Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]

Components Of Income Tax Expense

The income tax (benefit) expense consisted of the following components:

	Year Ended December 31,
	2022		2021		2020
	(Amounts in thousands)
Federal
Current	$	(62,355)	$	37,391	$	69,554
Deferred	(93,562)		11,349		12,340
	$	(155,917)	$	48,740	$	81,894
State
Current	$	784	$	1,542	$	1,172
Deferred	(2,910)		1,088		828
	$	(2,126)	$	2,630	$	2,000
Total
Current	$	(61,571)	$	38,933	$	70,726
Deferred	(96,472)		12,437		13,168
Total	$	(158,043)	$	51,370	$	83,894

Reconciliation Of Income Taxes

The following table presents a reconciliation of the tax expense based on the statutory rate to the Company's actual tax expense in the consolidated statements of operations:

	Year Ended December 31,
	2022		2021		2020
	(Amounts in thousands)
Computed tax (benefit) expense at 21%	$	(140,850)	$	62,854	$	96,285
Tax-exempt interest income	(11,864)		(11,577)		(12,270)
Dividends received deduction	(1,364)		(1,311)		(1,335)
State tax (benefit) expense	(1,597)		2,134		1,678
Nondeductible expenses	279		843		983
Other, net	(2,647)		(1,573)		(1,447)
Income tax (benefit) expense	$	(158,043)	$	51,370	$	83,894

Deferred Tax Assets And Liabilities

The following table presents the significant components of the Company’s net deferred tax assets and liabilities:

	December 31,
	2022		2021
	(Amounts in thousands)
Deferred tax assets:
20% of net unearned premiums	$	67,285	$	65,978
Discounting of loss reserves and salvage and subrogation recoverable for tax purposes	21,606		18,163
Expense accruals	11,578		12,997
Tax asset on net unrealized loss on securities carried at fair value	22,802		—
Other deferred tax assets	6,511		6,054
Total gross deferred tax assets	129,782		103,192
Deferred tax liabilities:
Deferred policy acquisition costs	(55,960)		(54,234)
Tax liability on net unrealized gain on securities carried at fair value	—		(70,808)
Tax depreciation in excess of book depreciation	(11,029)		(10,129)
Undistributed earnings of insurance subsidiaries	(1,898)		(3,557)
Tax amortization in excess of book amortization	(7,466)		(6,064)
Other deferred tax liabilities	(10,526)		(11,969)
Total gross deferred tax liabilities	(86,879)		(156,761)
Net deferred tax assets (liabilities)	$	42,903	$	(53,569)

Summary Of Unrecognized Tax Benefits

The following table presents a reconciliation of the beginning and ending balances of unrecognized tax benefits:

	December 31,
	2022		2021
	(Amounts in thousands)
Balance at January 1	$	4,380	$	4,634
Additions (reductions) based on tax positions related to:
Current year	—		—
Prior years	—		(254)
Balance at December 31	$	4,380	$	4,380