Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Provision for Income Taxes

The provision for income taxes consists of the following for the years ended December 31:

(in thousands)
	2020		2019		2018
Current income tax expense	$	80,373	$	76,535	$	84,454
Deferred income tax (benefit) expense	(5,162)		3,349		(1,358)
Income tax expense	$	75,211	$	79,884	$	83,096

Schedule of Reconciliation of the Provision for Income Taxes, with Amounts Determined by Applying the Statutory Federal Income Tax Rate to Pre-Tax Income

A reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rate to pre-tax income, is as follows for the years ended December 31:

(in thousands)
	2020		2019		2018
Income tax at statutory rate	$	77,388	$	83,308	$	77,977
Tax-exempt interest	—		(123)		(1,305)
(Decrease) increase in unrecognized tax benefits	—		(3,088)		3,088
Other, net	(2,177)		(213)		3,336
Income tax expense	$	75,211	$	79,884	$	83,096

Schedule of Temporary Differences and Carry-Forwards, which Give Rise to Deferred Tax Assets and Liabilities

Temporary differences and carry-forwards, which give rise to deferred tax assets and liabilities, are as follows as of December 31:

(in thousands)
	2020		2019
Deferred tax assets:
Pension and other postretirement benefits	$	29,065	$	25,720
Other employee benefits	14,544		11,835
Deferred revenue	3,872		3,755
Allowance for management fee returned on cancelled policies	3,515		3,421
Unrealized losses on investments	1,083		—
Other	2,692		1,663
Total deferred tax assets	54,771		46,394
Deferred tax liabilities:
Depreciation	29,978		19,454
Unrealized gains on investments	7,540		4,181
Prepaid expenses	3,800		4,890
Commissions	884		545
Other	228		138
Total deferred tax liabilities	42,430		29,208
Net deferred tax asset	$	12,341	$	17,186

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of unrecognized tax benefits for the years ended December 31 is as follows:

(in thousands)
	2020		2019		2018
Balance at the beginning of the year	$	0	$	3,088	$	0
Additions for current year tax positions	—		—		7,719
Reductions for current year tax positions	—		—		(4,631)
Additions for prior year tax positions	—		4,631		—
Reductions for prior year tax positions	—		(7,719)		—
Balance at the end of the year	$	0	$	0	$	3,088