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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income tax expense (benefit) consists of:
(In thousands) | Current Expense |  | Deferred (Benefit) Expense |  | Total
December 31, 2022 |  |  |  |  |
Domestic | $ | 295,849 |  |  | $ | (27,544) |  |  | $ | 268,305 |
Foreign | 42,890 |  |  | 23,532 |  |  | 66,422 |
Total expense (benefit) | $ | 338,739 |  |  | $ | (4,012) |  |  | $ | 334,727 |
December 31, 2021 |  |  |  |  |
Domestic | $ | 239,090 |  |  | $ | 2,752 |  |  | $ | 241,842 |
Foreign | — |  |  | 10,048 |  |  | 10,048 |
Total expense | $ | 239,090 |  |  | $ | 12,800 |  |  | $ | 251,890 |
December 31, 2020 |  |  |  |  |
Domestic | $ | 162,305 |  |  | $ | 17 |  |  | $ | 162,322 |
Foreign | 23,375 |  |  | (13,880) |  |  | 9,495 |
Total expense (benefit) | $ | 185,680 |  |  | $ | (13,863) |  |  | $ | 171,817 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of the income tax expense and the amounts computed by applying the Federal and foreign income tax rate of 21% for 2022, 2021 and 2020 to pre-tax income are as follows:
(In thousands) | 2022 |  | 2021 |  | 2020
Computed “expected” tax expense | $ | 361,133 |  |  | $ | 269,410 |  |  | $ | 148,008 |
Tax-exempt investment income | (10,815) |  |  | (11,380) |  |  | (12,770) |
Change in valuation allowance | (28,064) |  |  | 2,974 |  |  | 46,238 |
Impact of foreign tax rates | (453) |  |  | (2,368) |  |  | 6,753 |
State and local taxes | 8,976 |  |  | 4,230 |  |  | 2,561 |
Other, net | 3,950 |  |  | (10,976) |  |  | (18,973) |
Total expense | $ | 334,727 |  |  | $ | 251,890 |  |  | $ | 171,817 |
Schedule of Deferred Tax Assets and Liabilities |
(In thousands) | 2022 |  | 2021 |  | 2020
Computed “expected” tax expense | $ | 361,133 |  |  | $ | 269,410 |  |  | $ | 148,008 |
Tax-exempt investment income | (10,815) |  |  | (11,380) |  |  | (12,770) |
Change in valuation allowance | (28,064) |  |  | 2,974 |  |  | 46,238 |
Impact of foreign tax rates | (453) |  |  | (2,368) |  |  | 6,753 |
State and local taxes | 8,976 |  |  | 4,230 |  |  | 2,561 |
Other, net | 3,950 |  |  | (10,976) |  |  | (18,973) |
Total expense | $ | 334,727 |  |  | $ | 251,890 |  |  | $ | 171,817 |
At December 31, 2022 and 2021, the tax effects of differences that give rise to significant portions of the deferred tax asset and deferred tax liability are as follows:
(In thousands) | 2022 |  | 2021
Deferred tax asset: |  |  |
Loss reserve discounting | $ | 192,181 |  |  | $ | 162,636 |
Unearned premiums | 180,326 |  |  | 163,143 |
Unrealized investment losses | 228,456 |  |  | — |
Net operating losses & foreign tax credits | 58,182 |  |  | 88,502 |
Other-than-temporary impairments | 5,935 |  |  | 5,176 |
Employee compensation plans | 63,313 |  |  | 61,301 |
Other | 72,536 |  |  | 54,269 |
Gross deferred tax asset | 800,929 |  |  | 535,027 |
Less valuation allowance | (47,166) |  |  | (75,230) |
Deferred tax asset | 753,763 |  |  | 459,797 |
Deferred tax liability: |  |  |
Amortization of intangibles | 13,973 |  |  | 12,787 |
Loss reserve discounting - transition rule | 14,843 |  |  | 19,796 |
Deferred policy acquisition costs | 157,055 |  |  | 137,893 |
Unrealized investment gains | — |  |  | 36,850 |
Property, furniture and equipment | 45,887 |  |  | 43,186 |
Investment funds | 125,525 |  |  | 101,999 |
Other | 67,479 |  |  | 67,331 |
Deferred tax liability | 424,762 |  |  | 419,842 |
Net deferred tax asset | $ | 329,001 |  |  | $ | 39,955 |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
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