XML 31 R16.htm IDEA: XBRL DOCUMENT
v3.22.0.1

Taxes on Income | 12 Months Ended
--- | ---
Dec. 31, 2021
Taxes on Income [Abstract] |
Taxes on Income | (9) Taxes on Income Earnings (loss) before taxes on income and details of the provision (benefit) for taxes on income were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Earnings (loss) before taxes on income: |  |  |  |  |  |  |  |  |
United States |  | $ | (290,181 | ) |  | $ | (461,569 | ) |  | $ | 190,839 |
Foreign |  |  | (420 | ) |  |  | 218 |  |  |  | (1,019 | )
|  | $ | (290,601 | ) |  | $ | (461,351 | ) |  | $ | 189,820 |
Provision (benefit) for taxes on income: |  |  |  |  |  |  |  |  |
U.S. Federal: |  |  |  |  |  |  |  |  |
Current |  | $ | (460 | ) |  | $ | (218,613 | ) |  | $ | (312 | )
Deferred |  |  | (48,843 | ) |  |  | 37,436 |  |  |  | 45,133 |
|  | $ | (49,303 | ) |  | $ | (181,177 | ) |  | $ | 44,821 |
U.S. State: |  |  |  |  |  |  |  |  |
Current |  | $ | 1,560 |  |  | $ | 3,421 |  |  | $ | 76 |
Deferred |  |  | 4,424 |  |  |  | (12,273 | ) |  |  | 1,706 |
|  | $ | 5,984 |  |  | $ | (8,852 | ) |  | $ | 1,782 |
Foreign: |  |  |  |  |  |  |  |  |
Current |  | $ | (511 | ) |  | $ | 270 |  |  | $ | 198 |
|  | $ | (511 | ) |  | $ | 270 |  |  | $ | 198 |
Consolidated: |  |  |  |  |  |  |  |  |
Current |  | $ | 589 |  |  | $ | (214,922 | ) |  | $ | (38 | )
Deferred |  |  | (44,419 | ) |  |  | 25,163 |  |  |  | 46,839 |
|  | $ | (43,830 | ) |  | $ | (189,759 | ) |  | $ | 46,801 |
On November 13, 2021, the voters of the state of Louisiana approved a constitutional amendment that removed the corporate tax deduction for federal income taxes paid and lowered the corporate income tax rate from 8% to 7.5% effective January 1, 2022. The result of the amendment was an increase in the effective Louisiana state income tax rate, net of deduction for federal income tax, from 6.3% to 7.5%. As a result of the amendment, the Company recognized a one-time deferred tax provisi on of $5,656,000 durin g the fourth quarter of 2021 due to remeasuring the Company’s Louisiana and U.S. deferred tax assets and liabilities based on the new effective Louisiana state income tax rate. On March 27, 2020, the United States Congress passed and the President signed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) into law to address the COVID-19 pandemic. One provision of the CARES Act allows net operating losses generated in 2018 through 2020 to be carried back up to five years. Pursuant to this provision of the CARES Act, the Company recorded a net federal current benefit for taxes on income for the year ended December 31, 2020 due to carrying back net operating losses generated between 2018 and 2020 used to offset taxable income generated between 2013 and 2017. Net operating losses carried back to tax years 2013 through 2017 are applied at a federal tax rate of 35% applicable to those tax years, compared to a 21% tax rate effective at December 31, 2020. Net operating losses generated in 2018 and 2019 were used to offset taxable income generated between 2013 and 2017 taxed at 35% resulting in a tax benefit of $59,659,000 and a decrease in the company’s deferred tax asset related to federal net operating losses of $88,292,000. At December 31, 2021 and 2020, the Company had a federal income tax receivable of $70,973,000 and $188,177,000, respectively, included in Accounts Receivable – Other on the balance sheet. During 2021, the Company received a tax refund of $119,493,000, including accrued interest, for its 2019 tax return related to net operating losses being carried back to offset taxable income generated between 2014 and 2017. During 2020, the Company received a tax refund of $30,606,000 for its 2018 tax return related to net operating losses being carried back to offset taxable income generated during 2013. The Company’s provision (benefit) for taxes on income varied from the statutory federal income tax rate due to the following:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
United States income tax statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State and local taxes, net of federal benefit |  |  | (1.7 | ) |  |  | 1.2 |  |  |  | 0.7 |
CARES Act – net operating loss carryback |  |  | — |  |  |  | 21.3 |  |  |  | — |
Other – net |  |  | (4.2 | ) |  |  | (2.4 | ) |  |  | 3.0 |
|  |  | 15.1 | % |  |  | 41.1 | % |  |  | 24.7 | %
The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities were as follows (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |
Allowance for doubtful accounts |  | $ | 1,657 |  |  | $ | 1,793 |
Inventory |  |  | 13,180 |  |  |  | 13,496 |
Insurance accruals |  |  | 4,052 |  |  |  | 4,864 |
Deferred compensation |  |  | 6,081 |  |  |  | 6,040 |
Unrealized loss on defined benefit plans |  |  | 6,126 |  |  |  | 15,929 |
Goodwill and other intangibles |  |  | 65,852 |  |  |  | 44,487 |
Operating loss carryforwards |  |  | 89,966 |  |  |  | 82,186 |
Retirement benefits |  |  | 7,194 |  |  |  | 7,444 |
Other |  |  | 6,247 |  |  |  | 5,480 |
|  |  | 200,355 |  |  |  | 181,719 |
Valuation allowances |  |  | (20,095 | ) |  |  | (18,025 | )
|  |  | 180,260 |  |  |  | 163,694 |
Deferred tax liabilities: |  |  |  |  |  |
Property |  |  | (655,550 | ) |  |  | (678,916 | )
Deferred state taxes |  |  | (83,491 | ) |  |  | (74,468 | )
Other |  |  | (15,371 | ) |  |  | (17,154 | )
|  |  | (754,412 | ) |  |  | (770,538 | )
|  | $ | (574,152 | ) |  | $ | (606,844 | )
During 2021, the Company generated a federal tax net operating loss mainly caused by taking the full cost deduction of purchased fixed assets. The deferred tax assets of $57,168,000 has been recorded at December 31, 2021. The Company had state operating loss deferred tax assets of $27,607,000 in 2021 and $23,482,000 in 2020. The valuation allowance for state deferred tax assets as of December 31, 2021 and 2020 was $14,904,000 a nd $12,819,000, respectively, related to the Company’s state net operating loss carryforwards based on the Company’s determination that it is more likely than not that the deferred tax assets will not be realized. Expiration of these state net operating loss carryforwards vary by state through 2028 and none will expire in fiscal 2022. As of December 31, 2021, the Company had a Canadian net operating loss carryforward of $5,191,000 which expires between 2037 and 2041. A full valuation allowance has been provided for this asset. The Company or one of its subsidiaries files income tax returns in the United States federal jurisdiction and various state jurisdiction s. The Company’s federal income tax returns for the 2017 through 2020 tax years are currently under examination. With few exceptions, the Company and its subsidiaries’ state income tax returns are open to audit under the statute of limitations for the 2015 through 2020 tax years. As of December 31, 2021, the Company has provided a liability of $893,000 for unrecognized tax benefits related to various income tax issues which includes interest and penalties. The amount that would impact the Company’s effective tax rate, if recognized, is $720,000, with the difference between the total amount of u nrecognized tax benefits and the amount that would impact the effective tax rate being primarily related to the federal tax benefit of state income tax items. It is not reasonably possible to determine if the liability for unrecognized tax benefits will significantly change prior to December 31, 2022 due to the uncertainty of possible examination results. A reconciliation of the beginning and ending amount of the liability for unrecognized tax benefits is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Balance at beginning of year |  | $ | 783 |  |  | $ | 883 |  |  | $ | 1,443 |
Additions based on tax positions related to the current year |  |  | 13 |  |  |  | 262 |  |  |  | 51 |
Additions for tax positions of prior years |  |  | 281 |  |  |  | 114 |  |  |  | 58 |
Reductions for tax positions of prior years |  |  | (340 | ) |  |  | (266 | ) |  |  | (669 | )
Settlements |  |  | — |  |  |  | (210 | ) |  |  | — |
Balance at end of year |  | $ | 737 |  |  | $ | 783 |  |  | $ | 883 |
The Company accounts for interest and penalties related to uncertain tax positions as part of its provision for federal and state income taxes. The Company recognized n et benefit of $34,000, $90,000, and $71,000 in interest and penalties for the years ended December 31, 2021, 2020, and 2019, respectively. The Company had $138,000 and $172,000 of accrued liabilities for the payment of interest and penalties at December 31, 2021 and 2020, respectively.

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 The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 21 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32857-109319 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330215-122817 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 17 -Subparagraph (b) -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32809-109319 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -URI http://asc.fasb.org/extlink&oid=122134291&loc=d3e330036-122817 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 14 -URI http://asc.fasb.org/extlink&oid=121826272&loc=d3e32705-109319 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 270 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=6424409&loc=d3e44925-109338 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 30 -Section 50 -Paragraph 2 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6424122&loc=d3e41874-109331 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -URI http://asc.fasb.org/extlink&oid=120395691&loc=d3e23780-122690 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration