XML 52 R37.htm IDEA: XBRL DOCUMENT v3.8.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of Income Tax Expense

Our income tax expense as presented in the consolidated financial statements is summarized as follows:

	Year Ended December 31,
	2017				2016				2015
	(Dollars in thousands)
Consolidated statements of operations:
Current income taxes	$	188,356			$	57,412			$	75,568
Deferred income taxes (benefits)	(46,730		)		(10,408		)		41,916
Total income tax expense included in consolidated statements of operations	141,626				47,004				117,484
Stockholders' equity:
Expense (benefit) relating to:
Change in net unrealized investment losses	177,162				74,471				(279,860		)
Share-based compensation	—				(527		)		(3,649		)
Total income tax expense (benefit) included in consolidated financial statements	$	318,788			$	120,948			$	(166,025	)

Effective Income Tax Rate Reconciliation

Income tax expense in the consolidated statements of operations differed from the amount computed at the applicable statutory federal income tax rate of 35% as follows:

	Year Ended December 31,
	2017				2016				2015
	(Dollars in thousands)
Income before income taxes	$	316,271			$	130,247			$	337,314
Income tax expense on income before income taxes	$	110,695			$	45,586			$	118,060
Tax effect of:
State income taxes	1,961				2,559				2,924
Tax exempt net investment income	(4,288		)		(2,167		)		(3,834		)
Impact of Tax Reform	35,932				—				—
Other	(2,674		)		1,026				334
Income tax expense	$	141,626			$	47,004			$	117,484
Effective tax rate	44.8		%		36.1		%		34.8		%

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to the deferred tax assets and liabilities at December 31, 2017 and 2016, are as follows:

	December 31,
	2017				2016
	(Dollars in thousands)
Deferred income tax assets:
Policy benefit reserves	$	1,842,049			$	2,354,786
Other than temporary impairments	11,262				15,681
Amounts due reinsurer	6,852				1,321
Other policyholder funds	3,724				6,474
Deferred compensation	3,827				7,963
Share-based compensation	3,383				5,407
State net operating loss carryforwards	3,196				3,745
Other	10,253				11,367
Gross deferred tax assets	1,884,546				2,406,744
Deferred income tax liabilities:
Deferred policy acquisition costs and deferred sales inducements	(1,212,509		)		(1,951,333		)
Net unrealized gains on available for sale fixed maturity and equity securities	(220,533		)		(170,925		)
Derivative instruments	(179,776		)		(75,405		)
Policy benefit reserves	(197,233		)		—
Investment income items	(34,849		)		(39,118		)
Other	(1,499		)		(1,385		)
Gross deferred tax liabilities	(1,846,399		)		(2,238,166		)
Net deferred income tax asset	$	38,147			$	168,578

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration