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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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) |  |
|  | 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 |
Schedule of Reconciliation of the Provision for Income Taxes | 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 |
Schedule of 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) |  |
|  | 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) |

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- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
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- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
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