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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes

The following table summarizes the provision for income taxes:

			Year Ended December 31,
			2021						2020						2019
			(amounts in thousands)
Current:
Federal			$	9,120					$	28,833					$	15,041
State			3,766						7,564						6,158
			$	12,886					$	36,397					$	21,199
Deferred:
Federal			$	2,118					$	(4,903)					$	(824)
State			956						(990)						140
			$	3,074					$	(5,893)					$	(684)
Tax provision			$	15,960					$	30,504					$	20,515

Significant Components of Federal and State Deferred Tax Assets and Liabilities

Significant components of the Company’s federal and state deferred tax asset and liability balances were as follows:

			Year Ended December 31,
			2021						2020
			(in thousands)
Deferred tax assets:
Allowance for doubtful accounts			$	16,124					$	16,672
Deferred compensation			9,587						8,239
Deferred payroll taxes under the CARES Act			6,220						11,914
Accrued insurance claims			6,252						5,189
Non-deductible reserves			521						309
Leases			247						181
Other			1,854						1,466
			$	40,805					$	43,970
Deferred tax liabilities:
Expensing of housekeeping supplies			$	(3,085)					$	(3,322)
Amortization of intangibles1			(2,118)						(574)
Depreciation of property and equipment			(1,915)						(1,725)
Other			(2,152)						(2,795)
			$	(9,270)					$	(8,416)
Net deferred tax assets			$	31,535					$	35,554

1.The amortization of intangibles deferred tax liability includes less than $0.1 million of amortization of the goodwill recognized from the Company's acquisition of a prepackaged meal manufacturer. The goodwill related to the fourth quarter 2021 acquisition of a regional dining operator is not tax-deductible.

Reconciliation of The Provision for Income Taxes

The table below provides a reconciliation between the tax expense computed by applying the statutory federal income tax rate to income before income taxes and the provision for income taxes:

			Year Ended December 31,
			2021						2020						2019
			(in thousands)
Income tax expense computed at statutory rate			$	12,983					$	27,129					$	17,872
Increases (decreases) resulting from:
State income taxes, net of federal tax benefit			3,931						4,985						4,902
Federal jobs credits			(3,177)						(3,089)						(3,164)
Tax exempt interest			(324)						(323)						(399)
Share-based compensation			1,072						1,323						298
Fines and penalties1			1,294						20						20
Other, net			181						459						986
Income tax expense			$	15,960					$	30,504					$	20,515

1.For both the years ended December 31, 2020 and 2019, the Company presented less than $0.1 million of fines and penalties within the Other, net caption. Such amounts have been reclassified to the Fines and penalties caption for comparative purposes.

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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.

+ References

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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.

+ References

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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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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.

+ References

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-SubTopic 10
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-Paragraph 12
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