The cumulative effect of the changes made to our Statement of Financial Position at January 1, 2018 were as follows:



(in thousands)	Balance at December 31, 2017		Adjustments due to ASC 606			Balance at January 1, 2018
Statement of Financial Position:
Assets
Deferred tax asset	$	19,390	$	10,188		$	29,578
Liabilities
Contract liability	—		48,514			48,514
Equity
Retained earnings	2,140,853		(38,326		)	2,102,527

The impact of adoption on our Statement of Financial Position and Statement of Operations at March 31, 2018 was as follows:



	March 31, 2018
(in thousands)	As Reported			Balances without ASC 606			Impact of Change Higher/(Lower)
	(Unaudited)
Statement of Financial Position:
Assets
Deferred tax asset	$	29,055		$	18,794		$	10,261
Liabilities
Contract liability	48,861			—			48,861
Equity
Retained earnings	2,129,100			2,167,700			(38,600		)

Statement of Operations:
Management fee revenue allocated to policy issuance and renewal services, gross	$	407,236		$	420,699		$	(13,463	)
Less: change in allowance for management fee returned on cancelled policies	(1,258		)	(1,300		)	42
Management fee revenue allocated to policy issuance and renewal services, net	$	405,978		$	419,399		$	(13,421	)


Management fee revenue allocated to administrative services, gross	$	13,088		$	—		$	13,088
Less: change in allowance for management fee returned on cancelled policies	(14		)	—			(14		)
Management fee revenue allocated to administrative services, net	13,074			—			13,074
Administrative services reimbursement revenue	145,963			—			145,963
Total revenue allocated to administrative services	$	159,037		$	—		$	159,037


Administrative services expenses	$	145,963		$	—		$	145,963