XML 32 R14.htm IDEA: XBRL DOCUMENT
v3.22.0.1

INCOME TAXES | 12 Months Ended
--- | ---
Dec. 31, 2021
INCOME TAXES |
INCOME TAXES | NOTE F – INCOME TAXES ​ Significant components of the provision or benefit for income taxes for the years ended December 31 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2021 |  | 2020 |  | 2019 |
​ | ​ | (in thousands) |
Current provision: |  | ​ |  |  | ​ |  |  | ​ |  | ​
Federal | ​ | $ | 56,451 | ​ | $ | 10,001 | ​ | $ | 2,202 | ​
State | ​ |  | 14,430 | ​ |  | 3,267 | ​ |  | 1,813 | ​
Foreign | ​ |  | 341 | ​ |  | 413 | ​ |  | 2,060 | ​
​ | ​ |  | 71,222 | ​ |  | 13,681 | ​ |  | 6,075 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred provision (benefit): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | (6,098) | ​ |  | 5,948 | ​ |  | 4,196 | ​
State | ​ |  | (1,554) | ​ |  | 1,789 | ​ |  | 1,221 | ​
Foreign | ​ |  | 63 | ​ |  | (22) | ​ |  | (6) | ​
​ | ​ |  | (7,589) | ​ |  | 7,715 | ​ |  | 5,411 | ​
Total provision for income taxes | ​ | $ | 63,633 | ​ | $ | 21,396 | ​ | $ | 11,486 | ​
​ Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Components of the deferred tax provision or benefit for the years ended December 31 were as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 |
​ | ​ | (in thousands) |
Amortization, depreciation, and basis differences for property, plant and equipment and other long-lived assets(1) |  | $ | 1,451 |  | $ | 4,975 |  | $ | 16,255 | ​
Amortization of intangibles and impairment | ​ |  | (536) | ​ |  | 183 | ​ |  | (6,933) | ​
Changes in reserves for workers’ compensation, third-party casualty, and cargo claims | ​ |  | (3,294) | ​ |  | (182) | ​ |  | (1,880) | ​
Revenue recognition | ​ |  | (1,445) | ​ |  | (1,481) | ​ |  | (1,437) | ​
Allowance for credit losses | ​ |  | 156 | ​ |  | (652) | ​ |  | 541 | ​
Nonunion pension and other retirement plans | ​ |  | (3) | ​ |  | 957 | ​ |  | 564 | ​
Multiemployer pension fund withdrawal | ​ | ​ | 164 | ​ | ​ | 157 | ​ | ​ | 150 | ​
Federal and state net operating loss carryforwards utilized (generated) | ​ |  | (300) | ​ |  | (259) | ​ |  | 59 | ​
State depreciation adjustments | ​ |  | 598 | ​ |  | 343 | ​ |  | (1,302) | ​
Share-based compensation | ​ |  | (984) | ​ |  | (195) | ​ |  | (709) | ​
Valuation allowance increase | ​ |  | 911 | ​ |  | 617 | ​ |  | 383 | ​
Other accrued expenses | ​ |  | (4,097) | ​ |  | 1,663 | ​ |  | (699) | ​
Prepaid expenses | ​ | ​ | (788) | ​ | ​ | 1,207 | ​ | ​ | 1,782 | ​
Operating lease right-of-use assets/liabilities – net | ​ | ​ | (228) | ​ | ​ | (13) | ​ | ​ | (1,049) | ​
Other | ​ |  | 806 | ​ |  | 395 | ​ |  | (314) | ​
Deferred tax provision (benefit) | ​ | $ | (7,589) | ​ | $ | 7,715 | ​ | $ | 5,411 | ​
(1) | The Tax Cuts and Jobs Act, enacted in December 2017, allowed first year bonus depreciation at 100% for assets placed into service between September 27, 2017 and January 1, 2023. Due to a decrease in the purchase of assets eligible for 100% depreciation, the deferred tax expense related to the tax depreciation expense in excess of book depreciation decreased over the three-year period from 2019 through 2021.
​ Significant components of the deferred tax assets and liabilities at December 31 were as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 |
​ | ​ | (in thousands) |
Deferred tax assets: |  | ​ |  |  | ​ |  | ​
Accrued expenses | ​ | $ | 47,683 | ​ | $ | 40,502 | ​
Operating lease liabilities | ​ | ​ | 30,590 | ​ | ​ | 33,933 | ​
Supplemental pension liabilities | ​ | ​ | 97 | ​ | ​ | 103 | ​
Multiemployer pension fund withdrawal | ​ | ​ | 5,247 | ​ | ​ | 5,409 | ​
Postretirement liabilities other than pensions | ​ |  | 4,441 | ​ |  | 4,871 | ​
Share-based compensation | ​ |  | 6,755 | ​ |  | 5,827 | ​
Federal and state net operating loss carryovers | ​ |  | 1,652 | ​ |  | 1,353 | ​
Revenue recognition | ​ | ​ | 2,778 | ​ | ​ | 1,426 | ​
Other | ​ |  | 266 | ​ |  | 1,297 | ​
Total deferred tax assets | ​ |  | 99,509 | ​ |  | 94,721 | ​
Valuation allowance | ​ |  | (2,196) | ​ |  | (1,284) | ​
Total deferred tax assets, net of valuation allowance | ​ |  | 97,313 | ​ |  | 93,437 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization, depreciation, and basis differences for property, plant and equipment, and other long-lived assets | ​ |  | 114,999 | ​ |  | 113,092 | ​
Operating lease right-of-use assets | ​ | ​ | 29,403 | ​ | ​ | 32,923 | ​
Intangibles | ​ |  | 6,966 | ​ |  | 7,520 | ​
Prepaid expenses | ​ |  | 5,368 | ​ |  | 6,151 | ​
Total deferred tax liabilities | ​ |  | 156,736 | ​ |  | 159,686 | ​
Net deferred tax liabilities | ​ | $ | (59,423) | ​ | $ | (66,249) | ​
​ Reconciliation between the effective income tax rate, as computed on income before income taxes, and the statutory federal income tax rate for the years ended December 31 is presented in the following table: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2021 | ​ | 2020 | ​ | 2019 |
​ | ​ | (in thousands, except percentages) |
Income tax provision at the statutory federal rate of 21.0% |  | $ | 58,202 |  | $ | 19,424 |  | $ | 10,809 | ​
Federal income tax effects of: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
State income taxes | ​ |  | (2,704) | ​ |  | (1,062) | ​ |  | (637) | ​
Nondeductible expenses | ​ |  | 3,596 | ​ |  | 1,395 | ​ |  | 1,344 | ​
Life insurance proceeds and changes in cash surrender value | ​ |  | (866) | ​ |  | (488) | ​ |  | (775) | ​
Alternative fuel credit | ​ |  | — | ​ |  | (1,261) | ​ |  | (2,340) | ​
Net increase in valuation allowances | ​ |  | 887 | ​ |  | 617 | ​ |  | 382 | ​
Net increase (decrease) in uncertain tax positions | ​ | ​ | 854 | ​ | ​ | (933) | ​ | ​ | (20) | ​
Settlement of share-based compensation | ​ | ​ | (6,140) | ​ | ​ | 420 | ​ | ​ | 388 | ​
Nonunion pension termination expense | ​ | ​ | — | ​ | ​ | — | ​ | ​ | 1,040 | ​
Foreign tax credits generated | ​ | ​ | (404) | ​ | ​ | (391) | ​ | ​ | (2,054) | ​
Federal research and development tax credits | ​ | ​ | (2,044) | ​ | ​ | (2,078) | ​ | ​ | (1,354) | ​
Other | ​ |  | (1,028) | ​ |  | 306 | ​ |  | (385) | ​
Federal income tax provision | ​ |  | 50,353 | ​ |  | 15,949 | ​ |  | 6,398 | ​
State income tax provision | ​ |  | 12,876 | ​ |  | 5,056 | ​ |  | 3,034 | ​
Foreign income tax provision | ​ |  | 404 | ​ |  | 391 | ​ |  | 2,054 | ​
Total provision for income taxes | ​ | $ | 63,633 | ​ | $ | 21,396 | ​ | $ | 11,486 | ​
Effective tax rate | ​ |  | 23.0 | % |  | 23.1 | % |  | 22.3 | %
​ Income taxes paid, excluding income tax refunds, totaled $77.5 million, $28.6 million, and $28.1 million in 2021, 2020, and 2019, respectively. Income tax refunds totaled $19.4 million, $13.3 million, and $13.1 million in 2021, 2020, and 2019, respectively. ​ Under ASC Topic 718, Compensation – Stock Compensation, the Company may experience volatility in its income tax provision as a result of recording all excess tax benefits and tax deficiencies in the income statement upon settlement of awards, which occurs primarily during the second quarter of each year. The 2021 tax rate reflects a tax benefit of 2.8%, and the 2020 and 2019 tax rates reflect tax expense of 0.5% and 0.9%, respectively, for settlement of stock awards. The tax benefit of dividends on share-based payment awards was less than $0.1 million for each of the years 2021, 2020, and 2019. ​ At December 31, 2021, the Company had gross federal net operating loss carryforwards of $1.0 million. Due to taxable income, there is no need for a valuation allowance on these amounts at December 31, 2021, and the related valuation allowance of $0.1 million was removed. At December 31, 2021, the Company had total gross state net operating losses of $19.3 million. Gross state net operating losses of $3.4 million are from the acquisition of Panther Expedited Services, Inc. (“Panther”) and relate to periods ending on or prior to June 15, 2012. State carryforward periods for the remaining Panther net operating losses vary from 10 to 20 years. Gross state net operating losses of $14.8 million are for subsidiaries that have had taxable losses for three or more prior tax years or have other nexus issues that reduce the likelihood of the utilization of the losses. These net operating loss carryforwards have been fully reserved with valuation allowances of $1.1 million and $0.6 million at December 31, 2021 and 2020, respectively. Additional valuation allowances of $0.2 million related to state research and development tax credits were reserved at December 31, 2021 and 2020, and less than $0.1 million related to state interest expense carryforwards was reserved at December 31, 2021. ​ As the Canadian tax rate is now higher than the U.S. tax rate, it is unlikely that foreign tax credit carryforwards will be useable, as U.S. taxes will be paid at a lower rate than the tax rates in Canada. Thus, the foreign tax credit carryover is fully reserved, resulting in valuation allowances of $0.8 million and $0.4 million at December 31, 2021 and 2020, respectively. ​ Consolidated federal income tax returns filed for tax years through 2017 are closed by the applicable statute of limitations. The Company is not under examination by any federal, state, or foreign taxing authorities at December 31, 2021. ​ At December 31, 2021, a reserve for uncertain tax positions of $0.9 million was established related to credits taken on federal returns. There was no reserve for uncertain tax positions at December 31, 2020. ​ For 2021, 2020, and 2019, interest paid or accrued related to foreign and state income taxes was immaterial.

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