Note 8 - Other Assets

3 Months Ended

Mar. 31, 2019

The following table shows the components of other assets as of the dates indicated:



(In thousands)	March 31, 2019		December 31, 2018
Company-owned life insurance	$	85,729	$	83,377
Right-of-use assets (1)	47,150		—
Internal-use software (2)	46,611		51,367
Property and equipment (3)	39,530		37,090
Accrued investment income	33,275		34,878
Unbilled receivables	22,967		19,917
Loaned securities (Note 5)	22,606		27,860
Deferred policy acquisition costs	17,594		17,311
Reinsurance recoverables	15,401		14,402
Current federal income tax receivable (4)	—		44,506
Other	42,815		36,992
Total other assets	$	373,678	$	367,700

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(1)	Represents right-of-use assets recognized as a result of our adoption, as of January 1, 2019, of the new accounting and disclosure requirements for leases of property, plant and equipment. See Note 1 for additional information. Right-of-use assets are shown less accumulated amortization of $2.3 million at March 31, 2019.

(2)

Internal-use software, at cost, has been reduced by accumulated amortization of $63.7 million and $60.3 million at March 31, 2019 and December 31, 2018, respectively, as well as $3.8 million of impairment charges in the three months ended March 31, 2019, and $5.1 million of impairment charges in 2018. Amortization expense was $3.1 million and $2.8 million for the three-month periods ended March 31, 2019 and 2018, respectively.


(3)	Property and equipment at cost, less accumulated depreciation of $64.5 million and $62.9 million at March 31, 2019 and December 31, 2018, respectively. Depreciation expense was $2.1 million and $1.9 million for the three-month periods ended March 31, 2019 and 2018, respectively.

(4)

During the three months ended March 31, 2019, current federal income tax receivable was reduced by our receipt of the remaining $57.2 million refund from amounts on deposit with the IRS related to the settlement of the IRS Matter.