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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Net deferred tax assets and liabilities

Net deferred tax assets and liabilities as of December 31, 2016 and 2015 are as follows:

(In thousands)		2016				2015
Total deferred tax assets		$	636,449			$	791,286
Total deferred tax liabilities		(28,794		)		(29,206		)
Net deferred tax asset		$	607,655			$	762,080

Components of the net deferred tax asset (liability)

The components of the net deferred tax asset as of December 31, 2016 and 2015 are as follows:

(In thousands)		2016				2015
Unearned premium reserves		$	40,153			$	33,262
Benefit plans		(12,350		)		(14,283		)
Federal net operating loss		520,812				680,975
Loss reserves		10,883				15,536
Unrealized depreciation in investments		11,211				8,904
Mortgage investments		17,751				17,386
Deferred compensation		12,517				12,927
Other, net		6,678				7,373
Net deferred tax asset		607,655				762,080

Summary of valuation allowance

The following table provides a rollforward of our deferred tax asset valuation allowance for the year ended December 31, 2015.

(In millions)		For the year ended December 31, 2015
Balance at December 31, 2014		$	902.3
Reduction in tax provision in current year		(161.1		)
Amounts recorded in other comprehensive income in the current year		6.3
Change in valuation allowance for deferred tax assets in the current year		(154.8		)
Reduction in tax provision for amounts to be realized in future years		(686.7		)
Amounts recorded in other comprehensive income to be realized in future years		(60.8		)
Change in valuation allowance for deferred tax assets realizable in future years		(747.5		)
Balance at December 31, 2015		$	—

Tax provision (benefit)

The effect of the change in valuation allowance on the provision for (benefit from) income taxes was as follows:

(In thousands)		2016				2015				2014
Provision for income taxes before valuation allowance		$	172,197			$	163,497			$	91,607
Change in valuation allowance		—				(161,158		)		(88,833		)
Reversal of the valuation allowance		—				(686,652		)		—
Provision for (benefit from) income taxes		$	172,197			$	(684,313	)		$	2,774

Components of the provision for (benefit from) income taxes

The following summarizes the components of the provision for (benefit from) income taxes:

(In thousands)		2016				2015				2014
Current Federal		$	9,470			$	8,067			$	2,391
Deferred Federal		160,657				(686,652		)		1
Other		2,070				(5,728		)		382
Provision for (benefit from) income taxes		$	172,197			$	(684,313	)		$	2,774

Reconciliation of federal statutory income tax rate

The reconciliation of the federal statutory income tax rate to the effective tax provision (benefit) rate is as follows:

	2016			2015			2014
Federal statutory income tax rate	35.0	%		35.0	%		35.0	%
Valuation allowance	—	%		(173.8	)%		(34.9	)%
Tax exempt municipal bond interest	(1.9	)%		(0.8	)%		(0.4	)%
Other, net	0.4	%		(0.7	)%		1.4	%
Effective tax provision (benefit) rate	33.5	%		(140.3	)%		1.1	%

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

(In thousands)		2016				2015				2014
Balance at beginning of year		$	107,120			$	106,230			$	105,366
Additions based on tax positions related to the current year		—				—				—
Additions for tax positions of prior years		1,125				890				864
Reductions for tax positions of prior years		—				—				—
Settlements		—				—				—
Balance at end of year		$	108,245			$	107,120			$	106,230

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