling interest

18.7

(1.6)

69.1

61.4

Income taxes $ 74.3 $ 112.2 $  301.6 $ 396.9
         
Net Realized Capital Gains (Losses):        
GAAP net realized capital gains (losses) $ (42.4) $ (5.5) $ (74.1) $ (3.1)
         
Recognition of front-end fee revenues      5.8 (0.9) 16.8 (3.4)
Market value adjustments to fee revenues       - -         - 0.1
Net realized capital gains (losses) related to equity method investments      1.7 (0.9)    2.0 (5.9)
Derivative and hedging-related revenue adjustments  (17.9) (15.8)   (67.2) (62.6)
Sponsored investment fund adjustments 6.2 2.9 25.9 9.8
Amortization of deferred acquisition costs   (17.0) 1.7   (66.2) 11.9
Capital gains distributed – operating expenses   (16.3) (12.0)       7.2 (20.6)
Amortization of other actuarial balances     (17.6) 4.2 (53.6) 14.3
Market value adjustments of embedded derivatives     51.0 4.1    73.8 16.5
Capital gains distributed – cost of interest credited     (13.7) (5.7)   (31.3) (10.2)
Net realized capital gains (losses) tax adjustments  (5.5)  4.7      28.1  49.6
Net realized capital gains (losses) attributable to noncontrolling interest, after-tax (2.5) (1.7) (20.4) (1.3)
Total net realized capital gains (losses) after-tax adjustments (25.8) (19.4) (84.9) (1.8)
         
Net realized capital gains (losses), as adjusted $ (68.2) $ (24.9) $   (159.0) $ (4.9)
         
Other After-Tax Adjustments:        
Contribution to PFG Foundation:        
Pre-tax $      - $    - $          - $ (70.0)
Tax           - -         - 26.2
Tax Cuts and Jobs Act:        
Pre-tax - - - -
Tax - - - 568.3
Total other after-tax adjustments $    - $     - $      - $   524.5

 

 

 

 

 

 

Principal Financial Group, Inc.

Reconciliation of U.S. GAAP to Non-GAAP Financial Measures

(in millions)

 

  Three Months Ended, Trailing Twelve Months,
  9/30/19 9/30/18 9/30/19 9/30/18
Principal Global Investors Operating Revenues Less Pass-Through Expenses:        
Operating revenues $ 369.9 $ 632.8 $  1,423.8  $ 1,756.4
Commissions and other expenses (37.3) (41.6) (147.1)  (166.9)
Operating revenues less pass-through expenses $  332.6 $  591.2 $ 1,276.7 $ 1,589.5
         
         
Principal International Combined Net Revenue (at PFG Share)        
Pre-tax operating earnings $ 108.9 $  37.0 $ 371.0 $ 297.8
Combined operating expenses other than pass-through commissions (at PFG share)

158.7

203.5

605.6

667.5

Combined net revenue (at PFG share) $ 267.6 $  240.5 $  976.6 $ 965.3

 

 

 

 EX-101.SCH 3 pfg-20191024.xsd XBRL TAXONOMY EXTENSION SCHEMA 00000001 - Document - Cover link:presentationLink link:calculationLink link:definitionLink EX-101.LAB 4 pfg-20191024_lab.xml XBRL TAXONOMY EXTENSION LABEL LINKBASE Cover [Abstract] Document Type Amendment Flag Amendment Description Document Registration Statement Document Annual Report Document Quarterly Report Document Transition Report Document Shell Company Report Document Shell Company Event Date Document Period Start Date Document Period End Date Document Fiscal Period Focus Document Fiscal Year Focus Current Fiscal Year End Date Entity File Number Entity Registrant Name Entity Central Index Key Entity Primary SIC Number Entity Tax Identification Number Entity Incorporation, State or Country Code Entity Address, Address Line One Entity Address, Address Line Two Entity Address, Address Line Three Entity Address, City or Town Entity Address, State or Province Entity Address, Country Entity Address, Postal Zip Code Country Region City Area Code Local Phone Number Extension Written Communications Soliciting Material Pre-commencement Tender Offer Pre-commencement Issuer Tender Offer Title of 12(b) Security No Trading Symbol Flag Trading Symbol Security Exchange Name Title of 12(g) Security Security Reporting Obligation Annual Information Form Audited Annual Financial Statements Entity Well-known Seasoned Issuer Entity Voluntary Filers Entity Current Reporting Status Entity Interactive Data Current Entity Filer Category Entity Small Business Entity Emerging Growth Company Elected Not To Use the Extended Transition Period Document Accounting Standard Other Reporting Standard Item Number Entity Shell Company Entity Public Float Entity Bankruptcy Proceedings, Reporting Current Entity Common Stock, Shares Outstanding Documents Incorporated by Reference [Text Block] EX-101.PRE 5 pfg-20191024_pre.xml XBRL TAXONOMY EXTENSION PRESENTATION LINKBASE GRAPHIC 6 tm19207711_ex99img001.jpg GRAPHIC begin 644 tm19207711_ex99img001.jpg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tm1920771-1_8k_htm.xml IDEA: XBRL DOCUMENT 0001126328 2019-10-23 2019-10-24 iso4217:USD shares iso4217:USD shares 0001126328 false 8-K 2019-10-24 PRINCIPAL FINANCIAL GROUP, INC. DE 1-16725 42-1520346 711 High Street Des Moines IA 50392 515 247-5111 false false false false false Common Stock PFG NASDAQ JSON 8 MetaLinks.json IDEA: XBRL DOCUMENT { "instance": { "tm1920771-1_8k.htm": { "axisCustom": 0, "axisStandard": 0, "contextCount": 1, "dts": { "definitionLink": { "remote": [ "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-eedm-def-2019-01-31.xml", "http://xbrl.fasb.org/srt/2019/elts/srt-eedm1-def-2019-01-31.xml" ] }, "inline": { "local": [ "tm1920771-1_8k.htm" ] }, "labelLink": { "local": [ "pfg-20191024_lab.xml" ], "remote": [ "https://xbrl.sec.gov/dei/2019/dei-doc-2019-01-31.xml" ] }, "presentationLink": { "local": [ "pfg-20191024_pre.xml" ] }, "referenceLink": { "remote": [ "https://xbrl.sec.gov/dei/2019/dei-ref-2019-01-31.xml" ] }, "schema": { "local": [ "pfg-20191024.xsd" ], "remote": [ "http://www.xbrl.org/2003/xbrl-linkbase-2003-12-31.xsd", "http://www.xbrl.org/2003/xl-2003-12-31.xsd", "http://www.xbrl.org/2003/xlink-2003-12-31.xsd", "https://xbrl.sec.gov/dei/2019/dei-2019-01-31.xsd", "http://www.xbrl.org/2003/xbrl-instance-2003-12-31.xsd", "http://www.xbrl.org/2005/xbrldt-2005.xsd", "http://www.xbrl.org/dtr/type/nonNumeric-2009-12-16.xsd", "http://www.xbrl.org/dtr/type/numeric-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/negated-2009-12-16.xsd", "http://www.xbrl.org/lrr/role/net-2009-12-16.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-gaap-2019-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-roles-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-2019-01-31.xsd", "http://www.xbrl.org/2006/ref-2006-02-27.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-types-2019-01-31.xsd", "http://xbrl.fasb.org/srt/2019/elts/srt-roles-2019-01-31.xsd", "https://xbrl.sec.gov/country/2017/country-2017-01-31.xsd", "http://xbrl.fasb.org/us-gaap/2019/elts/us-types-2019-01-31.xsd", "http://www.xbrl.org/lrr/role/deprecated-2009-12-16.xsd" ] } }, "elementCount": 59, "entityCount": 1, "hidden": { "http://xbrl.sec.gov/dei/2019-01-31": 2, "total": 2 }, "keyCustom": 0, "keyStandard": 97, "memberCustom": 0, "memberStandard": 0, "nsprefix": "pfg", "nsuri": "http://principal.com/20191024", "report": { "R1": { "firstAnchor": { "ancestors": [ "span", "b", "p", "body", "html" ], "baseRef": "tm1920771-1_8k.htm", "contextRef": "From2019-10-23to2019-10-24", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" }, "groupType": "document", "isDefault": "true", "longName": "00000001 - Document - Cover", "role": "http://principal.com/role/Cover", "shortName": "Cover", "subGroupType": "", "uniqueAnchor": { "ancestors": [ "span", "b", "p", "body", "html" ], "baseRef": "tm1920771-1_8k.htm", "contextRef": "From2019-10-23to2019-10-24", "decimals": null, "first": true, "lang": "en-US", "name": "dei:DocumentType", "reportCount": 1, "unique": true, "unitRef": null, "xsiNil": "false" } } }, "segmentCount": 0, "tag": { "dei_AmendmentDescription": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Description of changes contained within amended document.", "label": "Amendment Description" } } }, "localname": "AmendmentDescription", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "stringItemType" }, "dei_AmendmentFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the XBRL content amends previously-filed or accepted submission.", "label": "Amendment Flag" } } }, "localname": "AmendmentFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_AnnualInformationForm": { "auth_ref": [ "r11" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag with value true on a form if it is an annual report containing an annual information form.", "label": "Annual Information Form" } } }, "localname": "AnnualInformationForm", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_AuditedAnnualFinancialStatements": { "auth_ref": [ "r11" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag with value true on a form if it is an annual report containing audited financial statements.", "label": "Audited Annual Financial Statements" } } }, "localname": "AuditedAnnualFinancialStatements", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_CityAreaCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Area code of city", "label": "City Area Code" } } }, "localname": "CityAreaCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_CountryRegion": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Region code of country", "label": "Country Region" } } }, "localname": "CountryRegion", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_CoverAbstract": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Cover page.", "label": "Cover [Abstract]" } } }, "localname": "CoverAbstract", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "xbrltype": "stringItemType" }, "dei_CurrentFiscalYearEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "End date of current fiscal year in the format --MM-DD.", "label": "Current Fiscal Year End Date" } } }, "localname": "CurrentFiscalYearEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "gMonthDayItemType" }, "dei_DocumentAccountingStandard": { "auth_ref": [ "r10" ], "lang": { "en-US": { "role": { "documentation": "The basis of accounting the registrant has used to prepare the financial statements included in this filing This can either be 'U.S. GAAP', 'International Financial Reporting Standards', or 'Other'.", "label": "Document Accounting Standard" } } }, "localname": "DocumentAccountingStandard", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "accountingStandardItemType" }, "dei_DocumentAnnualReport": { "auth_ref": [ "r13" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a form used as an annual report.", "label": "Document Annual Report" } } }, "localname": "DocumentAnnualReport", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentFiscalPeriodFocus": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Fiscal period values are FY, Q1, Q2, and Q3. 1st, 2nd and 3rd quarter 10-Q or 10-QT statements have value Q1, Q2, and Q3 respectively, with 10-K, 10-KT or other fiscal year statements having FY.", "label": "Document Fiscal Period Focus" } } }, "localname": "DocumentFiscalPeriodFocus", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "fiscalPeriodItemType" }, "dei_DocumentFiscalYearFocus": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "This is focus fiscal year of the document report in CCYY format. For a 2006 annual report, which may also provide financial information from prior periods, fiscal 2006 should be given as the fiscal year focus. Example: 2006.", "label": "Document Fiscal Year Focus" } } }, "localname": "DocumentFiscalYearFocus", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "gYearItemType" }, "dei_DocumentPeriodEndDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The end date of the period reflected on the cover page if a periodic report. For all other reports and registration statements containing historical data, it is the date up through which that historical data is presented. If there is no historical data in the report, use the filing date. The format of the date is CCYY-MM-DD.", "label": "Document Period End Date" } } }, "localname": "DocumentPeriodEndDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentPeriodStartDate": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The start date of the period covered in the document, in CCYY-MM-DD format.", "label": "Document Period Start Date" } } }, "localname": "DocumentPeriodStartDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentQuarterlyReport": { "auth_ref": [ "r9" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a form used as an quarterly report.", "label": "Document Quarterly Report" } } }, "localname": "DocumentQuarterlyReport", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentRegistrationStatement": { "auth_ref": [ "r14" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a form used as a registration statement.", "label": "Document Registration Statement" } } }, "localname": "DocumentRegistrationStatement", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentShellCompanyEventDate": { "auth_ref": [ "r10" ], "lang": { "en-US": { "role": { "documentation": "Date of event requiring a shell company report.", "label": "Document Shell Company Event Date" } } }, "localname": "DocumentShellCompanyEventDate", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "dateItemType" }, "dei_DocumentShellCompanyReport": { "auth_ref": [ "r10" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true for a Shell Company Report pursuant to section 13 or 15(d) of the Exchange Act.", "label": "Document Shell Company Report" } } }, "localname": "DocumentShellCompanyReport", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentTransitionReport": { "auth_ref": [ "r12" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a form used as a transition report.", "label": "Document Transition Report" } } }, "localname": "DocumentTransitionReport", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_DocumentType": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "The type of document being provided (such as 10-K, 10-Q, 485BPOS, etc). The document type is limited to the same value as the supporting SEC submission type, or the word 'Other'.", "label": "Document Type" } } }, "localname": "DocumentType", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "submissionTypeItemType" }, "dei_DocumentsIncorporatedByReferenceTextBlock": { "auth_ref": [ "r1" ], "lang": { "en-US": { "role": { "documentation": "Documents incorporated by reference.", "label": "Documents Incorporated by Reference [Text Block]" } } }, "localname": "DocumentsIncorporatedByReferenceTextBlock", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "textBlockItemType" }, "dei_EntityAddressAddressLine1": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 1 such as Attn, Building Name, Street Name", "label": "Entity Address, Address Line One" } } }, "localname": "EntityAddressAddressLine1", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine2": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 2 such as Street or Suite number", "label": "Entity Address, Address Line Two" } } }, "localname": "EntityAddressAddressLine2", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressAddressLine3": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Address Line 3 such as an Office Park", "label": "Entity Address, Address Line Three" } } }, "localname": "EntityAddressAddressLine3", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCityOrTown": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the City or Town", "label": "Entity Address, City or Town" } } }, "localname": "EntityAddressCityOrTown", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressCountry": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "ISO 3166-1 alpha-2 country code.", "label": "Entity Address, Country" } } }, "localname": "EntityAddressCountry", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "countryCodeItemType" }, "dei_EntityAddressPostalZipCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Code for the postal or zip code", "label": "Entity Address, Postal Zip Code" } } }, "localname": "EntityAddressPostalZipCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityAddressStateOrProvince": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Name of the state or province.", "label": "Entity Address, State or Province" } } }, "localname": "EntityAddressStateOrProvince", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "stateOrProvinceItemType" }, "dei_EntityBankruptcyProceedingsReportingCurrent": { "auth_ref": [ "r4" ], "lang": { "en-US": { "role": { "documentation": "For registrants involved in bankruptcy proceedings during the preceding five years, the value Yes indicates that the registrant has filed all documents and reports required to be filed by Section 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court; the value No indicates the registrant has not. Registrants not involved in bankruptcy proceedings during the preceding five years should not report this element.", "label": "Entity Bankruptcy Proceedings, Reporting Current" } } }, "localname": "EntityBankruptcyProceedingsReportingCurrent", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityCentralIndexKey": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "A unique 10-digit SEC-issued value to identify entities that have filed disclosures with the SEC. It is commonly abbreviated as CIK.", "label": "Entity Central Index Key" } } }, "localname": "EntityCentralIndexKey", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "centralIndexKeyItemType" }, "dei_EntityCommonStockSharesOutstanding": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Indicate number of shares or other units outstanding of each of registrant's classes of capital or common stock or other ownership interests, if and as stated on cover of related periodic report. Where multiple classes or units exist define each class/interest by adding class of stock items such as Common Class A [Member], Common Class B [Member] or Partnership Interest [Member] onto the Instrument [Domain] of the Entity Listings, Instrument.", "label": "Entity Common Stock, Shares Outstanding" } } }, "localname": "EntityCommonStockSharesOutstanding", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "sharesItemType" }, "dei_EntityCurrentReportingStatus": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Indicate 'Yes' or 'No' whether registrants (1) have 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 registrants were required to file such reports), and (2) have been subject to such filing requirements for the past 90 days. This information should be based on the registrant's current or most recent filing containing the related disclosure.", "label": "Entity Current Reporting Status" } } }, "localname": "EntityCurrentReportingStatus", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityEmergingGrowthCompany": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "Indicate if registrant meets the emerging growth company criteria.", "label": "Entity Emerging Growth Company" } } }, "localname": "EntityEmergingGrowthCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityExTransitionPeriod": { "auth_ref": [ "r18" ], "lang": { "en-US": { "role": { "documentation": "Indicate if an emerging growth company has elected not to use the extended transition period for complying with any new or revised financial accounting standards.", "label": "Elected Not To Use the Extended Transition Period" } } }, "localname": "EntityExTransitionPeriod", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityFileNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Commission file number. The field allows up to 17 characters. The prefix may contain 1-3 digits, the sequence number may contain 1-8 digits, the optional suffix may contain 1-4 characters, and the fields are separated with a hyphen.", "label": "Entity File Number" } } }, "localname": "EntityFileNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "fileNumberItemType" }, "dei_EntityFilerCategory": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "Indicate whether the registrant is one of the following: Large Accelerated Filer, Accelerated Filer, Non-accelerated Filer. Definitions of these categories are stated in Rule 12b-2 of the Exchange Act. This information should be based on the registrant's current or most recent filing containing the related disclosure.", "label": "Entity Filer Category" } } }, "localname": "EntityFilerCategory", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "filerCategoryItemType" }, "dei_EntityIncorporationStateCountryCode": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Two-character EDGAR code representing the state or country of incorporation.", "label": "Entity Incorporation, State or Country Code" } } }, "localname": "EntityIncorporationStateCountryCode", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "edgarStateCountryItemType" }, "dei_EntityInteractiveDataCurrent": { "auth_ref": [ "r16" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).", "label": "Entity Interactive Data Current" } } }, "localname": "EntityInteractiveDataCurrent", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityPrimarySicNumber": { "auth_ref": [ "r11" ], "lang": { "en-US": { "role": { "documentation": "Primary Standard Industrial Classification (SIC) Number for the Entity.", "label": "Entity Primary SIC Number" } } }, "localname": "EntityPrimarySicNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "sicNumberItemType" }, "dei_EntityPublicFloat": { "auth_ref": [], "crdr": "credit", "lang": { "en-US": { "role": { "documentation": "The aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter.", "label": "Entity Public Float" } } }, "localname": "EntityPublicFloat", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "monetaryItemType" }, "dei_EntityRegistrantName": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "The exact name of the entity filing the report as specified in its charter, which is required by forms filed with the SEC.", "label": "Entity Registrant Name" } } }, "localname": "EntityRegistrantName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_EntityShellCompany": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the registrant is a shell company as defined in Rule 12b-2 of the Exchange Act.", "label": "Entity Shell Company" } } }, "localname": "EntityShellCompany", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntitySmallBusiness": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "Indicates that the company is a Smaller Reporting Company (SRC).", "label": "Entity Small Business" } } }, "localname": "EntitySmallBusiness", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_EntityTaxIdentificationNumber": { "auth_ref": [ "r15" ], "lang": { "en-US": { "role": { "documentation": "The Tax Identification Number (TIN), also known as an Employer Identification Number (EIN), is a unique 9-digit value assigned by the IRS.", "label": "Entity Tax Identification Number" } } }, "localname": "EntityTaxIdentificationNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "employerIdItemType" }, "dei_EntityVoluntaryFilers": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Indicate 'Yes' or 'No' if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Act.", "label": "Entity Voluntary Filers" } } }, "localname": "EntityVoluntaryFilers", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_EntityWellKnownSeasonedIssuer": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Indicate 'Yes' or 'No' if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Is used on Form Type: 10-K, 10-Q, 8-K, 20-F, 6-K, 10-K/A, 10-Q/A, 20-F/A, 6-K/A, N-CSR, N-Q, N-1A.", "label": "Entity Well-known Seasoned Issuer" } } }, "localname": "EntityWellKnownSeasonedIssuer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "yesNoItemType" }, "dei_Extension": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Extension number for local phone number.", "label": "Extension" } } }, "localname": "Extension", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_LocalPhoneNumber": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Local phone number for entity.", "label": "Local Phone Number" } } }, "localname": "LocalPhoneNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "normalizedStringItemType" }, "dei_NoTradingSymbolFlag": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true only for a security having no trading symbol.", "label": "No Trading Symbol Flag" } } }, "localname": "NoTradingSymbolFlag", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_OtherReportingStandardItemNumber": { "auth_ref": [ "r10" ], "lang": { "en-US": { "role": { "documentation": "\"Item 17\" or \"Item 18\" specified when the basis of accounting is neither US GAAP nor IFRS.", "label": "Other Reporting Standard Item Number" } } }, "localname": "OtherReportingStandardItemNumber", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "otherReportingStandardItemNumberItemType" }, "dei_PreCommencementIssuerTenderOffer": { "auth_ref": [ "r5" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act.", "label": "Pre-commencement Issuer Tender Offer" } } }, "localname": "PreCommencementIssuerTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_PreCommencementTenderOffer": { "auth_ref": [ "r6" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act.", "label": "Pre-commencement Tender Offer" } } }, "localname": "PreCommencementTenderOffer", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_Security12bTitle": { "auth_ref": [ "r0" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(b) registered security.", "label": "Title of 12(b) Security" } } }, "localname": "Security12bTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "securityTitleItemType" }, "dei_Security12gTitle": { "auth_ref": [ "r3" ], "lang": { "en-US": { "role": { "documentation": "Title of a 12(g) registered security.", "label": "Title of 12(g) Security" } } }, "localname": "Security12gTitle", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "securityTitleItemType" }, "dei_SecurityExchangeName": { "auth_ref": [ "r2" ], "lang": { "en-US": { "role": { "documentation": "Name of the Exchange on which a security is registered.", "label": "Security Exchange Name" } } }, "localname": "SecurityExchangeName", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "edgarExchangeCodeItemType" }, "dei_SecurityReportingObligation": { "auth_ref": [ "r7" ], "lang": { "en-US": { "role": { "documentation": "15(d), indicating whether the security has a reporting obligation under that section of the Exchange Act.", "label": "Security Reporting Obligation" } } }, "localname": "SecurityReportingObligation", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "securityReportingObligationItemType" }, "dei_SolicitingMaterial": { "auth_ref": [ "r8" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as soliciting material pursuant to Rule 14a-12 under the Exchange Act.", "label": "Soliciting Material" } } }, "localname": "SolicitingMaterial", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" }, "dei_TradingSymbol": { "auth_ref": [], "lang": { "en-US": { "role": { "documentation": "Trading symbol of an instrument as listed on an exchange.", "label": "Trading Symbol" } } }, "localname": "TradingSymbol", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "tradingSymbolItemType" }, "dei_WrittenCommunications": { "auth_ref": [ "r17" ], "lang": { "en-US": { "role": { "documentation": "Boolean flag that is true when the Form 8-K filing is intended to satisfy the filing obligation of the registrant as written communications pursuant to Rule 425 under the Securities Act.", "label": "Written Communications" } } }, "localname": "WrittenCommunications", "nsuri": "http://xbrl.sec.gov/dei/2019-01-31", "presentation": [ "http://principal.com/role/Cover" ], "xbrltype": "booleanItemType" } }, "unitCount": 3 } }, "std_ref": { "r0": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b" }, "r1": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-23" }, "r10": { "Name": "Form 20-F", "Number": "249", "Publisher": "SEC", "Section": "220", "Subsection": "f" }, "r11": { "Name": "Form 40-F", "Number": "249", "Publisher": "SEC", "Section": "240", "Subsection": "f" }, "r12": { "Name": "Forms 10-K, 10-Q, 20-F", "Number": "240", "Publisher": "SEC", "Section": "13", "Subsection": "a-1-" }, "r13": { "Name": "Forms 10-K, 20-F, 40-F", "Number": "240", "Publisher": "SEC", "Section": "15", "Subsection": "d-1" }, "r14": { "Name": "Forms 20-F, 40-F", "Number": "249", "Publisher": "SEC", "Section": "220 and 240", "Subsection": "f" }, "r15": { "Name": "Regulation 12B", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "b-2" }, "r16": { "Name": "Regulation S-T", "Number": "232", "Publisher": "SEC", "Section": "405" }, "r17": { "Name": "Securities Act", "Number": "230", "Publisher": "SEC", "Section": "425" }, "r18": { "Name": "Securities Act", "Number": "7A", "Publisher": "SEC", "Section": "B", "Subsection": "2" }, "r2": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "d1-1" }, "r3": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12", "Subsection": "g" }, "r4": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "12, 13, 15d" }, "r5": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "13e", "Subsection": "4c" }, "r6": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14d", "Subsection": "2b" }, "r7": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "15", "Subsection": "d" }, "r8": { "Name": "Exchange Act", "Number": "240", "Publisher": "SEC", "Section": "14a", "Subsection": "12" }, "r9": { "Name": "Form 10-Q", "Number": "240", "Publisher": "SEC", "Section": "13", "Subsection": "a-13" } }, "version": "2.1" } XML 9 FilingSummary.xml IDEA: XBRL DOCUMENT 3.19.3 html 1 97 1 false 0 0 false 3 false false R1.htm 00000001 - Document - Cover Sheet http://principal.com/role/Cover Cover Cover 1 false false All Reports Book All Reports tm1920771-1_8k.htm pfg-20191024.xsd pfg-20191024_lab.xml pfg-20191024_pre.xml tm19207711_ex99.htm http://xbrl.sec.gov/dei/2019-01-31 true false XML 10 R1.htm IDEA: XBRL DOCUMENT v3.19.3
Cover
Oct. 24, 2019
Cover [Abstract]  
Document Type 8-K
Amendment Flag false
Document Period End Date Oct. 24, 2019
Entity File Number 1-16725
Entity Registrant Name PRINCIPAL FINANCIAL GROUP, INC.
Entity Central Index Key 0001126328
Entity Tax Identification Number 42-1520346
Entity Incorporation, State or Country Code DE
Entity Address, Address Line One 711 High Street
Entity Address, City or Town Des Moines
Entity Address, State or Province IA
Entity Address, Postal Zip Code 50392
City Area Code 515
Local Phone Number 247-5111
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Title of 12(b) Security Common Stock
Trading Symbol PFG
Security Exchange Name NASDAQ
Entity Emerging Growth Company false
XML 11 report.css IDEA: XBRL DOCUMENT /* Updated 2009-11-04 */ /* v2.2.0.24 */ /* DefRef Styles */ ..report table.authRefData{ background-color: #def; border: 2px solid #2F4497; font-size: 1em; position: absolute; } ..report table.authRefData a { display: block; font-weight: bold; } ..report table.authRefData p { margin-top: 0px; } ..report table.authRefData .hide { background-color: #2F4497; padding: 1px 3px 0px 0px; text-align: right; } ..report table.authRefData .hide a:hover { background-color: #2F4497; } ..report table.authRefData .body { height: 150px; overflow: auto; width: 400px; } ..report table.authRefData table{ font-size: 1em; } /* Report Styles */ ..pl a, .pl a:visited { color: black; text-decoration: none; } /* table */ ..report { background-color: white; border: 2px solid #acf; clear: both; color: black; font: normal 8pt Helvetica, Arial, san-serif; margin-bottom: 2em; } ..report hr { border: 1px solid #acf; } /* Top labels */ ..report th { background-color: #acf; color: black; font-weight: bold; text-align: center; } ..report th.void { background-color: transparent; color: #000000; font: bold 10pt Helvetica, Arial, san-serif; text-align: left; } ..report .pl { text-align: left; vertical-align: top; white-space: normal; width: 200px; white-space: normal; /* word-wrap: break-word; */ } ..report td.pl a.a { cursor: pointer; display: block; width: 200px; overflow: hidden; } ..report td.pl div.a { width: 200px; } ..report td.pl a:hover { background-color: #ffc; } /* Header rows... */ ..report tr.rh { background-color: #acf; color: black; font-weight: bold; } /* Calendars... */ ..report .rc { background-color: #f0f0f0; } /* Even rows... */ ..report .re, .report .reu { background-color: #def; } ..report .reu td { border-bottom: 1px solid black; } /* Odd rows... */ ..report .ro, .report .rou { background-color: white; } ..report .rou td { border-bottom: 1px solid black; } ..report .rou table td, .report .reu table td { border-bottom: 0px solid black; } /* styles for footnote marker */ ..report .fn { white-space: nowrap; } /* styles for numeric types */ ..report .num, .report .nump { text-align: right; white-space: nowrap; } ..report .nump { padding-left: 2em; } ..report .nump { padding: 0px 0.4em 0px 2em; } /* styles for text types */ ..report .text { text-align: left; white-space: normal; } ..report .text .big { margin-bottom: 1em; width: 17em; } ..report .text .more { display: none; } ..report .text .note { font-style: italic; font-weight: bold; } ..report .text .small { width: 10em; } ..report sup { font-style: italic; } ..report .outerFootnotes { font-size: 1em; } ZIP 12 0001104659-19-056238-xbrl.zip IDEA: XBRL DOCUMENT begin 644 0001104659-19-056238-xbrl.zip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inancial_Report.xlsx IDEA: XBRL DOCUMENT begin 644 Financial_Report.xlsx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how.js IDEA: XBRL DOCUMENT // Edgar(tm) Renderer was created by staff of the U.S. Securities and Exchange Commission. Data and content created by government employees within the scope of their employment are not subject to domestic copyright protection. 17 U.S.C. 105. var Show={};Show.LastAR=null,Show.showAR=function(a,r,w){if(Show.LastAR)Show.hideAR();var e=a;while(e&&e.nodeName!='TABLE')e=e.nextSibling;if(!e||e.nodeName!='TABLE'){var ref=((window)?w.document:document).getElementById(r);if(ref){e=ref.cloneNode(!0); e.removeAttribute('id');a.parentNode.appendChild(e)}} if(e)e.style.display='block';Show.LastAR=e};Show.hideAR=function(){Show.LastAR.style.display='none'};Show.toggleNext=function(a){var e=a;while(e.nodeName!='DIV')e=e.nextSibling;if(!e.style){}else if(!e.style.display){}else{var d,p_;if(e.style.display=='none'){d='block';p='-'}else{d='none';p='+'} e.style.display=d;if(a.textContent){a.textContent=p+a.textContent.substring(1)}else{a.innerText=p+a.innerText.substring(1)}}}