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Variable Interest Entities (Tables)

12 Months Ended

Dec. 31, 2024

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Summary of LIHTC Investments and Commitments

The following table summarizes the Company’s LIHTC investments and related unfunded commitments:

			At December 31,
(In thousands)			2024						2023
Gross investment in LIHTC investments			$	1,439,461					$	1,135,192
Accumulated amortization			(222,101)						(141,199)
Net investment in LIHTC investments			$	1,217,360					$	993,993
Unfunded commitments for LIHTC investments			$	720,890					$	549,258

Schedule of Components of Income Tax Expense (Benefit)

Income tax expense reflects the following expense (benefit) components:

			Years ended December 31,
(In thousands)			2024						2023						2022
Current:
Federal			$	171,913					$	219,548					$	170,779
State and local			58,204						50,750						52,579
Total current			230,117						270,298						223,358
Deferred:
Federal			(14,464)						(43,615)						(45,421)
State and local			32,647						(10,019)						(24,243)
Total deferred			18,183						(53,634)						(69,664)
Total federal			157,449						175,933						125,358
Total state and local			90,851						40,731						28,336
Income tax expense			$	248,300					$	216,664					$	153,694

The following table summarizes the amount of income tax credits, other income tax benefits, and investment amortization generated from the Company’s LIHTC investments, which are recognized as a component of income tax expense on the accompanying Consolidated Statements of Income:

			Years ended December 31,
(In thousands)			2024						2023
Income tax credits and other income tax benefits from LIHTC investments			$	(107,851)					$	(90,093)
Investment amortization from LIHTC investments			80,902						71,775

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- Definition

Tabular disclosure of the activity in the Affordable Housing Program (AHP) obligation.

+ References

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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

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