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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Net deferred tax assets and liabilities

Net deferred tax assets and liabilities as of December 31, 2018 and 2017 are as follows:

Deferred tax assets and liabilities
Table	12.1
(In thousands)			2018				2017
Total deferred tax assets			$	83,082			$	258,663
Total deferred tax liabilities			(13,898		)		(24,282		)
Net deferred tax asset			$	69,184			$	234,381

Components of the net deferred tax asset (liability)

Table 12.2 includes the components of the net deferred tax asset as of December 31, 2018 and 2017.

Deferred tax components
Table	12.2
(In thousands)			2018				2017
Unearned premium reserves			$	31,808			$	29,196
Benefit plans			(5,047		)		(7,162		)
Federal net operating loss			—				155,839
Loss reserves			3,113				4,994
Unrealized depreciation (appreciation) in investments			9,407				(7,782		)
Mortgage investments			8,307				8,963
Deferred compensation			8,662				7,265
AMT credit carryforward			17,521				37,017
Other, net			(4,587		)		6,051
Net deferred tax asset			$	69,184			$	234,381

Components of the provision for (benefit from) income taxes

Table 12.3 summarizes the components of the provision for (benefit from) income taxes:

Provision for (benefit from) income taxes
Table	12.3
(In thousands)			2018				2017				2016
Current Federal			$	(16,272	)		$	73,348			$	9,470
Deferred Federal			185,598				351,677				160,657
Other			4,727				3,710				2,070
Provision for income taxes			$	174,053			$	428,735			$	172,197

Reconciliation of federal statutory income tax rate

Table 12.6 reconciles the federal statutory income tax rate to our effective tax provision rate.

Effective tax rate reconciliation
Table	12.6
		2018			2017			2016
Federal statutory income tax rate		21.0	%		35.0	%		35.0	%
Additional income tax provision related to the rate decrease included in the Tax Act		—	%		17.0	%		—	%
Additional income tax provision related to IRS litigation		(0.3	)%		3.7	%		0.1	%
Tax exempt municipal bond interest		(0.7	)%		(1.4	)%		(1.9	)%
Other, net		0.6	%		0.4	%		0.3	%
Effective tax rate		20.6	%		54.7	%		33.5	%

Reconciliation of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is shown in table 12.7.

Unrecognized tax benefits reconciliation
Table	12.7
(In thousands)			2018				2017				2016
Balance at beginning of year			$	142,821			$	108,245			$	107,120
Additions for tax positions of prior years			—				35,003				1,125
Reductions for tax positions of prior years			(3,070		)		(427		)		—
Settlements			(139,751		)		—				—
Balance at end of year			$	—			$	142,821			$	108,245

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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.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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