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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]

Components Of Income Tax Expense

The income tax (benefit) expense consisted of the following components:

	Year Ended December 31,
	2016				2015				2014
	(Amounts in thousands)
Federal
Current	$	17,444			$	21,942			$	44,469
Deferred	(21,947		)		(25,594		)		20,444
	$	(4,503	)		$	(3,652	)		$	64,913
State
Current	$	2,239			$	943			$	4,421
Deferred	(56		)		(1,203		)		142
	$	2,183			$	(260	)		$	4,563
Total
Current	$	19,683			$	22,885			$	48,890
Deferred	(22,003		)		(26,797		)		20,586
Total	$	(2,320	)		$	(3,912	)		$	69,476

Reconciliation Of Income Taxes

The income tax (benefit) expense reflected in the consolidated statements of operations is reconciled to the federal income tax (benefit) expense on income before income taxes based on a statutory rate of 35% as shown in the table below:

	Year Ended December 31,
	2016				2015				2014
	(Amounts in thousands)
Computed tax expense at 35%	$	24,753			$	24,699			$	86,598
Tax-exempt interest income	(26,197		)		(26,993		)		(27,839		)
Dividends received deduction	(2,303		)		(1,613		)		(2,027		)
State tax expense	1,907				(287		)		3,872
Nondeductible expenses	303				575				9,900
Other, net	(783		)		(293		)		(1,028		)
Income tax (benefit) expense	$	(2,320	)		$	(3,912	)		$	69,476

Deferred Tax Assets And Liabilities

The following table presents the significant components of the Company’s net deferred tax assets and liabilities:

	December 31,
	2016				2015
	(Amounts in thousands)
Deferred tax assets:
20% of net unearned premiums	$	77,104			$	75,406
Discounting of loss reserves and salvage and subrogation recoverable for tax purposes	9,864				9,518
Write-down of impaired investments	726				857
Tax credit carryforward	47,238				36,349
Expense accruals	11,090				11,264
Other deferred tax assets	8,828				9,596
Total gross deferred tax assets	154,850				142,990
Deferred tax liabilities:
Deferred policy acquisition costs	(70,289		)		(70,617		)
Tax liability on net unrealized gain on securities carried at fair value	(15,612		)		(23,095		)
Tax depreciation in excess of book depreciation	(10,446		)		(10,742		)
Undistributed earnings of insurance subsidiaries	(3,985		)		(4,022		)
Tax amortization in excess of book amortization	(3,030		)		(2,514		)
Other deferred tax liabilities	(6,211		)		(8,769		)
Total gross deferred tax liabilities	(109,573		)		(119,759		)
Net deferred tax assets	$	45,277			$	23,231

Summary Of Unrecognized Tax Benefits

The following table presents a reconciliation of the beginning and ending balances of unrecognized tax benefits:

	December 31,
	2016				2015
	(Amounts in thousands)
Balance at January 1	$	12,165			$	12,612
Additions (reductions) based on tax positions related to:
Current year	688				932
Prior years	101				(1,379		)
Additions (reductions) as a result of lapse of the applicable statute of limitations	—				—
Balance at December 31	$	12,954			$	12,165

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- References

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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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32639-109319

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- 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://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=65882285&loc=d3e32687-109319

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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=65882285&loc=SL6600010-109319

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
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