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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Net deferred tax assets and liabilities

Net deferred tax assets (liabilities) as reported on the consolidated balance sheets as of December 31, 2023 and 2022 are shown in table 12.1 below.

Deferred tax assets and liabilities
Table			12.1
(In thousands)									2023						2022
Total deferred tax assets									$	109,391					$	144,819
Total deferred tax liabilities									(29,609)						(20,050)
Net deferred tax asset (liability)									$	79,782					$	124,769

Components of the net deferred tax asset (liability)

Table 12.2 includes the components of the net deferred tax asset (liability) as of December 31, 2023 and 2022.

Deferred tax components
Table			12.2
(In thousands)									2023						2022
Unearned premium reserves									$	13,862					$	16,209
Benefit plans									(19,142)						(9,444)
Loss reserves									1,921						1,785
Unrealized losses on investments									70,961						108,588
Deferred policy acquisition cost									(3,064)						(4,003)
Deferred compensation									7,466						6,806
Research and experimental costs									13,351						9,719
Other, net									(5,573)						(4,891)
Net deferred tax asset (liability)									$	79,782					$	124,769

Components of the provision for (benefit from) income taxes

Table 12.3 summarizes the components of the provision for income taxes:

Provision for (benefit from) income taxes
Table			12.3
(In thousands)									2023						2022						2021
Current federal									$	187,246					$	228,259					$	161,055
Deferred federal									1,550						(5,235)						4,392
Other									484						1,661						1,347
Provision for income taxes									$	189,280					$	224,685					$	166,794

Reconciliation of federal statutory income tax rate

Table 12.4 reconciles the federal statutory income tax rate to our effective tax provision rate.

Effective tax rate reconciliation
Table			12.4
						2023						2022						2021
Federal statutory income tax rate						21.0		%				21.0		%				21.0		%
Tax exempt municipal bond interest						(0.5)		%				(0.5)		%				(0.6)		%
Other, net						0.5		%				0.1		%				0.4		%
Effective tax rate						21.0		%				20.6		%				20.8		%

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Tabular disclosure of the components of net deferred tax asset (liability) recognized in an entity's statement of financial position.

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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.

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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.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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