Company: PRI
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029882
Chunk: 353

Company: Primerica, Inc.
Filing Date: 2025-02-28
Form: 10-K
Item: Item 1B
Chunk 353
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, 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
        )

        (2,093
        )

        Unrecognized tax benefits, end of period
         
        $
        20,954

        $
        19,362

        $
        20,180

       We have an immaterial amount of penalties included in calculating our provision for income taxes. There is no significant change that is reasonably possible to occur within twelve months of the reporting date. The major tax jurisdictions in which we operate are the United States and Canada. We are currently open to tax audit by the Internal Revenue Service for the year ended December 31, 2021 and thereafter for federal income tax purposes. We are currently open to audit in Canada for tax years ended December 31, 2020 and thereafter for federal and provincial income tax purposes. Qualified investment tax credit projects. We have investments in various limited partnerships that sponsor qualified affordable housing projects, which meet the definition of a VIE. We are not the primary beneficiary of these VIEs because we do not have the power to direct the activities that most significantly impact the entities’ economic performance. The maximum exposure to loss as a result of our involvement in these VIEs equals the carrying value of the investments. The primary economic purpose of these investments is to achieve a satisfactory return on capital through the receipt of tax credits. Our qualified affordable housing project investments are accounted for using the proportional amortization method of accounting. During the year ended December 31, 2024 and 2023, the amount of income tax benefits recognized from these investments was insignificant.Our investment in qualified affordable housing projects was $9.8 million and