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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of the Provision for Income Taxes

The components of the provision for income taxes are as follows:

		Year Ended December 31,
(In thousands)		2021				2020				2019
Current:
Federal		$	253,084			$	216,469			$	152,836
State			70,799				53,224				42,438
			323,883				269,693				195,274
Deferred:
Federal			26,382				(35,372	)			12,013
State			3,783				(5,639	)			1,144
			30,165				(41,011	)			13,157
Total provision for income taxes		$	354,048			$	228,682			$	208,431

Schedule of Effective Income Tax Reconciliation of the U.S. Statutory Federal Income Tax Rates

The following is a reconciliation of income tax expense calculated using the U.S. statutory federal income tax rate with our income tax expense for 2021, 2020 and 2019:

		Year Ended December 31,
(In thousands)		2021				2020				2019
Tax provision at statutory rate		$	291,569			$	189,287			$	173,029
State income taxes, net of federal benefit			60,036				39,098				35,507
Other, net			2,443				297				(105	)
Total provision for income taxes		$	354,048			$	228,682			$	208,431

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities, which are included in “Other assets” and “Deferred income taxes” on our Balance Sheets, consist of the following:

		December 31,
(In thousands)		2021				2020
Deferred tax assets:
Claims and insurance reserves		$	30,773			$	28,863
Accrued vacation			21,518				15,867
Deferred compensation			43,150				43,134
Other			21,349				29,451
Total deferred tax assets			116,790				117,315
Deferred tax liabilities:
Depreciation and amortization			(359,738	)			(330,751	)
Other			(4,293	)			(3,640	)
Total deferred tax liabilities			(364,031	)			(334,391	)
Net deferred tax liability		$	(247,241	)		$	(217,076	)

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- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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