Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense (benefit) consists of:

(In thousands)	Current Expense		Deferred Expense (Benefit)			Total
December 31, 2019
Domestic	$	124,231	$	27,616		$	151,847
Foreign	9,030		8,058			17,088
Total expense	$	133,261	$	35,674		$	168,935
December 31, 2018
Domestic	$	188,712	$	(63,134	)	$	125,578
Foreign	13,963		23,487			37,450
Total expense (benefit)	$	202,675	$	(39,647	)	$	163,028
December 31, 2017
Domestic	$	225,694	$	(27,601	)	$	198,093
Foreign	8,803		12,537			21,340
Total expense (benefit)	$	234,497	$	(15,064	)	$	219,433

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 21% for 2019 and 2018 and 35% for 2017 to pre-tax income are as follows:

(In thousands)	2019			2018			2017
Computed “expected” tax expense	$	179,113		$	170,540		$	270,470
Tax-exempt investment income	(14,666		)	(18,833		)	(37,209		)
Change in valuation allowance	(1,945		)	18,576			11,161
Impact of foreign tax rates	7,700			7,683			3,508
State and local taxes	4,842			3,901			1,644
Impact of change in U.S. tax rate	—			(10,950		)	(30,531		)
Other, net	(6,109		)	(7,889		)	390
Total expense	$	168,935		$	163,028		$	219,433

Schedule of Deferred Tax Assets and Liabilities

(In thousands)	2019			2018			2017
Computed “expected” tax expense	$	179,113		$	170,540		$	270,470
Tax-exempt investment income	(14,666		)	(18,833		)	(37,209		)
Change in valuation allowance	(1,945		)	18,576			11,161
Impact of foreign tax rates	7,700			7,683			3,508
State and local taxes	4,842			3,901			1,644
Impact of change in U.S. tax rate	—			(10,950		)	(30,531		)
Other, net	(6,109		)	(7,889		)	390
Total expense	$	168,935		$	163,028		$	219,433

At December 31, 2019 and 2018, 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)	2019			2018
Deferred tax asset:
Loss reserve discounting	$	136,100		$	130,513
Unearned premiums	120,246			112,190
Net operating losses	37,147			37,463
Other-than-temporary impairments	8,049			9,910
Employee compensation plans	60,552			56,027
Other	63,633			58,809
Gross deferred tax asset	425,727			404,912
Less valuation allowance	(33,250		)	(35,195		)
Deferred tax asset	392,477			369,717
Deferred tax liability:
Amortization of intangibles	12,832			13,641
Loss reserve discounting - transition rule	29,697			41,088
Deferred policy acquisition costs	103,947			99,293
Unrealized investment gains	93,330			35,430
Property, furniture and equipment	47,082			39,239
Investment funds	73,083			51,712
Other	50,212			53,824
Deferred tax liability	410,183			334,227
Net deferred tax liability (asset)	$	17,706		$	(35,490	)