XML 41 R26.htm IDEA: XBRL DOCUMENT v3.22.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

Components of current and deferred income tax expense (benefit) are as follows ($000’s omitted):

 

			2021						2020						2019
Current expense (benefit)
Federal			$	430,686					$	159,677					$	196,186
State and other			73,671						24,580						21,252
			$	504,357					$	184,257					$	217,438
Deferred expense (benefit)
Federal			$	57,743					$	116,484					$	74,700
State and other			1,425						21,114						30,738
			$	59,168					$	137,598					$	105,438
Income tax expense (benefit)			$	563,525					$	321,855					$	322,876

Effective Income Tax Rate Reconciliation

The following table reconciles the statutory federal income tax rate to the effective income tax rate:

 

			2021						2020						2019
Income taxes at federal statutory rate			21.0		%				21.0		%				21.0		%
State and local income taxes, net of federal tax			3.3						3.3						3.7
Federal tax credits			(1.2)						(4.8)						(0.2)
Changes in tax laws, including the Tax Act			—						—						0.2
Deferred tax asset valuation allowance			(0.8)						(0.8)						(0.4)
Other			0.2						(0.1)						(0.2)
Effective rate			22.5		%				18.6		%				24.1		%

Deferred Tax Assets and Liabilities

Components of our net deferred tax asset are as follows ($000’s omitted): 

			At December 31,
			2021						2020
Deferred tax assets:
Accrued insurance			$	132,386					$	135,703
Inventory valuation reserves			62,806						78,518
State NOL carryforwards			144,746						184,046
Other			73,506						64,030
			413,444						462,297
Deferred tax liabilities:
Deferred income			(367,285)						(313,170)
Intangibles and other			(47,475)						(46,595)
			(414,760)						(359,765)
Valuation allowance			(25,165)						(69,813)
Net deferred tax asset (liability)			$	(26,481)					$	32,719

Summary of Income Tax Contingencies

A reconciliation of the change in the unrecognized tax benefits is as follows ($000’s omitted): 

			2021						2020						2019
Unrecognized tax benefits, beginning of period			$	30,855					$	40,300					$	30,554
Increases related to positions taken during a prior period			1,428						—						2,376
Decreases related to positions taken during a prior period			(8,896)						(12,981)						(7,918)
Increases related to positions taken during the current period			267						11,001						16,332
Decreases related to settlements with taxing authorities			—						(7,465)						(1,044)
Decreases related to lapse of the applicable statute of limitations			(1,118)						—						—
Unrecognized tax benefits, end of period			$	22,536					$	30,855					$	40,300

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- 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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15
-Subparagraph (d)
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319

Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 19
-URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319

+ Details

Name:	us-gaap_SummaryOfIncomeTaxContingenciesTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration