XML 43 R30.htm IDEA: XBRL DOCUMENT v3.22.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Reconciliation of Effective Tax Rate to Federal Statutory Tax Rate

The following is a reconciliation of our effective tax rate to the federal statutory tax rate:

 

 

Years Ended December 31,

 

 

 

2021

 

 

2020

 

 

2019

 

 

U.S. federal statutory rate

 

21.0

 

%

 

21.0

 

%

 

21.0

 

%

State taxes, net of federal benefit

 

3.5

 

 

 

3.6

 

 

 

3.5

 

 

Federal and state incentives

 

(0.5

)

 

 

(1.1

)

 

 

(0.9

)

 

State law changes

 

1.1

 

 

 

(0.2

)

 

 

0.7

 

 

Permanent differences

 

0.6

 

 

 

0.2

 

 

 

1.2

 

 

Net effective rate

 

25.7

 

%

 

23.5

 

%

 

25.5

 

%

Summary of Provision for Income Taxes

The following is a summary of our provision for income taxes (in thousands):

 

 

Years Ended December 31,

 

 

2021

 

 

2020

 

 

2019

 

Current

 

 

 

 

 

 

 

 

Federal

$

51,918

 

 

$

11,913

 

 

$

31,209

 

State and local

 

13,876

 

 

 

3,597

 

 

 

3,979

 

Foreign

 

38

 

 

 

11

 

 

 

84

 

 

 

65,832

 

 

 

15,521

 

 

 

35,272

 

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

 

 

 

Federal

 

(5,125

)

 

 

6,548

 

 

 

(344

)

State and local

 

(1,254

)

 

 

465

 

 

 

1,788

 

Foreign

 

(17

)

 

 

7

 

 

 

(17

)

 

 

(6,396

)

 

 

7,020

 

 

 

1,427

 

 

 

 

 

 

 

 

 

 

Total provision

$

59,436

 

 

$

22,541

 

 

$

36,699

 

 

Summary of Deferred Tax Assets and Liabilities

The following is a summary of our deferred tax assets and liabilities (in thousands):

 

 

December 31,

 

 

2021

 

 

2020

 

Accrued compensation

 

19,226

 

 

 

12,467

 

Other reserves

 

17,896

 

 

 

14,154

 

Tax credit carryforwards

 

8,286

 

 

 

8,715

 

Operating loss carryforwards

 

881

 

 

 

2,845

 

Lease accounting liability

 

11,956

 

 

 

11,669

 

Total gross deferred income taxes

 

58,245

 

 

 

49,850

 

Valuation allowances

 

(5,023

)

 

 

(6,518

)

Total deferred tax assets

 

53,222

 

 

 

43,332

 

 

 

 

 

 

 

Prepaids

 

(6,607

)

 

 

(6,404

)

Property and equipment

 

(135,768

)

 

 

(132,669

)

Intangibles

 

(55,466

)

 

 

(55,166

)

Lease right-of-use asset

 

(11,325

)

 

 

(11,418

)

Total deferred tax liabilities

 

(209,166

)

 

 

(205,657

)

 

 

 

 

 

 

Total deferred taxes

$

(155,944

)

 

$

(162,325

)

Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):

 

 

2021

 

 

2020

 

Gross unrecognized tax benefits - beginning of the year

$

4,292

 

 

$

4,069

 

Gross increases (decreases) related to prior year tax positions

 

997

 

 

 

(52

)

Gross increases related to current year tax positions

 

1,794

 

 

 

1,484

 

Lapse of applicable statute of limitations

 

(436

)

 

 

(1,209

)

Gross unrecognized tax benefits - end of year

$

6,647

 

 

$

4,292