Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Net deferred tax assets and liabilities

Net deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows:

(In thousands)	2015			2014
Total deferred tax assets	$	791,286		$	933,576
Total deferred tax liabilities	(29,206		)	(33,789		)
Net deferred tax asset before valuation allowance	762,080			899,787
Valuation allowance	—			(902,289		)
Net deferred tax asset (liability)	$	762,080		$	(2,502	)

Components of the net deferred tax asset (liability)

The components of the net deferred tax asset (liability) as of December 31, 2015 and 2014 are as follows:

(In thousands)	2015			2014
Unearned premium reserves	$	33,262		$	12,296
Benefit plans	(14,283		)	(13,900		)
Federal net operating loss	680,975			845,616
Loss reserves	15,536			23,069
Unrealized (appreciation) depreciation in investments	8,904			(2,800		)
Mortgage investments	17,386			15,346
Deferred compensation	12,927			11,955
Premium deficiency reserves	—			8,313
Other, net	7,373			(108		)
Net deferred tax asset before valuation allowance	762,080			899,787
Valuation allowance	—			(902,289		)
Net deferred tax asset (liability)	$	762,080		$	(2,502	)

Summary of Valuation Allowance

The following table provides a rollforward of our deferred tax asset valuation allowance for the year ended December 31, 2015.

(In millions)	For the year ended December 31, 2015
Balance at December 31, 2014	$	902.3
Reduction in tax provision in current year	(161.1		)
Amounts recorded in other comprehensive income in the current year	6.3
Change in valuation allowance for deferred tax assets in the current year	(154.8		)
Reduction in tax provision for amounts to be realized in future years	(686.7		)
Amounts recorded in other comprehensive income to be realized in future years	(60.8		)
Change in valuation allowance for deferred tax assets realizable in future years	(747.5		)
Balance at December 31, 2015	$	—

Tax provision (benefit)

The effect of the change in valuation allowance on the provision for (benefit from) income taxes was as follows:

(In thousands)	2015			2014			2013
Provision for (benefit from) income taxes before valuation allowance	$	163,497		$	91,607		$	(17,239	)
Change in valuation allowance	(161,158		)	(88,833		)	20,935
Reversal of the valuation allowance	(686,652		)	—			—
(Benefit from) provision for income taxes	$	(684,313	)	$	2,774		$	3,696

Components of the provision for (benefit from) income taxes

The following summarizes the components of the provision for (benefit from) income taxes:

(In thousands)	2015			2014		2013
Current Federal	$	8,067		$	2,391	$	916
Deferred Federal	(686,652		)	1		7
Other	(5,728		)	382		2,773
(Benefit from) provision for income taxes	$	(684,313	)	$	2,774	$	3,696

Reconciliation of federal statutory income tax rate

The reconciliation of the federal statutory income tax rate to the effective tax rate (benefit) provision is as follows:

	2015		2014		2013
Federal statutory income tax rate	35.0	%	35.0	%	(35.0	)%
Valuation allowance	(173.8	)%	(34.9	)%	45.4	%
Tax exempt municipal bond interest	(0.8	)%	(0.4	)%	(3.7	)%
Other, net	(0.7	)%	1.4	%	1.3	%
Effective tax rate (benefit) provision	(140.3	)%	1.1	%	8.0	%

Reconciliation of unrecognized tax benefits

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

(In thousands)	2015		2014		2013
Balance at beginning of year	$	106,230	$	105,366	$	104,550
Additions based on tax positions related to the current year	—		—		—
Additions for tax positions of prior years	890		864		816
Reductions for tax positions of prior years	—		—		—
Settlements	—		—		—
Balance at end of year	$	107,120	$	106,230	$	105,366