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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2022
Income Taxes  
Schedule of components of provision (benefit) for income taxes

Years ended December 31, 

    

2022

    

2021

    

2020

(in thousands)

  

  

  

Current provision (benefit):

  

  

  

Federal

$

47,744

$

4,946

$

(74,841)

State

 

3,164

 

(1,387)

 

2,200

Foreign

 

865

 

784

 

1,247

Deferred provision (benefit):

 

 

 

Federal

 

14,026

 

2,287

 

(16,376)

State

 

5,470

 

2,601

 

(9,469)

Total income tax provision (benefit)

$

71,269

$

9,231

$

(97,239)

Schedule of reconciliation between the federal statutory rate and effective tax rate

Years ended December 31, 

    

2022

    

2021

    

2020

 

Federal statutory rate

21.0

%  

21.0

%  

21.0

%

State income taxes, net of federal benefit

1.9

2.9

1.5

 

Foreign taxes, net of federal benefit

0.3

5.1

(0.4)

Tax credits

 

(0.1)

 

(3.5)

 

0.1

Change in contingencies

8.6

Non-deductible expenses

 

0.7

 

(2.8)

 

(0.1)

Adjustments related to CARES Act

 

 

3.2

 

8.5

Change in estimated deferred rate

 

0.4

 

10.2

 

Adjustments related to vesting of restricted stock

 

0.2

 

7.1

 

(0.8)

Other

 

0.2

 

4.3

 

1.6

Effective tax rate

 

24.6

%  

56.1

%  

31.4

%

Schedule of deferred tax assets and liabilities

December 31, 

    

2022

    

2021

(in thousands)

  

  

Deferred tax assets:

 

  

 

  

Self-insurance

$

3,051

$

5,673

Pension

 

5,237

 

7,982

State net operating loss carryforwards

 

1,960

 

5,558

Allowance for credit losses

 

1,757

 

1,692

Stock-based compensation

 

2,531

 

2,532

Inventory reserve

3,290

2,868

Lease liability

6,701

5,620

Valuation allowance

(990)

(865)

All others, net

 

3,427

 

2,834

Gross deferred tax assets

 

26,964

 

33,894

Deferred tax liabilities:

 

 

Depreciation

 

(51,494)

 

(39,253)

Right of use asset

(6,397)

(5,834)

Goodwill amortization

 

(6,546)

 

(6,556)

Gross deferred tax liabilities

 

(64,437)

 

(51,643)

Net deferred tax liabilities

$

(37,473)

$

(17,749)

Schedule of reconciliation of unrecognized tax benefits

    

2022

    

2021

(in thousands)

Balance at January 1

$

1,737

$

Additions (reductions) based on tax positions related to the current year

 

197

 

1,737

Additions (reductions) for tax positions of prior years

 

(17)

 

Balance at December 31

$

1,917

$

1,737