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 at December 31, 2018 was as follows:



(in thousands)	As Reported		Balances without ASC 606		Impact of Change Higher/(Lower)

Statement of Financial Position:
Assets
Deferred tax asset	$	24,101	$	13,238	$	10,863
Liabilities
Contract liability	51,727		—		51,727
Equity
Retained earnings	2,231,417		2,272,281		(40,864		)

The impact of adoption on our Statement of Operations for the year ended December 31, 2018 was as follows:



(in thousands)	As Reported			Balances without ASC 606			Impact of Change Higher/(Lower)

Statement of Operations:
Management fee revenue allocated to policy issuance and renewal services, gross	$	1,721,309		$	1,778,212		$	(56,903	)
Less: change in allowance for management fee returned on cancelled policies	(1,742		)	(1,800		)	58
Management fee revenue allocated to policy issuance and renewal services, net	$	1,719,567		$	1,776,412		$	(56,845	)


Management fee revenue allocated to administrative services, gross	$	53,694		$	—		$	53,694
Less: change in allowance for management fee returned on cancelled policies	(62		)	—			(62		)
Management fee revenue allocated to administrative services, net	53,632			—			53,632
Administrative services reimbursement revenue	580,336			—			580,336
Total revenue allocated to administrative services	$	633,968		$	—		$	633,968


Administrative services expenses	$	580,336		$	—		$	580,336