XML 68 R51.htm IDEA: XBRL DOCUMENT v3.22.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Reconciliations of Statutory U.S. Federal Income Tax Rates to our Effective Tax Rate

Reconciliations of the statutory U.S. federal income tax rates to our effective tax rate for continuing operations follow:

 

Years ended December 31,						2022						2021						2020
Statutory rate						21.0		%				21.0		%				21.0		%
State tax, net of federal benefit						4.1						3.1						2.9
Business credits						(1.5)						(0.8)						(2.2)
Other, net						2.0						1.4						2.0
Effective tax rate						25.6		%				24.7		%				23.7		%

Components of Provision for Income Tax Expense (Benefit)

Income tax expense consists of:

 

As of December 31, (dollars in thousands)						2022						2021						2020
Current provision (benefit):
Federal						$	205,954					$	259,536					$	172,153
State						49,427						64,843						28,387
Total current provision (benefit)						255,381						324,379						200,540
Deferred provision (benefit):
Federal						(75,978)						47,240						58,003
State						(17,692)						8,132						14,773
Total deferred provision (benefit)						(93,670)						55,372						72,776
Provision for income tax expense						$	161,711					$	379,751					$	273,316

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences that give rise to deferred tax assets and liabilities is summarized below.

As of December 31, (dollars in thousands)						2022						2021
Deferred tax assets:
Loan reserves						$	362,368					$	300,538
Net unrealized losses						30,160						—
Accrued expenses not currently deductible						12,949						14,307
Unrecorded tax benefits						12,916						11,016
Research and development costs						10,929						—
Stock-based compensation plans						9,624						10,174
Operating loss carryovers						300						394
Other						4,618						2,415
Total deferred tax assets						443,864						338,844
Deferred tax liabilities:
Student loan premiums and discounts, net						14,065						12,396
Fixed assets						9,347						10,131
Federal deferred for state receivable						2,111						1,921
Research and development costs						—						8,710
Net unrealized gains						—						6,459
Other						397						396
Total deferred tax liabilities						25,920						40,013
Net deferred tax assets						$	417,944					$	298,831

Summary of Changes in Unrecognized Tax Benefits

The following table summarizes changes in unrecognized tax benefits:

 

As of December 31, (dollars in thousands)						2022						2021						2020
Unrecognized tax benefits at beginning of year						$	75,328					$	63,134					$	53,509
Increases resulting from tax positions taken during a prior period						6,049						1,496						12,723
Decreases resulting from tax positions taken during a prior period						(1,327)						(1,481)						(817)
Increases resulting from tax positions taken during the current period						11,032						20,743						7,815
Decreases related to settlements with taxing authorities						(4,666)						(3,682)						(148)
Increases related to settlements with taxing authorities						—						96						—
Reductions related to the lapse of statute of limitations						(7,050)						(4,978)						(9,948)
Unrecognized tax benefits at end of year						$	79,366					$	75,328					$	63,134

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 https://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 https://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 https://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 the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI https://asc.fasb.org/extlink&oid=126976462&loc=d3e36027-109320

Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319

+ Details

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