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Income Taxes | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Income Taxes |
NOTE 12 |  | Income Taxes
Net deferred tax assets (liabilities) as reported on the consolidated balance sheet as of December 31, 2022 and 2021 are shown in table 12.1 below. At December 31, 2021 the deferred tax liability is included as a component of Other liabilities on the consolidated balance sheet.
Deferred tax assets and liabilities
Table | 12.1 |  |  |  |
(In thousands) |  | 2022 |  | 2021
Total deferred tax assets |  | $ | 144,819 |  |  | $ | 32,331 |
Total deferred tax liabilities |  | (20,050) |  |  | (71,743) |
Net deferred tax asset (liability) |  | $ | 124,769 |  |  | $ | (39,412) |
Table 12.2 includes the components of the net deferred tax asset (liability) as of December 31, 2022 and 2021.
Deferred tax components
Table | 12.2 |  |  |  |
(In thousands) |  | 2022 |  | 2021
Unearned premium reserves |  | $ | 16,209 |  |  | $ | 19,116 |
Benefit plans |  | (9,444) |  |  | (21,360) |
Loss reserves |  | 1,785 |  |  | 4,034 |
Unrealized depreciation (appreciation) in investments |  | 108,588 |  |  | (39,883) |
Deferred policy acquisition cost |  | (4,003) |  |  | (4,551) |
Deferred compensation |  | 6,806 |  |  | 6,118 |
Research and experimental costs |  | 9,719 |  |  | — |
Other, net |  | (4,891) |  |  | (2,886) |
Net deferred tax asset (liability) |  | $ | 124,769 |  |  | $ | (39,412) |
We believe that all gross deferred tax assets at December 31, 2022 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) |  | 2022 |  | 2021 |  | 2020
Current federal |  | $ | 228,259 |  |  | $ | 161,055 |  |  | $ | 85,574 |
Deferred federal |  | (5,235) |  |  | 4,392 |  |  | 28,244 |
Other |  | 1,661 |  |  | 1,347 |  |  | (648) |
Provision for income taxes |  | $ | 224,685 |  |  | $ | 166,794 |  |  | $ | 113,170 |
Current federal income tax payments were $236.5 million, $155.3 million, and $79.6 million in 2022, 2021 and 2020, respectively. At December 31, 2022 we owned $661.7 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 |  |  |  |  |
| 2022 |  | 2021 |  | 2020
Federal statutory income tax rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Tax exempt municipal bond interest | (0.5) | % |  | (0.6) | % |  | (0.9) | %
Other, net | 0.1 | % |  | 0.4 | % |  | 0.1 | %
Effective tax rate | 20.6 | % |  | 20.8 | % |  | 20.2 | %
We have not recorded any uncertain tax positions during 2022 and 2021 and have no unrecognized tax benefits at December 31, 2022 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 2019.

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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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://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 https://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
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