INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Income before Income Tax, Domestic and Foreign

The domestic and foreign components of income before provision for income taxes were as follows (in thousands):


	For the years ended December 31,
	2023		2022		2021
Domestic	$	401,912	$	406,206	$	223,438
Foreign	101,367		131,792		46,277
Total	$	503,279	$	537,998	$	269,715

Schedule of Components of Provision for Income Taxes

The provision for income taxes consisted of the following (in thousands, except percentages):


	For the years ended December 31,
	2023		2022		2021
Current:
Federal	$	64,164	$	52,237	$	42,480
State	25,496		26,980		18,126
Foreign	23,078		29,488		4,380
	112,738		108,705		64,986
Deferred
Federal	18,251		32,199		2,275
State	(9,049)		(2,432)		(4,777)
Foreign	3,483		(12,218)		3,984
	12,685		17,549		1,482
Provision for income taxes	$	125,423	$	126,254	$	66,468

Effective tax rate	24.9%		23.5%		24.6%

Schedule of Effective Income Tax Rate Reconciliation

The Company's effective income tax rate varied from the amount computed using the statutory federal income tax rate of 21% as follows (in thousands):


	For the years ended December 31,
	2023		2022		2021
Tax expense at U.S. statutory rate	$	105,689	$	112,980	$	56,640
State income taxes, net of federal benefit	18,067		19,831		12,101
Foreign rate differential	4,213		6,196		1,922
Valuation allowance	(7,699)		(18,769)		(9,139)
Uncertain tax position interest and penalties	(7)		(2,454)		263
Tax credits expired	1,653		2,768		2,530
Non-deductible compensation	2,898		2,754		2,326
Other	609		2,948		(175)
Provision for income taxes	$	125,423	$	126,254	$	66,468

Schedule of Deferred Tax Assets and Liabilities

The components of the total net deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows (in thousands):


	2023		2022
Deferred tax assets:

Provision for doubtful accounts	$	10,882	$	11,544
Closure, post-closure and remedial liabilities	31,944		31,837
Operating lease liabilities	46,784		42,255
Accrued expenses	14,963		19,311
Accrued compensation and benefits	15,058		20,171
Net operating loss carryforwards(1)	39,042		41,585
Tax credit carryforwards(2)	6,531		8,903

Stock-based compensation	3,516		3,988
Other	4,843		7,487
Total deferred tax assets	173,563		187,081
Deferred tax liabilities:
Property, plant and equipment	(284,997)		(281,131)
Operating lease right-of-use assets	(46,584)		(41,939)
Interest rate swap asset	(9,576)		(17,587)
Permits and other intangible assets	(130,391)		(132,681)
Prepaid expenses	(12,372)		(12,088)
Total deferred tax liabilities	(483,920)		(485,426)
Total net deferred tax liability before valuation allowance	(310,357)		(298,345)
Less valuation allowance	(35,272)		(42,509)
Net deferred tax liabilities	$	(345,629)	$	(340,854)

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(1)As of December 31, 2023, the net operating loss carryforwards included (i) state net operating loss carryforwards of $229.9 million which will begin to expire in 2024, (ii) federal net operating loss carryforwards of $26.6 million which will begin to expire in 2024 and (iii) foreign net operating loss carryforwards of $83.2 million which will begin to expire in 2024.

(2)As of December 31, 2023, the foreign tax credit carryforwards of $4.4 million will begin to expire in 2024.

Schedule of Valuation Allowance

The components of the total valuation allowance as of December 31, 2023 and 2022 were as follows (in thousands):


	2023		2022
Allowance related to:
Foreign tax credits	$	4,422	$	7,666
Federal net operating losses	3,783		3,783
State net operating loss carryforwards	4,809		9,928
Foreign net operating loss carryforwards	17,464		15,488
Deferred tax assets of a Canadian subsidiary	4,489		5,339
Realized and unrealized capital losses	305		305
Total valuation allowance	$	35,272	$	42,509