Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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

Components Of Income Tax Expense

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

	Year Ended December 31,
	2023		2022		2021
	(Amounts in thousands)
Federal
Current	$	(3,840)	$	(62,355)	$	37,391
Deferred	10,523		(93,562)		11,349
	$	6,683	$	(155,917)	$	48,740
State
Current	$	(2,958)	$	784	$	1,542
Deferred	(633)		(2,910)		1,088
	$	(3,591)	$	(2,126)	$	2,630
Total
Current	$	(6,798)	$	(61,571)	$	38,933
Deferred	9,890		(96,472)		12,437
Total	$	3,092	$	(158,043)	$	51,370

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,
	2023		2022		2021
	(Amounts in thousands)
Computed tax expense (benefit) at 21%	$	20,880	$	(140,850)	$	62,854
Tax-exempt interest income	(13,640)		(11,864)		(11,577)
Dividends received deduction	(1,237)		(1,364)		(1,311)
State tax (benefit) expense	(3,539)		(1,597)		2,134
Nondeductible expenses	639		279		843
Other, net	(11)		(2,647)		(1,573)
Income tax expense (benefit)	$	3,092	$	(158,043)	$	51,370

Deferred Tax Assets And Liabilities

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

	December 31,
	2023		2022
	(Amounts in thousands)
Deferred tax assets:
20% of net unearned premiums	$	75,394	$	67,285
Discounting of loss reserves and salvage and subrogation recoverable for tax purposes	25,340		21,606
Expense accruals	11,262		11,578
Tax asset on net unrealized loss on securities carried at fair value	166		22,802
Other deferred tax assets	8,743		6,511
Total gross deferred tax assets	120,905		129,782
Deferred tax liabilities:
Deferred policy acquisition costs	(61,707)		(55,960)
Tax depreciation in excess of book depreciation	(6,801)		(11,029)
Undistributed earnings of insurance subsidiaries	(1,511)		(1,898)
Tax amortization in excess of book amortization	(8,904)		(7,466)
Other deferred tax liabilities	(8,969)		(10,526)
Total gross deferred tax liabilities	(87,892)		(86,879)
Net deferred tax assets	$	33,013	$	42,903

Summary Of Unrecognized Tax Benefits

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

	December 31,
	2023		2022
	(Amounts in thousands)
Balance at January 1	$	4,380	$	4,380
Additions (reductions) based on tax positions related to:
Current year	—		—
Prior years	(2,118)		—
Balance at December 31	$	2,262	$	4,380