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Note 13 - Income Taxes | 12 Months Ended
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Dec. 31, 2021
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
13. | INCOME TAXES:
The tax provisions are summarized as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 307,260 |  |  | $ | 146,055 |  |  | $ | 188,174 |
Foreign |  |  | 6,423 |  |  |  | 5,668 |  |  |  | 1,349 |
Total |  |  | 313,683 |  |  |  | 151,723 |  |  |  | 189,523 |
Current provision |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 47,475 |  |  | $ | 67,988 |  |  | $ | 20,303 |
State |  |  | 10,759 |  |  |  | 6,706 |  |  |  | 4,648 |
Total |  |  | 58,234 |  |  |  | 74,694 |  |  |  | 24,951 |
Deferred provision (benefit) |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 13,809 |  |  |  | (37,683 | ) |  |  | 20,925 |
State |  |  | (631 | ) |  |  | (1,254 | ) |  |  | 2,064 |
Foreign |  |  | 856 |  |  |  | 1,079 |  |  |  | − |
Total |  |  | 14,034 |  |  |  | (37,858 | ) |  |  | 22,989 |
Provision (benefit) for income taxes |  | $ | 72,268 |  |  | $ | 36,836 |  |  | $ | 47,940 |
A reconciliation of taxes based on the federal statutory rates and the provisions (benefits) for income taxes are summarized as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Income taxes at the federal statutory rate |  | $ | 65,694 |  |  | $ | 31,862 |  |  | $ | 39,530 |
State income taxes, net of federal benefit |  |  | 7,874 |  |  |  | 4,487 |  |  |  | 5,303 |
Tax effect of permanent differences |  |  | (2,502 | ) |  |  | 283 |  |  |  | 1,562 |
Foreign tax rate differential |  |  | (313 | ) |  |  | (111 | ) |  |  | − |
Other, net |  |  | 1,515 |  |  |  | 315 |  |  |  | 1,545 |
Provision (benefit) for income taxes |  | $ | 72,268 |  |  | $ | 36,836 |  |  | $ | 47,940 |
The following summarizes the components of net deferred income tax liabilities included in the balance sheet (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Deferred income tax (assets) liabilities: |  |  |  |  |  |  |  |
Inventory |  | $ | (2,704 | ) |  | $ | (4,329 | )
Accounts receivable |  |  | (349 | ) |  |  | (168 | )
Finance lease obligations |  |  | (27,242 | ) |  |  | (27,522 | )
Finance and operating leases |  |  | (16,379 | ) |  |  | (13,607 | )
Stock options |  |  | (6,993 | ) |  |  | (7,463 | )
Accrued liabilities |  |  | (5,768 | ) |  |  | (7,680 | )
State net operating loss carry forward |  |  | (1,438 | ) |  |  | (1,101 | )
State tax credit |  |  | (120 | ) |  |  | (193 | )
Other |  |  | (2,765 | ) |  |  | (3,302 | )
Difference between book and tax basis- Operating lease assets |  |  | 16,132 |  |  |  | 13,444 |
Difference between book and tax basis- Depreciation and amortization |  |  | 188,099 |  |  |  | 178,360 |
Net deferred income tax liability |  | $ | 140,473 |  |  | $ | 126,439 |
As of December 31, 2021, the Company had approximately $30.8 million in state net operating loss carry forwards that expire from 2021 to 2040, which result in a deferred tax asset of approximately $1.4 million. The Company has evaluated whether its state net operating losses are realizable and has not recorded a valuation allowance against them. The valuation allowance did not change over the prior year ending December 31, 2020. The Company had unrecognized income tax benefits totaling $4.3 million as a component of accrued liabilities as of December 31, 2021, and $3.3 million at December 31, 2020, the total of which, if recognized, would impact the Company’s effective tax rate. An unfavorable settlement would require a charge to income tax expense and a favorable resolution would be recognized as a reduction to income tax expense. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2020, 2019 and 2018, the Company recognized approximately $129,660, $6,150, and $5,220 in interest expense (income). No amounts were accrued for penalties. The Company had approximately $279,000, $150,000 and $144,000 of interest accrued as of December 31, 2021, 2020 and 2019, respectively. Undistributed earnings of certain of the Company’s foreign subsidiaries amounted to approximately $13.4 million at December 2021. Those earnings are considered to be indefinitely reinvested. Upon repatriation of those earnings in the form of dividends or otherwise, the Company may be subject to state and local taxes, and/or withholding taxes payable to the various foreign countries. The Company expects to be able to take a 100% dividends received deduction to offset any U.S. federal income tax liability on the distribution of untaxed earnings and profits. The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 months. As of December 31, 2021, the tax years ended December 31, 2018 through 2021 remained subject to audit by federal tax authorities and the tax years ended December 31, 2017 through 2021, remained subject to audit by state tax authorities. The table below presents the reconciliation of the change in the unrecognized tax benefits (in thousands):
|  | 2021 |  |  | 2020 |  |  | 2019 |
Unrecognized tax benefits at beginning of period |  | $ | 3,306 |  |  | $ | 3,007 |  |  | $ | 2,389 |
Gross increases – tax positions in current year |  |  | 1,512 |  |  |  | 651 |  |  |  | 1,188 |
Reductions due to lapse of statute of limitations |  |  | (509 | ) |  |  | (352 | ) |  |  | (570 | )
Unrecognized tax benefits at end of period |  | $ | 4,309 |  |  | $ | 3,306 |  |  | $ | 3,007 |

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- 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
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