XML 54 R41.htm IDEA: XBRL DOCUMENT
v3.22.0.1

INCOME TAXES (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Schedule of Income before Income Tax, Domestic and Foreign | The domestic and foreign components of income before provision for income taxes were as follows (in thousands):
| For the years ended December 31,
| 2021 |  | 2020 |  | 2019
Domestic | $ | 223,438 |  |  | $ | 168,117 |  |  | $ | 156,571 |
Foreign | 46,277 |  |  | 6,433 |  |  | (8,332) |
Total | $ | 269,715 |  |  | $ | 174,550 |  |  | $ | 148,239 |
Schedule of Components of Provision for Income Taxes | The provision for income taxes consisted of the following (in thousands, except percentages):
| For the years ended December 31,
| 2021 |  | 2020 |  | 2019
Current: |  |  |  |  |
Federal | $ | 42,480 |  |  | $ | 33,327 |  |  | $ | 20,482 |
State | 18,126 |  |  | 14,575 |  |  | 14,564 |
Foreign | 4,380 |  |  | 1,559 |  |  | 7,448 |
| 64,986 |  |  | 49,461 |  |  | 42,494 |
Deferred |  |  |  |  |
Federal | 2,275 |  |  | (965) |  |  | 7,933 |
State | (4,777) |  |  | (2,506) |  |  | 550 |
Foreign | 3,984 |  |  | (6,277) |  |  | (478) |
| 1,482 |  |  | (9,748) |  |  | 8,005 |
Provision for income taxes | $ | 66,468 |  |  | $ | 39,713 |  |  | $ | 50,499 |
Effective tax rate | 24.6% |  | 22.8% |  | 34.1%
Schedule of Effective Income Tax Rate Reconciliation | The Company's effective income tax rate varied from the amount computed using the statutory federal income tax rate of 21% as follows (in thousands):
| For the years ended December 31,
| 2021 |  | 2020 |  | 2019
Tax expense at US statutory rate | $ | 56,640 |  |  | $ | 36,655 |  |  | $ | 31,130 |
State income taxes, net of federal benefit | 12,101 |  |  | 9,837 |  |  | 10,597 |
Foreign rate differential | 1,922 |  |  | 1,256 |  |  | 276 |
Valuation allowance | (9,139) |  |  | (11,339) |  |  | 4,459 |
Uncertain tax position interest and penalties | 263 |  |  | (712) |  |  | 474 |
Tax credits expired (used) | 2,530 |  |  | 2,039 |  |  | (50) |
Non-deductible compensation | 2,326 |  |  | 1,406 |  |  | 1,922 |
Other | (175) |  |  | 571 |  |  | 1,691 |
Provision for income taxes | $ | 66,468 |  |  | $ | 39,713 |  |  | $ | 50,499 |
Schedule of Deferred Tax Assets and Liabilities | The components of the total net deferred tax assets and liabilities as of December 31, 2021 and 2020 were as follows (in thousands):
| 2021 |  | 2020
Deferred tax assets: |  |  |
Provision for doubtful accounts | $ | 10,188 |  |  | $ | 10,305 |
Closure, post-closure and remedial liabilities | 28,206 |  |  | 28,665 |
Operating lease liabilities | 42,218 |  |  | 38,151 |
Accrued expenses | 20,455 |  |  | 16,797 |
Accrued compensation and benefits | 24,504 |  |  | 11,372 |
Net operating loss carryforwards(1) | 68,381 |  |  | 50,433 |
Tax credit carryforwards(2) | 12,368 |  |  | 14,471 |
Interest rate swap liability | 5,215 |  |  | 10,089 |
Stock-based compensation | 2,705 |  |  | 3,040 |
Other | 5,635 |  |  | 5,553 |
Total deferred tax assets | 219,875 |  |  | 188,876 |
Deferred tax liabilities: |  |  |
Property, plant and equipment | (273,883) |  |  | (194,604) |
Operating lease right-of-use assets | (41,260) |  |  | (38,018) |
Permits and other intangible assets | (138,241) |  |  | (95,492) |
Prepaid expenses | (10,212) |  |  | (9,660) |
Total deferred tax liabilities | (463,596) |  |  | (337,774) |
Total net deferred tax liability before valuation allowance | (243,721) |  |  | (148,898) |
Less valuation allowance | (69,806) |  |  | (77,044) |
Net deferred tax liabilities | $ | (313,527) |  |  | $ | (225,942) |
___________________________________ (1)As of December 31, 2021, the net operating loss carryforwards included (i) state net operating loss carryforwards of $280.6 million which will begin to expire in 2022, (ii) federal net operating loss carryforwards of $124.1 million which will begin to expire in 2024 and (iii) foreign net operating loss carryforwards of $116.0 million which will begin to expire in 2022. The increases in the state net operating loss carryforwards and federal net operating loss carryforwards are due to balances acquired in the HydroChemPSC acquisition. (2)As of December 31, 2021, the foreign tax credit carryforwards of $11.0 million will expire between 2022 and 2024.
Summary of Valuation Allowance | The components of the total valuation allowance as of December 31, 2021 and 2020 were as follows (in thousands):
| 2021 |  | 2020
Allowance related to: |  |  |
Foreign tax credits | 11,047 |  |  | 14,127 |
Federal net operating losses | 3,788 |  |  | 779 |
State net operating loss carryforwards | 12,053 |  |  | 10,429 |
Foreign net operating loss carryforwards | 26,697 |  |  | 29,839 |
Deferred tax assets of a Canadian subsidiary | 10,701 |  |  | 11,468 |
Realized and unrealized capital losses | 5,520 |  |  | 10,402 |
Total valuation allowance | $ | 69,806 |  |  | $ | 77,044 |
Schedule of Income Tax Contingencies | The changes to unrecognized tax benefits (excluding related penalties and interest) from January 1, 2019 through December 31, 2021, were as follows (in thousands):
| 2021 |  | 2020 |  | 2019
Unrecognized tax benefits, beginning of year | $ | 5,490 |  |  | $ | 6,414 |  |  | $ | 3,159 |
(Reductions) additions to prior year tax positions | — |  |  | (833) |  |  | 3,354 |
Expirations | — |  |  | (203) |  |  | (209) |
Foreign currency translation | 6 |  |  | 112 |  |  | 110 |
Unrecognized tax benefits, end of year | $ | 5,496 |  |  | $ | 5,490 |  |  | $ | 6,414 |

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 of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
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

X
- Definition Tabular disclosure of valuation allowances to reduce deferred tax assets to net realizable value, including identification of the deferred tax asset more likely than not will not be fully realized and the corresponding amount of the valuation allowance. + 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 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32537-109319 + Details
Name: | us-gaap_SummaryOfValuationAllowanceTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration