2019

2018

2017

Income:

Dividends from subsidiaries

$

127,750

$

105,000

$

64,600

Interest income on notes receivable

922

—

Interest income on other investments

(514)

8,208

8,100

Other

18

1,988

26

Total income

128,176

115,196

72,726

Expenses:

Interest expense (Debentures)

6,435

6,989

5,392

Other

2,749

2,930

5,648

Total expenses

9,184

9,919

11,040

Income before federal income taxes and equity in undistributed net income of subsidiaries

118,992

105,277

61,686

Income tax expense

(1,878)

481

(2,076)

Income before equity in undistributed net income of subsidiaries

120,870

104,796

63,762

Equity in undistributed net income of subsidiaries

84,234

111,135

93,674

Net income

$

205,104

$

215,931

$

157,436