INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Components of Income Tax Expense (Benefit)

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

	For the Years Ended December 31,
	2021		2020			2019
Current income tax expense (benefit)
Federal	$	32,137	$	(1,928	)	$	5,324
State		6,592		1,369			3,677
		38,729		(559	)		9,001
Deferred income tax expense (benefit)
Federal		86,703		3,878			(489	)
State		12,567		1,067			(673	)
		99,270		4,945			(1,162	)
Income tax expense	$	137,999	$	4,386		$	7,839

Components of Deferred Tax Assets and Liabilities

Significant components of CoreCivic's deferred tax assets and liabilities as of December 31, 2021 and 2020, are as follows (in thousands):

	December 31,
	2021			2020
Noncurrent deferred tax assets:
Asset reserves and liabilities not yet deductible for tax	$	37,612		$	21,482
Depreciation		8,478			49
ROU lease assets		41,440			530
Losses and tax credit carryforwards		7,647			3,782
Intangible assets		9,150			699
Other		13,715			490
Total noncurrent deferred tax assets		118,042			27,032
Less valuation allowance		(6,352	)		(848	)
Total noncurrent deferred tax assets		111,690			26,184
Noncurrent deferred tax liabilities:
Depreciation		(149,189	)		(9,965	)
Lease liabilities		(40,900	)		(520	)
Intangible liabilities		(8,532	)		(2,149	)
Other		(1,226	)		(2,437	)
Total noncurrent deferred tax liabilities		(199,847	)		(15,071	)
Net total noncurrent deferred tax assets (liabilities)	$	(88,157	)	$	11,113

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, 2021, 2020, and 2019 is as follows:

	2021			2020			2019
Statutory federal rate		21.0	%		21.0	%		21.0	%
Revaluation of deferred tax liabilities		132.7			—			—
Dividends paid deduction		—			(24.9	)		(18.9	)
State taxes, net of federal tax benefit		4.8			1.9			1.2
Permanent differences		2.8			2.2			1.2
Deferred tax expense on Kansas lease structure		—			5.2			—
Tax benefit of equity-based compensation		2.6			1.1			0.1
Other items, net		(3.6	)		0.8			(0.6	)
		160.3	%		7.3	%		4.0	%