BRIGHTHOUSE LIFE INSURANCE CO – 10-Q – Management's Discussion and Analysis of Financial Condition and Results of Operations
Index to Management's Discussion and Analysis of Financial Condition and Results
of Operations
Page
Overview 48
Regulatory Developments 48
Summary of Critical Accounting Estimates 48
Non-GAAP Financial Disclosures 49
Results of Operations 51
Liquidity and Capital Resources 55
Note Regarding Forward-Looking Statements 56
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For purposes of this discussion, "BLIC," the "Company," "we," "our" and "us" refer toBrighthouse Life Insurance Company and its subsidiaries, and "Brighthouse Life Insurance Company " refers solely toBrighthouse Life Insurance Company and not to any of its subsidiaries.Brighthouse Life Insurance Company is an indirect wholly-owned subsidiary of Brighthouse Financial, Inc. ("BHF" and together with its subsidiaries, "Brighthouse Financial"). This Management's Discussion and Analysis of Financial Condition and Results of Operations should be read in conjunction with (i) the Interim Condensed Consolidated Financial Statements and related notes included elsewhere herein; (ii) our Annual Report on Form 10-K for the year endedDecember 31, 2021 , filed with theU.S. Securities and Exchange Commission ("SEC") onMarch 2, 2022 (the "2021 Annual Report"); (iii) our Quarterly Report on Form 10-Q for the quarter endedMarch 31, 2022 (the "First Quarter Form 10-Q") filed with theSEC onMay 11, 2022 ; and (iv) our current reports on Form 8-K filed in 2022.
Overview
We offer a range of annuity and life insurance products to individuals and deliver our products through multiple independent distribution channels and marketing arrangements with a diverse network of distribution partners.Brighthouse Life Insurance Company , aDelaware corporation, is licensed to write business in allU.S. states (exceptNew York ), theDistrict of Columbia , theBahamas ,Guam ,Puerto Rico , theBritish Virgin Islands and theU.S. Virgin Islands .Brighthouse Life Insurance Company of NY ("BHNY"), a wholly-owned subsidiary ofBrighthouse Life Insurance Company , is domiciled inNew York and licensed to write business only inNew York . We are organized into three segments: (i) Annuities, (ii) Life and (iii) Run-off, which consists of products that are no longer actively sold and are separately managed. In addition, we report certain of our results of operations in Corporate & Other. See "Business - Segments and Corporate & Other" included in our 2021 Annual Report, as well as Note 2 of the Notes to the Interim Condensed Consolidated Financial Statements for further information regarding our segments and Corporate & Other.
COVID-19 Pandemic
We continue to closely monitor developments related to the COVID-19 pandemic, which has negatively impacted us in certain respects. At this time, it continues to not be possible to estimate (i) the severity or duration of the pandemic, including the severity, duration and frequency of any additional "waves" or emerging variants of COVID-19 or (ii) the efficacy or utilization of any therapeutic treatments and vaccines for COVID-19 or variants thereof. It likewise remains not possible to predict or estimate the longer-term effects of the pandemic, or any actions taken to contain or address the pandemic, on the economy at large and on our business, financial condition, results of operations and prospects, including the impact on our investment portfolio and our ratings, or the need for us in the future to revisit or revise any targets we may provide to the markets or any aspects of our business model. See "Business - Regulation," "Risk Factors - Risks Related to Our Business - The ongoing COVID-19 pandemic could materially adversely affect our business, financial condition and results of operations, including our capitalization and liquidity" and "Management's Discussion and Analysis of Financial Condition and Results of Operations - Overview - COVID-19 Pandemic" included in our 2021 Annual Report, as well as Note 4 of the Notes to the Interim Condensed Consolidated Financial Statements. Regulatory Developments We, including our insurance subsidiary, BHNY, and our reinsurance subsidiary,Brighthouse Reinsurance Company of Delaware , are regulated primarily at the state level, with some products and services also subject to federal regulation. In addition,Brighthouse Life Insurance Company and BHNY are subject to regulation under the insurance holding company laws of variousU.S. jurisdictions. Furthermore, some of our operations, products and services are subject to the Employee Retirement Income Security Act of 1974, consumer protection laws, securities, broker-dealer and investment advisor regulations, as well as environmental and unclaimed property laws and regulations. See "Business - Regulation," as well as "Risk Factors - Regulatory and Legal Risks" included in our 2021 Annual Report, as amended or supplemented by our subsequent Quarterly Reports under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations - Regulatory Developments."
Summary of Critical Accounting Estimates
The preparation of financial statements in conformity with accounting principles generally accepted inthe United States of America ("GAAP") requires management to adopt accounting policies and make estimates and assumptions that affect amounts reported on the Interim Condensed Consolidated Financial Statements. 48
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The most critical estimates include those used in determining:
•liabilities for future policy benefits;
•amortization of deferred policy acquisition costs ("DAC");
•estimated fair values of freestanding derivatives and the recognition and
estimated fair value of embedded derivatives requiring bifurcation; and
•measurement of income taxes and the valuation of deferred tax assets.
In applying our accounting policies, we make subjective and complex judgments that frequently require estimates about matters that are inherently uncertain. Many of these policies, estimates and related judgments are common in the insurance and financial services industries; others are specific to our business and operations. Actual results could differ from these estimates.
The above critical accounting estimates are described in "Management's
Discussion and Analysis of Financial Condition and Results of Operations -
Summary of Critical Accounting Estimates" and Note 1 of the Notes to the
Consolidated Financial Statements included in our 2021 Annual Report.
Non-GAAP Financial Disclosures
Our definitions of non-GAAP financial measures may differ from those used by
other companies.
Adjusted Earnings In this report, we present adjusted earnings as a measure of our performance that is not calculated in accordance with GAAP. Adjusted earnings is used by management to evaluate performance and facilitate comparisons to industry results. We believe the presentation of adjusted earnings, as the Company measures it for management purposes, enhances the understanding of our performance by the investor community and contract holders by highlighting the results of operations and the underlying profitability drivers of our business. Adjusted earnings should not be viewed as a substitute for net income (loss) attributable toBrighthouse Life Insurance Company , which is the most directly comparable financial measure calculated in accordance with GAAP. See "- Results of Operations" for a reconciliation of adjusted earnings to net income (loss) attributable toBrighthouse Life Insurance Company . Adjusted earnings, which may be positive or negative, focuses on our primary businesses by excluding the impact of market volatility, which could distort trends.
The following are significant items excluded from total revenues in calculating
adjusted earnings:
•Net investment gains (losses);
•Net derivative gains (losses) except earned income and amortization of premium
on derivatives that are hedges of investments or that are used to replicate
certain investments, but do not qualify for hedge accounting treatment
("Investment Hedge Adjustments"); and
•Certain variable annuity guaranteed minimum income benefits ("GMIB") fees
("GMIB Fees").
The following are significant items excluded from total expenses in calculating
adjusted earnings:
•Amounts associated with benefits related to GMIBs ("GMIB Costs");
•Amounts associated with periodic crediting rate adjustments based on the total
return of a contractually referenced pool of assets ("Market Value
Adjustments"); and
•Amortization of DAC and value of business acquired ("VOBA") related to (i) net
investment gains (losses), (ii) net derivative gains (losses) and (iii) GMIB
Fees and GMIB Costs.
The tax impact of the adjustments discussed above is calculated net of the
statutory tax rate, which could differ from our effective tax rate.
We present adjusted earnings in a manner consistent with management's view of
the primary business activities that drive the profitability of our core
businesses. The following table illustrates how each component of adjusted
earnings is calculated from the GAAP statement of operations line items:
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Component of Adjusted Earnings How Derived from GAAP (1)
(i) Fee income (i) Universal life and investment-type product policy fees
(excluding (a) unearned revenue adjustments related to net
investment gains (losses) and net derivative gains (losses)
and (b) GMIB Fees) plus Other revenues and amortization of
deferred gain on reinsurance.
(ii) Net investment spread (ii) Net investment income plus Investment Hedge Adjustments and
interest received on ceded fixed annuity reinsurance
deposit funds reduced by Interest credited to policyholder
account balances and interest on future policy benefits.
(iii)
Insurance-related activities (iii) Premiums less Policyholder benefits and claims (excluding
(a) GMIB Costs, (b) Market Value Adjustments, (c) interest
on future policy benefits and (d) amortization of deferred
gain on reinsurance) plus the pass through of performance
of ceded separate account assets.
(iv) Amortization of DAC and VOBA (iv) Amortization of DAC and VOBA (excluding amounts related to
(a) net investment gains (losses), (b) net derivative gains
(losses) and (c) GMIB Fees and GMIB Costs).
(v) Other expenses, net of DAC capitalization (v)
Other expenses reduced by capitalization of DAC.
(vi)
Provision for income tax expense (benefit) (vi)
Tax impact of the above items.
______________
(1)Italicized items indicate GAAP statement of operations line items.
Consistent with GAAP guidance for segment reporting, adjusted earnings is also
our GAAP measure of segment performance. Accordingly, we report adjusted
earnings by segment in Note 2 of the Notes to the Interim Condensed Consolidated
Financial Statements.
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Results of Operations
Consolidated Results for the Six Months Ended
Unless otherwise noted, all amounts in the following discussions of our results
of operations are stated before income tax except for adjusted earnings, which
are presented net of income tax.
Six Months Ended
June 30,
2022 2021
(In millions)
Revenues
Premiums $ 322 $ 337
Universal life and investment-type product policy fees 1,318 1,504
Net investment income 2,179 2,365
Other revenues 217 170
Net investment gains (losses) (131) (21)
Net derivative gains (losses) 2,317 (2,105)
Total revenues 6,222 2,250
Expenses
Policyholder benefits and claims 1,945 1,358
Interest credited to policyholder account balances 597 572
Capitalization of DAC (224) (233)
Amortization of DAC and VOBA 741 56
Interest expense on debt 33 33
Other expenses 1,062 1,089
Total expenses 4,154 2,875
Income (loss) before provision for income tax 2,068 (625)
Provision for income tax expense (benefit) 396 (164)
Net income (loss) 1,672 (461)
Less: Net income (loss) attributable to noncontrolling interests 1 1
Net income (loss) attributable to
Company
$
1,671
The components of net income (loss) were as follows:
Six Months Ended
June 30,
2022 2021
(In millions)
GMLB Riders $ 2,808 $ (1,215)
Other derivative instruments (1,055) (513)
Net investment gains (losses) (131) (21)
Other adjustments 49 24
Pre-tax adjusted earnings, less net income (loss) attributable to
noncontrolling interests
396 1,099
Income (loss) attributable to
before provision for income tax
2,067 (626) Provision for income tax expense (benefit) 396 (164)
Net income (loss) attributable to
Six Months Ended
Income before provision for income tax was$2.1 billion ($1.7 billion , net of income tax), an increase of$2.7 billion ($2.1 billion , net of income tax) from a loss before provision for income tax of$626 million ($462 million , net of income tax) in the prior period.
The increase in income before provision for income tax was driven by the
following favorable item:
•gains from guaranteed minimum living benefits ("GMLB") riders ("GMLB Riders"),
see "- GMLB Riders for the Six Months Ended
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The increase in income before provision for income tax was partially offset by
the following unfavorable items:
•lower pre-tax adjusted earnings, as discussed in greater detail below;
•the unfavorable impact of long-term benchmark interest rates on interest rate
derivatives used to manage interest rate exposure in our universal life with
secondary guarantees ("ULSG") business, as the long-term benchmark interest rate
increased more in the current period than in the prior period; and
•net investment losses reflecting higher current period net losses on sales of
fixed maturity securities, as well as net losses on limited partnerships and
limited liability companies ("LLC") and net mark-to-market losses on equity
securities compared to prior period net gains.
The provision for income tax, expressed as a percentage of income (loss) before
provision for income tax, resulted in an effective tax rate of 19% in the
current period compared to 26% in the prior period. The decrease in the
effective tax rate was driven by lower pre-tax adjusted earnings, as discussed
in greater detail below. Our effective tax rate differs from the statutory tax
rate primarily due to the impacts of the dividends received deduction, tax
credits and current period non-recurring items.
Reconciliation of Net Income (Loss) to Adjusted Earnings
The reconciliation of net income (loss) attributable to
Insurance Company
Six Months Ended
June 30,
2022 2021
(In millions)
Net income (loss) attributable to
Company
$ 1,671 $ (462) Add: Provision for income tax expense (benefit) 396 (164)
Income (loss) attributable to
Company
2,067 (626) Less: GMLB Riders 2,808 (1,215) Less: Other derivative instruments (1,055) (513) Less: Net investment gains (losses) (131) (21) Less: Other adjustments 49 24
Pre-tax adjusted earnings, less net income (loss) attributable
to noncontrolling interests
396 1,099 Less: Provision for income tax expense (benefit) 45 199 Adjusted earnings$ 351 $ 900
Consolidated Results for the Six Months Ended
Earnings
The components of adjusted earnings were as follows:
Six Months Ended
June 30,
2022 2021
(In millions)
Fee income $ 1,419 $ 1,553
Net investment spread 1,253 1,451
Insurance-related activities (1,090) (747)
Amortization of DAC and VOBA (314) (268)
Other expenses, net of DAC capitalization (871) (889)
Less: Net income (loss) attributable to noncontrolling interests 1 1
Pre-tax adjusted earnings, less net income (loss) attributable to
noncontrolling interests
396 1,099 Provision for income tax expense (benefit) 45 199 Adjusted earnings$ 351 $ 900 52
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Six Months Ended
Adjusted earnings were
million
Key net unfavorable impacts were:
•higher net costs associated with insurance-related activities due to:
•a net increase in guaranteed minimum death benefit liabilities resulting from
unfavorable equity market performance;
•an adjustment in the prior period related to modeling improvements resulting
from an actuarial system conversion in our life business;
•higher liabilities in certain ULSG business from the impact of new reinsurance
agreements entered into in the current period; and
•an adjustment in the current period related to actuarial modeling improvements
in our annuities business;
partially offset by
•lower paid claims, net of reinsurance in our life and run-off business; and
•an adjustment in the prior period related to modeling improvements resulting
from an actuarial system conversion in our run-off business;
•lower net investment spread due to:
•lower returns on other limited partnerships for the comparative measurement
period; and
•lower investment yields on our fixed income portfolio, as proceeds from
maturing investments and the growth in the investment portfolio were invested at
lower yields than the portfolio average;
partially offset by
•higher average invested assets resulting from positive net flows in the general
account;
•higher average invested long-term assets from funding agreements issued in
connection with our institutional spread margin business; and
•higher returns on real estate limited partnerships and LLCs;
•lower fee income due to:
•lower asset-based fees resulting from lower average separate account balances,
a portion of which is offset in other expenses;
•higher ceded cost of insurance fees consistent with unfavorable equity market
returns in our life business, which is mostly offset in other expenses; and
•an adjustment in the prior period related to modeling improvements resulting
from an actuarial system conversion in our life business; and
•higher net amortization of DAC and VOBA due to:
•the impact on future gross profits from lower separate account returns and
unfavorable equity market performance in our annuities business;
partially offset by
•an adjustment in the current period related to modeling improvements resulting
from changes in in-force in our annuities business.
The provision for income tax, expressed as a percentage of pre-tax adjusted
earnings, resulted in an effective tax rate of 11% in the current period
compared to 18% in the prior period. Our effective tax rate differs from the
statutory tax rate primarily due to the impacts of the dividends received
deduction, tax credits and current period non-recurring items.
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GMLB Riders for the Six Months Ended
The overall impact on income (loss) before provision for income tax from the
performance of GMLB Riders, which includes (i) changes in carrying value of the
GAAP liabilities, (ii) the mark-to-market of hedges and reinsurance, (iii) fees
and (iv) associated DAC offsets, was as follows:
Six Months Ended
June 30,
2022 2021
(In millions)
Liabilities $ 3,377 $ (605)
Hedges (505) (1,140)
Ceded reinsurance (54) (65)
Fees (1) 398 392
GMLB DAC (408) 203
Total GMLB Riders $ 2,808 $ (1,215)
______________
(1)Excludes living benefit fees, included as a component of adjusted earnings,
of $27 million and $29 million for the six months ended June 30, 2022 and 2021,
respectively.
Six Months Ended
Comparative results from GMLB Riders were favorable by
driven by:
•favorable changes to the estimated fair value of embedded derivative
liabilities associated with Shield Level Annuities ("Shield liabilities"); and
•favorable changes to the estimated fair value of our GMLB hedges;
partially offset by
•unfavorable changes to the estimated fair value of variable annuity liability
reserves; and
•unfavorable changes to GMLB DAC.
Lower equity markets resulted in the following impacts:
•favorable changes to the estimated fair value of Shield liabilities;
•favorable changes to the estimated fair value of our GMLB hedges; and
•favorable changes in ceded reinsurance;
partially offset by
•unfavorable changes to the estimated fair value of variable annuity liability
reserves; and
•unfavorable changes to GMLB DAC.
Higher interest rates resulted in the following impacts:
•unfavorable changes to the estimated fair value of our GMLB hedges;
•unfavorable changes to the estimated fair value of Shield liabilities;
•unfavorable changes to GMLB DAC; and
•unfavorable changes in ceded reinsurance;
partially offset by
•favorable changes to the estimated fair value of variable annuity liability
reserves.
The widening of our credit spreads in the current period resulted in a favorable
change in the adjustment for nonperformance risk, net of unfavorable changes in
GMLB DAC and Shield liabilities.
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Liquidity and Capital Resources
Our business and results of operations are materially affected by conditions in the global capital markets and the economy generally. Stressed conditions, volatility or disruptions in global capital markets, particular markets or financial asset classes can impact us adversely, in part because we have a large investment portfolio and our insurance liabilities and derivatives are sensitive to changing market factors. For further information regarding market factors that could affect our ability to meet liquidity and capital needs, including those related to the COVID-19 pandemic, see "- Overview - COVID-19 Pandemic."
Sources and Uses of Liquidity and Capital
In addition to the summary description of liquidity and capital sources discussed in "Management's Discussion and Analysis of Financial Condition and Results of Operations - Liquidity and Capital Resources - Sources and Uses of Liquidity and Capital" in our 2021 Annual Report, the following additional information is provided regarding our primary sources of liquidity and capital:
Funding Agreements
From time to time,Brighthouse Life Insurance Company issues funding agreements and uses the proceeds from such issuances for spread lending purposes in connection with our institutional spread margin business or to provide additional liquidity. The institutional spread margin business is comprised of funding agreements issued in connection with the programs described in more detail below. See Note 3 of the Notes to the Consolidated Financial Statements included in our 2021 Annual Report for additional information on funding agreements.
Funding Agreement-Backed Commercial Paper Program
InJuly 2021 ,Brighthouse Life Insurance Company established a funding agreement-backed commercial paper program (the "FABCP Program") for spread lending purposes, pursuant to which a special purpose limited liability company (the "SPLLC") may issue commercial paper and deposit the proceeds withBrighthouse Life Insurance Company under a funding agreement issued byBrighthouse Life Insurance Company to the SPLLC. The maximum aggregate principal amount permitted to be outstanding at any one time under the FABCP Program is$3.0 billion . Activity related to this funding agreement is reported in Corporate & Other.
Funding Agreement-Backed Notes Program
In
agreement-backed notes program (the "FABN Program"), pursuant to which
purpose statutory trust for spread lending purposes. The maximum aggregate
principal amount permitted to be outstanding at any one time under the FABN
Program is
reported in Corporate & Other.
Federal Home Loan Bank Funding Agreements
Brighthouse Life Insurance Company is a member of theFederal Home Loan Bank ("FHLB") ofAtlanta , where it maintains a secured funding agreement program, under which funding agreements may be issued either (i) for spread lending purposes or (ii) to provide additional liquidity. Activity related to these funding agreements is reported in Corporate & Other.
Farmer Mac Funding Agreements
Brighthouse Life Insurance Company has a secured funding agreement program with the Federal Agricultural Mortgage Corporation and its affiliateFarmer Mac Mortgage Securities Corporation ("Farmer Mac") with a term ending onDecember 31, 2023 , pursuant to which the parties may enter into funding agreements in an aggregate amount of up to$500 million either (i) for spread lending purposes or (ii) to provide additional liquidity. Activity related to these funding agreements is reported in Corporate & Other. 55
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Information regarding funding agreements issued for spread lending purposes is
as follows:
Aggregate Principal Amount Issuances Repayments
Outstanding Six Months Ended June 30,
December 31,
June 30, 2022 2021 2022 2021 2022 2021
(In millions)
FABCP Program $ 1,721 $ 1,848 $ 5,015 $ - $ 5,142 $ -
FABN Program 3,450 2,900 550 2,000 - -
FHLB Funding Agreements 2,900 900 3,750 600 1,750 - FarmerMac Funding Agreements 500 125 400 25 25 - Total$ 8,571 $ 5,773 $ 9,715 $ 2,625 $ 6,917 $ -
Note Regarding Forward-Looking Statements
This report and other oral or written statements that we make from time to time may contain information that includes or is based upon forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve substantial risks and uncertainties. We have tried, wherever possible, to identify such statements using words such as "anticipate," "estimate," "expect," "project," "may," "will," "could," "intend," "goal," "target," "guidance," "forecast," "preliminary," "objective," "continue," "aim," "plan," "believe" and other words and terms of similar meaning, or that are tied to future periods, in connection with a discussion of future operating or financial performance. In particular, these include, without limitation, statements relating to future actions, prospective services or products, financial projections, future performance or results of current and anticipated services or products, sales efforts, expenses, the outcome of contingencies such as legal proceedings, as well as trends in operating and financial results. Any or all forward-looking statements may turn out to be wrong. They can be affected by inaccurate assumptions or by known or unknown risks and uncertainties. Many such factors will be important in determining the actual future results of BLIC. These statements are based on current expectations and the current economic environment and involve a number of risks and uncertainties that are difficult to predict. These statements are not guarantees of future performance. Actual results could differ materially from those expressed or implied in the forward-looking statements due to a variety of known and unknown risks, uncertainties and other factors. Although it is not possible to identify all of these risks and factors, they include, among others:
•differences between actual experience and actuarial assumptions and the
effectiveness of our actuarial models;
•higher risk management costs and exposure to increased market risk due to
guarantees within certain of our products;
•the effectiveness of our variable annuity exposure risk management strategy and
the impact of such strategy on volatility in our profitability measures and
negative effects on our statutory capital;
•material differences from actual outcomes compared to the sensitivities
calculated under certain scenarios and sensitivities that we may utilize in
connection with our variable annuity risk management strategies;
•the impact of interest rates on our future ULSG policyholder obligations and
net income volatility;
•the impact of the ongoing COVID-19 pandemic;
•the potential material adverse effect of changes in accounting standards, practices or policies applicable to us, including changes in the accounting for long-duration contracts;
•loss of business and other negative impacts resulting from a downgrade or a
potential downgrade in our financial strength ratings;
•the availability of reinsurance and the ability of the counterparties to our
reinsurance or indemnification arrangements to perform their obligations
thereunder;
•heightened competition, including with respect to service, product features, scale, price, actual or perceived financial strength, claims-paying ratings, financial strength ratings, e-business capabilities and name recognition;
•our ability to market and distribute our products through distribution
channels;
•any failure of third parties to provide services we need, any failure of the
practices and procedures of such third parties and any inability to obtain
information or assistance we need from third parties;
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•the risks associated with climate change;
•the adverse impact on liabilities for policyholder claims as a result of
extreme mortality events;
•the impact of adverse capital and credit market conditions, including with
respect to our ability to meet liquidity needs and access capital;
•the impact of economic conditions in the capital markets and the
global economy, as well as geo-political events, military actions or
catastrophic events, on our investment portfolio, including on realized and
unrealized losses and impairments, net investment spread and net investment
income;
•the impact of events that adversely affect issuers, guarantors or collateral relating to our investments or our derivatives counterparties, on impairments, valuation allowances, reserves, net investment income and changes in unrealized gain or loss positions;
•the impact of changes in regulation and in supervisory and enforcement policies
on our insurance business or other operations;
•the potential material negative tax impact of potential future tax legislation
that could make some of our products less attractive to consumers;
•the effectiveness of our policies and procedures in managing risk;
•the loss or disclosure of confidential information, damage to our reputation and impairment of our ability to conduct business effectively as a result of any failure in cyber- or other information security systems; •whether all or any portion of the tax consequences of our separation from MetLife, Inc. (together with its subsidiaries and affiliates, "MetLife") are not as expected, leading to material additional taxes or material adverse consequences to tax attributes that impact us;
•the uncertainty of the outcome of any disputes with MetLife over tax-related or
other matters and agreements or disagreements regarding MetLife's or our
obligations under our other agreements; and
•other factors described in this report and from time to time in documents that
we file with the
For the reasons described above, we caution you against relying on any forward-looking statements, which should also be read in conjunction with the other cautionary statements included and the risks, uncertainties and other factors identified in our 2021 Annual Report, particularly in the sections entitled "Risk Factors" and "Quantitative and Qualitative Disclosures About Market Risk," as well as in our other subsequent filings with theSEC . Further, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update or revise any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, except as otherwise may be required by law.
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