INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of reconciliation of effective income tax rate related to continuing operations

The Company’s effective income tax rate related to continuing operations varied from the maximum federal income tax rate as follows:

	For The Year Ended December, 31
	2018		2017		2016
Statutory federal income tax rate applied to pre-tax income	21.0	%	35.0	%	35.0	%
State income taxes	4.2		0.3		0.6
Investment income not subject to tax	(4.5	)	(4.7	)	(3.1	)
Prior period adjustments	1.6		(1.1	)	(1.6	)
Federal Tax law changes	—		(184.8	)	—
Other	(0.6	)	0.5		1.6
	21.7	%	(154.8	)%	32.5	%

Schedule of components of income tax

The components of the Company’s income tax are as follows:

	For The Year Ended December 31,
	2018			2017			2016
	(Dollars In Thousands)
Current income tax expense:
Federal	$	113,925		$	39,042		$	(41,244	)
State	9,699			(2,477		)	2,581
Total current	$	123,624		$	36,565		$	(38,663	)
Deferred income tax expense:
Federal	$	(73,364	)	$	(757,748	)	$	204,810
State	3,401			2,774			3,926
Total deferred	$	(69,963	)	$	(754,974	)	$	208,736

Schedule of components of the Company's net deferred income tax liability

The components of the Company’s net deferred income tax liability are as follows:

	As of December 31,
	2018			2017
	(Dollars In Thousands)
Deferred income tax assets:
Loss and credit carryforwards	$	120,128		$	240,419
Deferred compensation	58,533			64,677
Deferred policy acquisition costs	113,959			23,113
Premium on non-recourse funding obligations	905			1,666
Net unrealized loss on investments	373,292			—
Valuation allowance	(1,589		)	(3,682		)
	665,228			326,193
Deferred income tax liabilities:
Premium receivables and policy liabilities	339,555			538,465
VOBA and other intangibles	478,561			433,371
Invested assets (other than unrealized gains (losses))	720,108			701,070
Net unrealized gains on investments	—			6,175
Other	25,343			19,101
	1,563,567			1,698,182
Net deferred income tax liability	$	(898,339	)	$	(1,371,989	)

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:

	For The Year Ended December 31,
	2018			2017			2016
	(Dollars In Thousands)
Balance, beginning of period	$	11,353		$	9,856		$	8,937
Additions for tax positions of the current year	—			1,857			2,122
Additions for tax positions of prior years	—			70			1,318
Reductions of tax positions of prior years:
Changes in judgment	(4,219		)	(430		)	(975		)
Settlements during the period	—			—			(1,546		)
Lapses of applicable statute of limitations	—			—			—
Balance, end of period	$	7,134		$	11,353		$	9,856