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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Schedule of significant components of the provision or benefit for income taxes

Significant components of the provision or benefit for income taxes for the years ended December 31 were as follows:


	2021		2020		2019

	(in thousands)
Current provision:
Federal	$	56,451	$	10,001	$	2,202
State		14,430		3,267		1,813
Foreign		341		413		2,060
		71,222		13,681		6,075

Deferred provision (benefit):
Federal		(6,098)		5,948		4,196
State		(1,554)		1,789		1,221
Foreign		63		(22)		(6)
		(7,589)		7,715		5,411
Total provision for income taxes	$	63,633	$	21,396	$	11,486

Schedule of components of the deferred tax provision or benefit


	2021		2020		2019

	(in thousands)
Amortization, depreciation, and basis differences for property, plant and equipment and other long-lived assets⁽¹⁾	$	1,451	$	4,975	$	16,255
Amortization of intangibles and impairment		(536)		183		(6,933)
Changes in reserves for workers’ compensation, third-party casualty, and cargo claims		(3,294)		(182)		(1,880)
Revenue recognition		(1,445)		(1,481)		(1,437)
Allowance for credit losses		156		(652)		541
Nonunion pension and other retirement plans		(3)		957		564
Multiemployer pension fund withdrawal		164		157		150
Federal and state net operating loss carryforwards utilized (generated)		(300)		(259)		59
State depreciation adjustments		598		343		(1,302)
Share-based compensation		(984)		(195)		(709)
Valuation allowance increase		911		617		383
Other accrued expenses		(4,097)		1,663		(699)
Prepaid expenses		(788)		1,207		1,782
Operating lease right-of-use assets/liabilities – net		(228)		(13)		(1,049)
Other		806		395		(314)
Deferred tax provision (benefit)	$	(7,589)	$	7,715	$	5,411

⁽¹⁾

The Tax Cuts and Jobs Act, enacted in December 2017, allowed first year bonus depreciation at 100% for assets placed into service between September 27, 2017 and January 1, 2023. Due to a decrease in the purchase of assets eligible for 100% depreciation, the deferred tax expense related to the tax depreciation expense in excess of book depreciation decreased over the three-year period from 2019 through 2021.

Schedule of significant components of deferred tax assets and liabilities

Significant components of the deferred tax assets and liabilities at December 31 were as follows:


	2021		2020

	(in thousands)
Deferred tax assets:
Accrued expenses	$	47,683	$	40,502
Operating lease liabilities		30,590		33,933
Supplemental pension liabilities		97		103
Multiemployer pension fund withdrawal		5,247		5,409
Postretirement liabilities other than pensions		4,441		4,871
Share-based compensation		6,755		5,827
Federal and state net operating loss carryovers		1,652		1,353
Revenue recognition		2,778		1,426
Other		266		1,297
Total deferred tax assets		99,509		94,721
Valuation allowance		(2,196)		(1,284)
Total deferred tax assets, net of valuation allowance		97,313		93,437

Deferred tax liabilities:
Amortization, depreciation, and basis differences for property, plant and equipment, and other long-lived assets		114,999		113,092
Operating lease right-of-use assets		29,403		32,923
Intangibles		6,966		7,520
Prepaid expenses		5,368		6,151
Total deferred tax liabilities		156,736		159,686
Net deferred tax liabilities	$	(59,423)	$	(66,249)

Reconciliation between the effective income tax rate, as computed on income or loss before income taxes, and the statutory federal income tax rate

Reconciliation between the effective income tax rate, as computed on income before income taxes, and the statutory federal income tax rate for the years ended December 31 is presented in the following table:


	2021			2020			2019

	(in thousands, except percentages)
Income tax provision at the statutory federal rate of 21.0%	$	58,202		$	19,424		$	10,809
Federal income tax effects of:
State income taxes		(2,704)			(1,062)			(637)
Nondeductible expenses		3,596			1,395			1,344
Life insurance proceeds and changes in cash surrender value		(866)			(488)			(775)
Alternative fuel credit		—			(1,261)			(2,340)
Net increase in valuation allowances		887			617			382
Net increase (decrease) in uncertain tax positions		854			(933)			(20)
Settlement of share-based compensation		(6,140)			420			388
Nonunion pension termination expense		—			—			1,040
Foreign tax credits generated		(404)			(391)			(2,054)
Federal research and development tax credits		(2,044)			(2,078)			(1,354)
Other		(1,028)			306			(385)
Federal income tax provision		50,353			15,949			6,398
State income tax provision		12,876			5,056			3,034
Foreign income tax provision		404			391			2,054
Total provision for income taxes	$	63,633		$	21,396		$	11,486
Effective tax rate		23.0	%		23.1	%		22.3	%