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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2021
Income Tax Disclosure [Abstract] |
Components of Provision for Income Taxes | Provision for income taxes consists of the following for the periods presented (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 48,292 |  |  | $ | (18,215 | ) |  | $ | 18,954 |
State |  |  | 6,715 |  |  |  | 4,981 |  |  |  | 3,440 |
Foreign |  |  | 778 |  |  |  | 732 |  |  |  | 1,602 |
Total current |  |  | 55,785 |  |  |  | (12,502 | ) |  |  | 23,996 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 13,339 |  |  |  | 46,442 |  |  |  | (1,572 | )
State |  |  | (1,892 | ) |  |  | 564 |  |  |  | 2,509 |
Foreign |  |  | 325 |  |  |  | 6,102 |  |  |  | 152 |
Total deferred provision |  |  | 11,772 |  |  |  | 53,108 |  |  |  | 1,089 |
Provision for income taxes |  | $ | 67,557 |  |  | $ | 40,606 |  |  | $ | 25,085 |
Effective Income Tax Rate | A reconciliation of the U.S. federal statutory rate to the effective tax rate is as follows for the periods presented:
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
U.S. federal statutory rate on income before income taxes |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Impact of foreign operations |  |  | 1.7 |  |  |  | (0.5 | ) |  |  | 1.1 |
Effects of statutory rate change |  |  | — |  |  |  | 3.2 |  |  |  | — |
State income taxes, net of federal tax effect |  |  | 3.9 |  |  |  | 5.1 |  |  |  | 5.8 |
Permanent differences |  |  | 1.7 |  |  |  | 1.5 |  |  |  | 3.3 |
Change in valuation allowance |  |  | (2.8 | ) |  |  | 127.4 |  |  |  | 0.6 |
Unrecognized tax benefit release |  |  | (0.9 | ) |  |  | (0.4 | ) |  |  | 0.5 |
Federal tax credits |  |  | (0.8 | ) |  |  | (1.0 | ) |  |  | (2.2 | )
Basis recognition related to foreign divestiture |  |  | — |  |  |  | (129.9 | ) |  |  | — |
CARES Act impacts to net operating losses |  |  | — |  |  |  | (4.5 | ) |  |  | — |
Other |  |  | 0.7 |  |  |  | 0.2 |  |  |  | 1.9 |
Effective income tax rate |  |  | 24.5 | % |  |  | 22.1 | % |  |  | 32.0 | %
Summary of Domestic and Foreign Components of Income from Continuing Operations before Income Taxes | The domestic and foreign components of income from continuing operations before income taxes for continuing operations are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |  |  | 2019 |
Foreign |  | $ | 5,596 |  |  | $ | 9,904 |  |  | $ | 6,070 |
Domestic |  |  | 270,164 |  |  |  | 173,893 |  |  |  | 72,325 |
Income from continuing operations before income taxes |  | $ | 275,760 |  |  | $ | 183,797 |  |  | $ | 78,395 |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities of the Company at December 31, 2021 and December 31, 2020 were as follows (in thousands):
|  | December 31, |
|  | 2021 |  |  | 2020 |
Deferred tax assets: |  |  |  |  |  |  |  |
Net operating losses and tax credit carryforwards – federal and state |  | $ | 9,354 |  |  | $ | 7,486 |
Capital loss carryovers (a) |  |  | 215,367 |  |  |  | 239,269 |
Bad debt allowance |  |  | 1,083 |  |  |  | 1,243 |
Accrued compensation and severance |  |  | 18,241 |  |  |  | 20,889 |
Insurance reserves |  |  | 18,847 |  |  |  | 18,497 |
Leases |  |  | 896 |  |  |  | 846 |
Accrued expenses |  |  | 5,768 |  |  |  | 11,817 |
Interest carryforwards |  |  | 3,396 |  |  |  | 3,374 |
Lease right-of-use liabilities |  |  | 26,154 |  |  |  | 24,402 |
Other assets |  |  | 8,066 |  |  |  | 13,251 |
Total gross deferred tax assets |  |  | 307,172 |  |  |  | 341,074 |
Less: valuation allowance |  |  | (217,325 | ) |  |  | (241,225 | )
Deferred tax assets |  |  | 89,847 |  |  |  | 99,849 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Fixed asset basis difference |  |  | (2,456 | ) |  |  | (5,553 | )
Prepaid items |  |  | (2,882 | ) |  |  | (2,960 | )
Intangible assets |  |  | (126,446 | ) |  |  | (115,196 | )
Lease right-of-use assets |  |  | (24,660 | ) |  |  | (22,948 | )
Investment in foreign subsidiary |  |  | (4,691 | ) |  |  | — |
Total deferred tax liabilities |  |  | (161,135 | ) |  |  | (146,657 | )
Total net deferred tax liability |  | $ | (71,288 | ) |  | $ | (46,808 | )
(a) | The presentation of the December 31, 2020 deferred tax liability attributable to the U.K. divestiture has been adjusted to reflect the final outcome of the sale.
Unrecognized Income Tax Benefits Net of Federal Benefit | A reconciliation of the beginning and ending amount of unrecognized income tax benefits, exclusive of any interest and penalties, net of the federal benefit, is as follows (in thousands):
|  | 2021 |  |  | 2020 |
Balance at January 1 |  | $ | 2,060 |  |  | $ | 2,441 |
Additions based on tax positions related to the current year |  |  | — |  |  |  | — |
Reductions as a result of the lapse of applicable statutes of limitations and settlements with tax authorities |  |  | (2,060 | ) |  |  | (381 | )
Balance at December 31 |  | $ | — |  |  | $ | 2,060 |

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