Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefits) consists of:

(In thousands)	Current Expense (Benefit)			Deferred (Benefit) Expense			Total
December 31, 2017
Domestic	$	225,694		$	(27,601	)	$	198,093
Foreign	8,803			12,537			21,340
Total expense	$	234,497		$	(15,064	)	$	219,433
December 31, 2016
Domestic	$	259,539		$	3,355		$	262,894
Foreign	23,634			6,425			30,059
Total expense	$	283,173		$	9,780		$	292,953
December 31, 2015
Domestic	$	179,150		$	31,145		$	210,295
Foreign	(2,318		)	19,946			17,628
Total expense	$	176,832		$	51,091		$	227,923

Schedule of Effective Income Tax Rate Reconciliation

A reconciliation of the income tax expense and the amounts computed by applying the Federal and foreign income tax rate of 35% to pre-tax income are as follows:

(In thousands)	2017			2016			2015
Computed “expected” tax expense	$	270,470		$	313,753		$	256,210
Tax-exempt investment income	(37,209		)	(37,379		)	(39,283		)
Change in valuation allowance	11,161			1,420			2,702
Impact of foreign tax rates	3,508			1,984			4,447
State and local taxes	1,644			7,748			940
Impact of change in U.S. tax rate	(30,531		)	—			—
Other, net	390			5,427			2,907
Total expense	$	219,433		$	292,953		$	227,923

227923

Schedule of Deferred Tax Assets and Liabilities

(In thousands)	2017			2016			2015
Computed “expected” tax expense	$	270,470		$	313,753		$	256,210
Tax-exempt investment income	(37,209		)	(37,379		)	(39,283		)
Change in valuation allowance	11,161			1,420			2,702
Impact of foreign tax rates	3,508			1,984			4,447
State and local taxes	1,644			7,748			940
Impact of change in U.S. tax rate	(30,531		)	—			—
Other, net	390			5,427			2,907
Total expense	$	219,433		$	292,953		$	227,923

At December 31, 2017 and 2016, the tax effects of differences that give rise to significant portions of the deferred tax asset and deferred tax liability are as follows:

(In thousands)	2017			2016
Deferred tax asset:
Loss reserve discounting	$	70,206		$	86,659
Unearned premiums	110,854			187,522
Net operating losses	33,043			6,179
Other-than-temporary impairments	8,204			26,139
Employee compensation plans	59,037			90,998
Other	49,346			79,842
Gross deferred tax asset	330,690			477,339
Less valuation allowance	(16,619		)	(5,457		)
Deferred tax asset	314,071			471,882
Deferred tax liability:
Amortization of intangibles	12,826			21,192
Deferred policy acquisition costs	100,020			173,481
Unrealized investment gains	151,162			238,232
Property, furniture and equipment	31,865			34,857
Investment funds	41,104			85,075
Other	63,858			53,410
Deferred tax liability	400,835			606,247
Net deferred tax liability	$	86,764		$	134,365