XML 68 R54.htm IDEA: XBRL DOCUMENT
v3.24.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2023
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, 2023 |  |  |  |  |
Domestic | $ | 352,891 |  |  | $ | (43,456) |  |  | $ | 309,435 |
Foreign | 44,372 |  |  | 16,750 |  |  | 61,122 |
Total expense (benefit) | $ | 397,263 |  |  | $ | (26,706) |  |  | $ | 370,557 |
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 |
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 2023, 2022 and 2021 to pre-tax income are as follows:
(In thousands) | 2023 |  | 2022 |  | 2021
Computed “expected” tax expense | $ | 368,425 |  |  | $ | 361,133 |  |  | $ | 269,410 |
Tax-exempt investment income | (8,361) |  |  | (10,815) |  |  | (11,380) |
Change in valuation allowance | (10,883) |  |  | (28,064) |  |  | 2,974 |
Impact of foreign tax rates | 5,461 |  |  | (453) |  |  | (2,368) |
State and local taxes | 12,271 |  |  | 8,976 |  |  | 4,230 |
Other, net | 3,644 |  |  | 3,950 |  |  | (10,976) |
Total expense | $ | 370,557 |  |  | $ | 334,727 |  |  | $ | 251,890 |
Schedule of Deferred Tax Assets and Liabilities |
(In thousands) | 2023 |  | 2022 |  | 2021
Computed “expected” tax expense | $ | 368,425 |  |  | $ | 361,133 |  |  | $ | 269,410 |
Tax-exempt investment income | (8,361) |  |  | (10,815) |  |  | (11,380) |
Change in valuation allowance | (10,883) |  |  | (28,064) |  |  | 2,974 |
Impact of foreign tax rates | 5,461 |  |  | (453) |  |  | (2,368) |
State and local taxes | 12,271 |  |  | 8,976 |  |  | 4,230 |
Other, net | 3,644 |  |  | 3,950 |  |  | (10,976) |
Total expense | $ | 370,557 |  |  | $ | 334,727 |  |  | $ | 251,890 |
At December 31, 2023 and 2022, 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) | 2023 |  | 2022
Deferred tax asset: |  |  |
Loss reserve discounting | $ | 230,956 |  |  | $ | 192,181 |
Unearned premiums | 200,938 |  |  | 180,326 |
Unrealized investment losses | 126,693 |  |  | 228,456 |
Net operating losses & foreign tax credits | 59,154 |  |  | 58,182 |
Other-than-temporary impairments | 12,691 |  |  | 5,935 |
Employee compensation plans | 68,062 |  |  | 63,313 |
Other | 78,025 |  |  | 72,536 |
Gross deferred tax asset | 776,519 |  |  | 800,929 |
Less valuation allowance | (36,283) |  |  | (47,166) |
Deferred tax asset | 740,236 |  |  | 753,763 |
Deferred tax liability: |  |  |
Amortization of intangibles | 15,205 |  |  | 13,973 |
Loss reserve discounting - transition rule | 9,894 |  |  | 14,843 |
Deferred policy acquisition costs | 176,281 |  |  | 157,055 |
Property, furniture and equipment | 43,501 |  |  | 45,887 |
Investment funds | 161,867 |  |  | 125,525 |
Other | 66,525 |  |  | 67,479 |
Deferred tax liability | 473,273 |  |  | 424,762 |
Net deferred tax asset | $ | 266,963 |  |  | $ | 329,001 |

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration