INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2021 |
INCOME TAXES |
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Company's income tax provision |
| | | | | | | | | | For the years ended December 31, | | 2021 | | 2020 | | 2019 | (in thousands) | | | | | | | | | | Current: | | | | | | | | | | Federal | | $ | 87,888 | | $ | 67,861 | | $ | 43,593 | State | | | 24,131 | | | 18,381 | | | 15,337 | Foreign | | | 10,480 | | | 8,869 | | | 6,111 | Total current tax | | | 122,499 | | | 95,111 | | | 65,041 | Deferred: | | | | | | | | | | Federal | | | (34) | | | (2,076) | | | (5,217) | State | | | 1,795 | | | 312 | | | (1,518) | Foreign | | | (109) | | | 549 | | | (493) | Total deferred tax | | | 1,652 | | | (1,215) | | | (7,228) | Total income tax provision | | $ | 124,151 | | $ | 93,896 | | $ | 57,813 |
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Primary factors causing income tax expense to be different than the federal statutory rate |
| | | | | | | | | | For the years ended December 31, | | 2021 | | 2020 | | 2019 | (in thousands) | | | | | | | | | | Income tax at statutory rate | | $ | 99,716 | | $ | 74,491 | | $ | 54,845 | State income tax expense (net of federal benefit) | | | 19,135 | | | 14,393 | | | 10,182 | Foreign tax expense | | | 2,837 | | | 2,341 | | | 933 | Foreign tax credit | | | (273) | | | (240) | | | (242) | Repatriation tax under the Tax Cuts and Jobs Act of 2017 | | | — | | | — | | | (844) | Pension settlement | | | — | | | — | | | (10,537) | Executive compensation | | | 2,786 | | | 5,557 | | | 2,445 | Restricted stock adjustments | | | (3,468) | | | (3,927) | | | (2,973) | Other | | | 3,418 | | | 1,281 | | | 4,004 | Total income tax provision | | $ | 124,151 | | $ | 93,896 | | $ | 57,813 |
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Significant components of the Company's deferred tax assets and liabilities |
| | | | | | | December 31, | | 2021 | | 2020 | (in thousands) | | | | | | | Deferred tax assets: | | | | | | | Insurance and contingencies | | $ | 18,258 | | $ | 19,531 | Unearned revenues | | | 12,051 | | | 11,825 | Compensation and benefits | | | 13,546 | | | 12,304 | State and foreign operating loss carryforwards | | | 1,234 | | | 2,768 | Bad debt reserve | | | 3,873 | | | 4,214 | Foreign tax credit | | | 4,775 | | | 3,804 | Termite accrual | | | 642 | | | 721 | Net pension liability | | | 195 | | | — | Other | | | 3,371 | | | 2,519 | Valuation allowance | | | (192) | | | (144) | Total deferred tax assets | | | 57,753 | | | 57,542 | Deferred tax liabilities: | | | | | | | Depreciation and amortization | | | (24,261) | | | (25,730) | Net pension liability | | | — | | | (727) | Intangibles and other | | | (43,799) | | | (39,475) | Total deferred tax liabilities | | $ | (68,060) | | $ | (65,932) | Net deferred taxes | | | | | | | Deferred tax assets | | $ | 2,948 | | $ | 2,222 | Deferred tax liabilities | | $ | (13,255) | | $ | (10,612) |
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Analysis of the valuation allowance |
| | | | | | | December 31, | | 2021 | | 2020 | (in thousands) | | | | | | | Valuation allowance at beginning of year | | $ | 144 | | $ | 83 | Increase in valuation allowance | | | 48 | | | 61 | Valuation allowance at end of year | | $ | 192 | | $ | 144 |
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Reconciliation of the beginning and ending amount of unrecognized tax benefits |
| | | | | | | December 31, | | 2021 | | 2020 | (in thousands) | | | | | | | Unrecognized tax benefits at beginning of year | | $ | 844 | | $ | 844 | Additions for tax positions of prior years | | | 174 | | | — | Unrecognized tax benefits at end of year | | $ | 1,018 | | $ | 844 |
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