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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The provision for income taxes consists of the following for the years ended December 31:
(in thousands) |  |
|  | 2024 |  | 2023 |  | 2022
Current income tax expense |  | $ | 152,939 |  |  | $ | 116,877 |  |  | $ | 68,415 |
Deferred income tax expense (benefit) |  | 4,026 |  |  | (1,002) |  |  | 9,468 |
Income tax expense |  | $ | 156,965 |  |  | $ | 115,875 |  |  | $ | 77,883 |
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) |  |
|  | 2024 |  | 2023 |  | 2022
Income tax at statutory rate |  | $ | 159,029 |  |  | $ | 118,007 |  |  | $ | 79,055 |
Other, net |  | (2,064) |  |  | (2,132) |  |  | (1,172) |
Income tax expense |  | $ | 156,965 |  |  | $ | 115,875 |  |  | $ | 77,883 |
Temporary differences and carry-forwards, which give rise to deferred tax assets and liabilities, are as follows as of December 31:
(in thousands) |  |
|  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Other employee benefits |  | $ | 18,409 |  |  | $ | 17,781 |
Allowance for management fee returned on cancelled policies |  | 4,647 |  |  | 3,571 |
Deferred revenue |  | 4,181 |  |  | 3,756 |
Unrealized losses on investments |  | 3,827 |  |  | 7,164 |
Current expected credit loss allowance |  | 2,966 |  |  | 2,661 |
Other |  | 4,617 |  |  | 3,709 |
Total deferred tax assets |  | 38,647 |  |  | 38,642 |
Deferred tax liabilities: |  |  |  |
Depreciation |  | 27,089 |  |  | 31,126 |
Pension and other postretirement benefits |  | 12,276 |  |  | 14,738 |
Prepaid expenses |  | 2,013 |  |  | 2,001 |
Other |  | 3,687 |  |  | 2,258 |
Total deferred tax liabilities |  | 45,065 |  |  | 50,123 |
Net deferred tax liability |  | $ | (6,418) |  |  | $ | (11,481) |
If we determine that any of our deferred tax assets will not result in future tax benefits, a valuation allowance must be established for the portion of the assets that are not expected to be realized. We had no valuation allowance recorded at December 31, 2024 or 2023. We do not have any unrecognized tax benefit that, if recognized, would affect our effective tax rate as of December 31, 2024 and 2023. Any interest expense related to uncertain tax positions would be recognized in income tax expense. Tax years ending December 31, 2023, 2022 and 2021 remain open to IRS examination. We are not currently under IRS audit, nor have we been notified of an upcoming IRS audit. We are the attorney-in-fact for the subscribers (policyholders) at the Exchange, a reciprocal insurance exchange. In that capacity, we provide all services and facilities necessary to conduct the Exchange's insurance business. Indemnity and the Exchange together constitute a single insurance business. Consequently, we are not subject to state corporate income or franchise taxes in states where the Exchange conducts its business and the states collect premium tax in lieu of corporate income or franchise tax, as a result of the Exchange's remittance of premium taxes in those states.

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