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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the Company’s Net Deferred Income Tax Assets and Deferred Income Tax Liabilities at December 31, 2021 and 2020 were:

DOLLARS IN MILLIONS						2021						2020
Deferred Income Tax Assets:
Insurance Reserves						$	31.9					$	18.4
Unearned Premium Reserves						78.3						66.7
Tax Capitalization of Policy Acquisition Costs						46.6						46.6
Payroll and Employee Benefit Accruals						36.4						35.6
Net Operating Loss Carryforwards						3.6						1.1
Other						11.6						13.4
Total Deferred Income Tax Assets						208.4						181.8
Deferred Income Tax Liabilities:
Investments						209.1						258.8
Deferred Policy Acquisition Costs						142.4						123.7
Life VIF and P&C Customer Relationships						4.6						5.0
Goodwill and Other Intangible Assets Acquired						38.0						35.5
Depreciable Assets						38.7						42.1
Other						2.6						2.4
Total Deferred Income Tax Liabilities						435.4						467.5
Net Deferred Income Tax Liabilities						$	227.0					$	285.7

Summary of Operating Loss Carryforwards

The expiration of federal net operating loss (“NOL”) carryforwards and their related deferred income tax assets at December 31, 2021 is presented below by year of expiration.

DOLLARS IN MILLIONS						NOL Carry-forwards						Deferred Tax Asset
Expiring in:
2027						$	0.8					$	0.2
2028						4.4						0.9
No Expiration						12.3						2.5
Total All Years						$	17.5					$	3.6

Reconciliation of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of Unrecognized Tax Benefits for the years ended December 31, 2021, 2020 and 2019 is presented below.

DOLLARS IN MILLIONS						2021						2020						2019
Liabilities for Unrecognized Tax Benefits at Beginning of Year						$	—					$	—					$	4.4
Additions for Tax Positions of Current Year						—						—						—
Reductions for Tax Positions of Prior Years						—						—						(4.4)
Liabilities for Unrecognized Tax Benefits at End of Year						$	—					$	—					$	—

Schedule of Components of Income Tax Expense (Benefit)

The components of Income Tax Expense from Operations for the years ended December 31, 2021, 2020 and 2019 were:

DOLLARS IN MILLIONS						2021						2020						2019
Current Income Tax Benefit (Expense)						$	122.7					$	(86.6)					$	(66.4)
Deferred Income Tax Benefit (Expense)						2.1						(13.6)						(68.5)
(Increase) Decrease Unrecognized Tax Benefits						—						—						4.4
Income Tax Benefit (Expense)						$	124.8					$	(100.2)					$	(130.5)

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the Statutory Federal Income Tax Benefit (Expense) and Rate to the Company’s Effective Income Tax Benefit (Expense) and Rate from Operations for the years ended December 31, 2021, 2020 and 2019 is presented below.

DOLLARS IN MILLIONS						2021												2020												2019
						Amount						Rate						Amount						Rate						Amount						Rate
Statutory Federal Income Tax Benefit (Expense)						$	51.5					21.0		%				$	(107.1)					21.0		%				$	(138.9)					21.0		%
Tax-exempt Income and Dividends Received Deduction						4.6						1.9						4.0						(0.8)						4.3						(0.7)
Untaxed Earnings on Company-Owned Life Insurance						5.4						2.2						2.7						(0.5)						1.6						(0.2)
Investment tax credits						66.1						27.0						3.2						(0.6)						—						—
Stock-Based Compensation						0.3						0.1						2.2						(0.5)						4.4						(0.7)
Nondeductible Executive Compensation						(2.7)						(1.1)						(2.7)						0.5						(2.5)						0.4
Other, Net						(0.4)						(0.2)						(2.5)						0.5						0.6						(0.1)
Effective Income Tax Benefit (Expense)						$	124.8					50.9		%				$	(100.2)					19.6		%				$	(130.5)					19.7		%

Comprehensive Income Tax Benefit and Expenses

Comprehensive Income Tax (Expense) Benefit included in the Consolidated Financial Statements for the years ended December 31, 2021, 2020 and 2019 was:

DOLLARS IN MILLIONS						2021						2020						2019
Income Tax Benefit (Expense):
Operations						$	124.8					$	(100.2)					$	(130.5)
Unrealized Depreciation (Appreciation) on Securities						(60.1)						(78.3)						(85.2)
Tax Effects from Postretirement Benefit Plans						(2.4)						(15.3)						1.7
Tax Effects from Cash Flow Hedge						0.1						—						(0.1)
Comprehensive Income Tax (Expense) Benefit						$	62.4					$	(193.8)					$	(214.1)

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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 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.

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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.

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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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