Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 177

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1
Chunk 177
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 The tax effects of controlled foreign corporations other than in Canada were not material. We have not made a permanent reinvestment assertion for any unremitted earnings in Canada; therefore, we have recorded a deferred tax liability to account for Canadian withholding taxes that will occur upon repatriation of such earnings and we continue to record deferred tax liabilities to account for Canadian withholding taxes as earnings are recognized.The Company has no intentions to sell or substantially liquidate our Canadian operations and, therefore, has not provided for any additional outside basis difference for the amount of book basis in excess of tax basis in its Canadian subsidiaries. In addition, it is not practicable to determine the amount of the unrecognized deferred tax liability related to any additional outside basis difference in these entities.Unrecognized tax benefits. The total amount of unrecognized benefits on uncertain tax positions that, if recognized, would affect our effective tax rate was approximately $20.2 million and $18.6 million as of December 31, 2024 and 2023, respectively. We recognize interest expense related to unrecognized tax benefits in tax expense net of federal income tax. The total amount of accrued interest and penalties in the consolidated balance sheets was $4.3 million and $3.9 million as of December 31, 2024 and 2023, respectively. Additionally, we recognized less than $0.5 million of interest expense related to unrecognized tax benefits in the consolidated statements of income for the years ended December 31, 2024, 2023, and 2022A reconciliation of the change in the unrecognized income tax benefit for the years ended December 31, 2024, 2023, and 2022 is as follows: 

        December 31,

        2024

        2023

        2022

        (In thousands)

        Unrecognized tax benefits, beginning of period
         
        $
        19,362

        $
        20,180

        $
        19,224

        Change in prior period unrecognized tax benefits

        (72
        )

        (2,327
        )

        (944
        )

        Change in current period unrecognized tax benefits

        4,128

        3,551

        3,993

        Reductions as a result of settlements with taxing authorities

        (453
        )

        -

        -

        Reductions as a result of a lapse in statute of limitations

        (2,011
        )

        (2,042
        )