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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
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,

 

 

 

2022

 

 

2021

 

 

2020

 

 

U.S. federal statutory rate

 

21.0

 

%

 

21.0

 

%

 

21.0

 

%

State taxes, net of federal benefit

 

3.5

 

 

 

3.5

 

 

 

3.6

 

 

Federal and state incentives

 

(1.4

)

 

 

(0.5

)

 

 

(1.1

)

 

State law changes

 

0.4

 

 

 

1.1

 

 

 

(0.2

)

 

Permanent differences

 

0.2

 

 

 

0.6

 

 

 

0.2

 

 

Net effective rate

 

23.7

 

%

 

25.7

 

%

 

23.5

 

%

Summary of Provision for Income Taxes

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

 

 

Years Ended December 31,

 

 

2022

 

 

2021

 

 

2020

 

Current

 

 

 

 

 

 

 

 

    Federal

$

85,831

 

 

$

51,918

 

 

$

11,913

 

    State and local

 

25,162

 

 

 

13,876

 

 

 

3,597

 

    Foreign

 

32

 

 

 

38

 

 

 

11

 

 

 

111,025

 

 

 

65,832

 

 

 

15,521

 

 

 

 

 

 

 

 

 

 

Deferred

 

 

 

 

 

 

 

 

    Federal

 

7,366

 

 

 

(5,125

)

 

 

6,548

 

    State and local

 

(7,388

)

 

 

(1,254

)

 

 

465

 

    Foreign

 

7

 

 

 

(17

)

 

 

7

 

 

 

(15

)

 

 

(6,396

)

 

 

7,020

 

 

 

 

 

 

 

 

 

 

              Total provision

$

111,010

 

 

$

59,436

 

 

$

22,541

 

Summary of Deferred Tax Assets and Liabilities

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

 

 

December 31,

 

 

2022

 

 

2021

 

Accrued compensation

 

21,035

 

 

 

19,226

 

Other reserves

 

30,588

 

 

 

17,896

 

Tax credit carryforwards

 

8,156

 

 

 

8,286

 

Operating loss carryforwards

 

166

 

 

 

881

 

Lease accounting liability

 

29,185

 

 

 

11,956

 

Total gross deferred income taxes

 

89,130

 

 

 

58,245

 

Valuation allowances

 

(1,567

)

 

 

(5,023

)

Total deferred tax assets

 

87,563

 

 

 

53,222

 

 

 

 

 

 

 

Prepaids

 

(6,077

)

 

 

(6,607

)

Property and equipment

 

(156,961

)

 

 

(135,768

)

Intangibles

 

(54,796

)

 

 

(55,466

)

Lease right-of-use asset

 

(25,652

)

 

 

(11,325

)

Total deferred tax liabilities

 

(243,486

)

 

 

(209,166

)

 

 

 

 

 

 

        Total deferred taxes

$

(155,923

)

 

$

(155,944

)

Unrecognized Tax Benefits

 

 

2022

 

 

2021

 

Gross unrecognized tax benefits - beginning of the year

$

6,647

 

 

$

4,292

 

Gross increases related to prior year tax positions

 

425

 

 

 

997

 

Gross increases related to current year tax positions

 

4,665

 

 

 

1,794

 

Lapse of applicable statute of limitations

 

(621

)

 

 

(436

)

Gross unrecognized tax benefits - end of year

$

11,116

 

 

$

6,647