Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Provision for Income Taxes

Income tax expense. Income tax expense (benefit) consists of the following:

	Current		Deferred			Total
	(In thousands)
Year ended December 31, 2022
Federal	$	149,034	$	(49,683	)	$	99,351
Foreign		51,692		(27,163	)		24,529
State and local		5,029		(3,134	)		1,895
Total tax expense	$	205,755	$	(79,980	)	$	125,775
Year ended December 31, 2021
Federal	$	115,657	$	(10,589	)	$	105,068
Foreign		43,687		(13,890	)		29,797
State and local		5,440		(1,114	)		4,326
Total tax expense	$	164,784	$	(25,593	)	$	139,191
Year ended December 31, 2020
Federal	$	88,837	$	853		$	89,690
Foreign		26,749		(547	)	$	26,202
State and local		4,714		(40	)	$	4,674
Total tax expense	$	120,300	$	266		$	120,566

Schedule of Income before Income Taxes by Domestic and Foreign

Income before income taxes. Income before income taxes by domestic and foreign were as follows:

	Year ended December 31,
	2022		2021		2020
	(In thousands)
Income before income taxes by domestic and foreign
Domestic	$	394,773	$	399,149	$	411,751
Foreign		98,976		112,022		94,979
Total income before income taxes	$	493,749	$	511,171	$	506,730

Schedule of Effective Income Tax Rate Reconciliation

The reconciliation for such difference follows:

	Year ended December 31,
	2022					2021					2020
	Amount		Percentage			Amount		Percentage			Amount		Percentage
	(Dollars in thousands)
Computed tax expense	$	103,687		21.0	%	$	107,346		21.0	%	$	106,413		21.0	%
Goodwill impairment loss		12,600		2.6	%		15,960		3.1	%		-		0.0	%
Difference between foreign statutory      rate and U.S. statutory rate		5,571		1.1	%		5,871		1.1	%		5,075		1.0	%
Other		3,917		0.8	%		10,014		2.0	%		9,078		1.8	%
Total tax expense /    effective rate	$	125,775		25.5	%	$	139,191		27.2	%	$	120,566		23.8	%

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities. The main components of deferred income tax assets and liabilities were as follows:

	December 31,
	2022			2021
	(In thousands)
Deferred tax assets:
Future policy benefit reserves and unpaid policy claims	$	428,438		$	353,677
Net operating loss and interest carryforwards		28,675			36,343
Investments		59,085			-
Future deductible liabilities		23,217			20,883
Foreign tax credits		36,424			46,455
Other		23,809			27,610
Total deferred tax assets before valuation allowance		599,648			484,968
Valuation allowance		(36,511	)		(46,542	)
Total deferred tax assets after valuation allowance	$	563,137		$	438,426
Deferred tax liabilities:
Deferred policy acquisition costs		(385,351	)		(383,163	)
Renewal commissions receivable		(53,874	)		(60,782	)
Intangibles		(47,806	)		(50,310	)
Investments		-			(17,952	)
Reinsurance deposit asset		(47,118	)		(48,587	)
Other		(19,112	)		(21,833	)
Total deferred tax liabilities		(553,261	)		(582,627	)
Net deferred tax liabilities	$	9,876		$	(144,201	)

Summary of Reconciliation of Change in Unrecognized Income Tax Benefit

A reconciliation of the change in the unrecognized income tax benefit for the years ended December 31, 2022 and 2021 is as follows:

	December 31,
	2022			2021			2020
	(In thousands)
Unrecognized tax benefits, beginning of period	$	19,224		$	17,104		$	15,805
Change in prior period unrecognized tax benefits		(944	)		(103	)		40
Change in current period unrecognized tax benefits		3,993			3,777			3,296
Reductions as a result of a lapse in statute of limitations		(2,093	)		(1,554	)		(2,037	)
Unrecognized tax benefits, end of period	$	20,180		$	19,224		$	17,104