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Income Taxes | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Income Taxes |
NOTE 12 |  | Income Taxes
Net deferred tax liabilities included on the Consolidated Balance Sheet at December 31, 2021 and 2020 as a component of Other liabilities are as follows:
Deferred tax assets and liabilities
Table | 12.1 |  |  |  |
(In thousands) |  | 2021 |  | 2020
Total deferred tax assets |  | $ | 32,331 |  |  | $ | 38,443 |
Total deferred tax liabilities |  | (71,743) |  |  | (98,485) |
Net deferred tax liability |  | $ | (39,412) |  |  | $ | (60,042) |
Table 12.2 includes the components of the net deferred tax liability as of December 31, 2021 and 2020.
Deferred tax components
Table | 12.2 |  |  |  |
(In thousands) |  | 2021 |  | 2020
Unearned premium reserves |  | $ | 19,116 |  |  | $ | 23,163 |
Benefit plans |  | (21,360) |  |  | (13,977) |
Loss reserves |  | 4,034 |  |  | 3,542 |
Unrealized appreciation in investments |  | (39,883) |  |  | (72,341) |
Deferred Policy Acquisition Cost |  | (4,551) |  |  | (4,528) |
Deferred compensation |  | 6,118 |  |  | 6,776 |
Other, net |  | (2,886) |  |  | (2,677) |
Net deferred tax liability |  | $ | (39,412) |  |  | $ | (60,042) |
We believe that all gross deferred tax assets at December 31, 2020 and 2021 are fully realizable and no valuation allowance has been established. Table 12.3 summarizes the components of the provision for income taxes:
Provision for (benefit from) income taxes
Table | 12.3 |  |  |  |  |  |
(In thousands) |  | 2021 |  | 2020 |  | 2019
Current Federal |  | $ | 161,055 |  |  | $ | 85,574 |  |  | $ | 162,911 |
Deferred Federal |  | 4,392 |  |  | 28,244 |  |  | 11,860 |
Other |  | 1,347 |  |  | (648) |  |  | (557) |
Provision for income taxes |  | $ | 166,794 |  |  | $ | 113,170 |  |  | $ | 174,214 |
Current federal income tax payments were $155.3 million, $79.6 million, and $158.3 million in 2021, 2020 and 2019, respectively. At December 31, 2021 we owned $426.3 million of tax and loss bonds. Table 12.4 reconciles the federal statutory income tax rate to our effective tax provision rate.
Effective tax rate reconciliation
Table | 12.4 |  |  |  |  |
| 2021 |  | 2020 |  | 2019
Federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax exempt municipal bond interest | (0.6) | % |  | (0.9) | % |  | (0.6) | %
Other, net | 0.4 | % |  | 0.1 | % |  | 0.1 | %
Effective tax rate | 20.8 | % |  | 20.2 | % |  | 20.5 | %
We have not recorded any uncertain tax positions during 2020 and 2021 and have no unrecognized tax benefits at December 31, 2020 and December 31, 2021. We recognize interest accrued and penalties related to unrecognized tax benefits in income taxes. The statute of limitations related to the consolidated federal income tax return is closed for all years prior to 2018.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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