XML 60 R43.htm IDEA: XBRL DOCUMENT v3.25.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Income tax expense which is generated in the U.S. consists of the following components for the years ended December 31:

(In thousands)						2024						2023						2022
Current						$	93,914					$	139,859					$	98,666
Deferred						32,174						(13,246)						58,168
Total income tax expense						$	126,088					$	126,613					$	156,834

Schedule of Reconciliation of Difference between Income Tax Expense and Expected Tax Provision at Weighted Average Tax Rate

The reconciliation of the difference between income tax expense and the expected tax provision at the weighted average tax rate was as follows for the years ended December 31:

						2024												2023												2022
($ in thousands)						$						% of pretax income						$						% of pretax income						$						% of pretax income
Tax provision at weighted average statutory rates						$	121,227					14.2		%				$	116,389					14.1		%				$	148,176					15.0		%
State taxes, net of federal benefit						4,478						0.5						4,872						0.6						6,306						0.6
Non-deductible expenses						3,542						0.4						4,501						0.5						4,041						0.4
Tax exempt interest, net of proration						(1,357)						(0.2)						(1,551)						(0.2)						(1,463)						(0.1)
Excess tax (benefit) deficit from stock-based compensation						(668)						(0.1)						145						—						75						—
Other						(1,134)						(0.1)						2,257						0.4						(301)						0.0
Total income tax expense						$	126,088					14.7		%				$	126,613					15.4		%				$	156,834					15.9		%

Schedule of Net Deferred Tax (Liability) Asset and Components

The net deferred tax liability was comprised of the following at December 31:

(In thousands)						2024						2023
Deferred tax assets						$	81,769					$	75,864
Deferred tax liabilities						(474,197)						(438,617)
Net deferred tax liability						$	(392,428)					$	(362,753)

The components of the net deferred tax liability were as follows at December 31:

(In thousands)						2024						2023
Contingency reserves						$	(459,555)					$	(425,360)
Unrealized (gain) loss on investments						47,725						45,226
Unearned premium reserve						12,318						11,978
Investments in limited partnerships						(12,918)						(11,258)
Accrued expenses						7,521						6,404
Fixed assets						5,445						4,433
Unearned ceding commissions						1,610						2,066
Change in fair market value of derivatives						2,436						1,972
Deferred policy acquisition costs						(1,450)						(1,779)
Nonvested shares						2,807						1,938
Loss reserves						1,295						1,033
Start-up expenditures, net						722						884
Impairments on available-for-sale investment securities						—						38
Prepaid expenses						(255)						(220)
Other						(129)						(108)
Net deferred tax liability						$	(392,428)					$	(362,753)

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration