XML 58 R38.htm IDEA: XBRL DOCUMENT v3.22.4
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2022
Income Tax Disclosure [Abstract]  
Net deferred tax assets and liabilities
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
Table12.1
(In thousands)20222021
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)
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, 2022 and 2021.
Deferred tax components
Table
12.2
(In thousands)20222021
Unearned premium reserves$16,209 $19,116 
Benefit plans(9,444)(21,360)
Loss reserves1,785 4,034 
Unrealized depreciation (appreciation) in investments108,588 (39,883)
Deferred policy acquisition cost(4,003)(4,551)
Deferred compensation6,806 6,118 
Research and experimental costs9,719 — 
Other, net(4,891)(2,886)
Net deferred tax asset (liability)$124,769 $(39,412)
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)202220212020
Current federal $228,259 $161,055 $85,574 
Deferred federal(5,235)4,392 28,244 
Other1,661 1,347 (648)
Provision for income taxes$224,685 $166,794 $113,170 
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
Table12.4
 202220212020
Federal statutory income tax rate21.0 %21.0 %21.0 %
Tax exempt municipal bond interest(0.5)%(0.6)%(0.9)%
Other, net0.1 %0.4 %0.1 %
Effective tax rate20.6 %20.8 %20.2 %