Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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


(in thousands)
	2023		2022		2021

Current income tax expense	$	116,877	$	68,415	$	80,398
Deferred income tax (benefit) expense	(1,002)		9,468		(1,854)

Income tax expense	$	115,875	$	77,883	$	78,544

Schedule of Reconciliation of the Provision for Income Taxes

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)
	2023		2022		2021
Income tax at statutory rate	$	118,007	$	79,055	$	79,045



Other, net	(2,132)		(1,172)		(501)
Income tax expense	$	115,875	$	77,883	$	78,544

Schedule of 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)
	2023		2022
Deferred tax assets:
Other employee benefits	$	17,781	$	16,358
Unrealized losses on investments	7,164		15,403
Deferred revenue	3,756		3,710
Allowance for management fee returned on cancelled policies	3,571		3,405


Current expected credit loss allowance (1)	2,661		1,112
Other (1)	3,709		2,790
Total deferred tax assets	38,642		42,778
Deferred tax liabilities:
Depreciation	31,126		37,682
Pension and other postretirement benefits	14,738		15,473
Prepaid expenses	2,001		1,731







Other	2,258		1,967
Total deferred tax liabilities	50,123		56,853
Net deferred tax liability	$	(11,481)	$	(14,075)

(1) 2022 amounts have been reclassified to conform to the current period presentation.