INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Components of Income Tax Expense (Benefit)

Income tax expense (benefit) is comprised of the following components (in thousands):

	For the Years Ended December 31,
	2022			2021		2020
Current income tax expense (benefit)
Federal	$	25,681		$	32,137	$	(1,928	)
State		5,840			6,592		1,369
		31,521			38,729		(559	)
Deferred income tax expense (benefit)
Federal		11,484			86,703		3,878
State		(23	)		12,567		1,067
		11,461			99,270		4,945
Income tax expense	$	42,982		$	137,999	$	4,386

Components of Deferred Tax Assets and Liabilities

Significant components of CoreCivic's deferred tax assets and liabilities as of December 31, 2022 and 2021, are as follows (in thousands):

	December 31,
	2022			2021
Noncurrent deferred tax assets:
Asset reserves and liabilities not yet deductible for tax	$	29,514		$	37,612
Depreciation		8,502			8,478
ROU lease assets		33,226			41,440
Losses and tax credit carryforwards		1,807			7,647
Intangible assets		7,836			9,150
Other		9,954			13,715
Total noncurrent deferred tax assets		90,839			118,042
Less valuation allowance		(848	)		(6,352	)
Total noncurrent deferred tax assets		89,991			111,690
Noncurrent deferred tax liabilities:
Depreciation		(148,255	)		(149,189	)
Lease liabilities		(32,663	)		(40,900	)
Intangible liabilities		(7,557	)		(8,532	)
Other		(1,134	)		(1,226	)
Total noncurrent deferred tax liabilities		(189,609	)		(199,847	)
Net total noncurrent deferred tax liabilities	$	(99,618	)	$	(88,157	)

Reconciliation of Income Tax Provision at Statutory Income Tax Rate and Effective Tax Rate

A reconciliation of the income tax provision at the statutory income tax rate and the effective tax rate as a percentage of income from continuing operations before income taxes for the years ended December 31, 2022, 2021, and 2020 is as follows:

	2022			2021			2020
Statutory federal rate		21.0	%		21.0	%		21.0	%
Revaluation of deferred tax liabilities		—			132.7			—
Dividends paid deduction		—			—			(24.9	)
State taxes, net of federal tax benefit		3.4			4.8			1.9
Permanent differences		1.7			2.8			2.2
Deferred tax expense on Kansas lease structure		—			—			5.2
Tax benefit of equity-based compensation		—			2.6			1.1
Other items, net		(0.1	)		(3.6	)		0.8
		26.0	%		160.3	%		7.3	%