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Income Taxes (Tables)

12 Months Ended

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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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.

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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.

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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.

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