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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

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)		2022				2021				2020
Current:
Federal		$	318,571			$	253,084			$	216,469
State			83,611				70,799				53,224
			402,182				323,883				269,693
Deferred:
Federal			51,862				26,382				(35,372	)
State			10,146				3,783				(5,639	)
			62,008				30,165				(41,011	)
Total provision for income taxes		$	464,190			$	354,048			$	228,682

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 2022, 2021 and 2020:

OLD DOMINION FREIGHT LINE, INC.

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

		Year Ended December 31,
(In thousands)		2022				2021				2020
Tax provision at statutory rate		$	386,683			$	291,569			$	189,287
State income taxes, net of federal benefit			75,906				60,036				39,098
Other, net			1,601				2,443				297
Total provision for income taxes		$	464,190			$	354,048			$	228,682

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)		2022				2021
Deferred tax assets:
Claims and insurance reserves		$	31,736			$	30,773
Accrued vacation			20,330				21,518
Deferred compensation			39,973				43,150
Other			11,767				21,349
Total deferred tax assets			103,806				116,790
Deferred tax liabilities:
Depreciation and amortization			(407,942	)			(359,738	)
Other			(5,113	)			(4,293	)
Total deferred tax liabilities			(413,055	)			(364,031	)
Net deferred tax liability		$	(309,249	)		$	(247,241	)

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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.

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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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