Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

The provision for income taxes consists of the following for the years ended December 31:


(in thousands)
	2022		2021		2020

Current income tax expense	$	68,415	$	80,398	$	80,373
Deferred income tax expense (benefit)	9,468		(1,854)		(5,162)

Income tax expense	$	77,883	$	78,544	$	75,211

Schedule of Reconciliation of the Provision for Income Taxes, with Amounts Determined by Applying the Statutory Federal Income Tax Rate to Pre-Tax Income

A reconciliation of the provision for income taxes, with amounts determined by applying the statutory federal income tax rate to pre-tax income, is as follows for the years ended December 31:


(in thousands)
	2022		2021		2020
Income tax at statutory rate	$	79,055	$	79,045	$	77,388



Other, net	(1,172)		(501)		(2,177)
Income tax expense	$	77,883	$	78,544	$	75,211

Schedule of Temporary Differences and Carry-Forwards, which Give Rise to Deferred Tax Assets and Liabilities

Temporary differences and carry-forwards, which give rise to deferred tax assets and liabilities, are as follows as of December 31:


(in thousands)
	2022		2021
Deferred tax assets:
Other employee benefits	$	16,358	$	15,273
Unrealized losses on investments	15,403		—
Deferred revenue	3,710		3,963
Allowance for management fee returned on cancelled policies	3,405		3,330


Pension and other postretirement benefits	—		21,545
Other	3,902		3,484
Total deferred tax assets	42,778		47,595
Deferred tax liabilities:
Depreciation	37,682		35,204
Pension and other postretirement benefits	15,473		—
Prepaid expenses	1,731		2,458
Unrealized gains on investments	—		8,713






Other	1,967		1,075
Total deferred tax liabilities	56,853		47,450
Net deferred tax (liability) asset	$	(14,075)	$	145