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Income Taxes | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company is subject to income taxation in the United States, foreign countries and various state jurisdictions in which it operates. In accordance with income tax accounting standards, the Company recognizes tax benefits or expenses on the temporary differences between the financial reporting and tax bases of its assets and liabilities. In 2020, 2019 and 2018, the Company recorded net tax (benefit)/provision of $(177.0) million, $69.1 million and $37.5 million, respectively. Cash taxes, net of refunds, were $(95.2) million, $2.2 million and $41.6 million, respectively. Components of Income before Income Taxes from Continuing Operations The components of income before taxes for domestic and foreign operations consisted of the following:
|  |  | Year ended December 31,
(in thousands) |  |  |  |  | 2020 |  | 2019 |  | 2018
Domestic |  |  |  |  | $ | (361,242) |  |  | $ | 299,330 |  |  | $ | 195,843 |
Foreign |  |  |  |  | 175 |  |  | 1,917 |  |  | 3,475 |
Total |  |  |  |  | $ | (361,067) |  |  | $ | 301,247 |  |  | $ | 199,318 |
Income Tax Provision/(Benefit) The provision for income taxes is composed of the following:
| Year ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
Federal | $ | (195,572) |  |  | $ | (34) |  |  | $ | (3,707) |
State | (211) |  |  | 505 |  |  | (650) |
Foreign | 132 |  |  | 530 |  |  | 1,086 |
Total current | (195,651) |  |  | 1,001 |  |  | (3,271) |
Deferred: |  |  |  |  |
Federal | 24,126 |  |  | 63,430 |  |  | 41,593 |
State | (5,449) |  |  | 4,699 |  |  | 3,744 |
Foreign | — |  |  | — |  |  | (4,550) |
Total deferred | 18,677 |  |  | 68,129 |  |  | 40,787 |
Total income tax provision | $ | (176,974) |  |  | $ | 69,130 |  |  | $ | 37,516 |
Reconciliation of Effective Tax Rate The effective tax rate on income before income taxes differed from the federal statutory income tax rate as follows:
| Year ended December 31,
(in thousands) | 2020 |  | 2019 |  | 2018
Income tax expense at federal statutory rate | $ | (70,459) |  |  | $ | 63,262 |  |  | $ | 41,857 |
State income taxes, net of federal income tax benefit | (5,495) |  |  | 5,070 |  |  | 3,560 |
CARES Act | (97,988) |  |  | — |  |  | — |
Foreign income tax expense | 132 |  |  | 530 |  |  | (3,464) |
Other | (3,164) |  |  | 268 |  |  | (4,437) |
Total income tax expense | $ | (176,974) |  |  | $ | 69,130 |  |  | $ | 37,516 |
Deferred Taxes The major components of the Company’s net deferred tax assets and liabilities are as follows:
| As of December 31,
(in thousands) | 2020 |  | 2019
Deferred tax assets: |  |  |
Accrued vacation | $ | 1,024 |  |  | $ | 907 |
Accrued bonus | — |  |  | 5,523 |
State taxes | — |  |  | 88 |
Accrued property taxes | 1,111 |  |  | 1,742 |
Stock-based compensation expense | 1,025 |  |  | 1,415 |
Net operating loss | 15,979 |  |  | 58,066 |
Tax credit | 10,995 |  |  | — |
Less: valuation allowance | 1,214 |  |  | 1,193 |
Total deferred tax assets | 28,920 |  |  | 66,548 |
Deferred tax liabilities: |  |  |
Prepaid expenses | 2,517 |  |  | 6,211 |
Depreciation | 308,266 |  |  | 278,554 |
Other | 20,242 |  |  | 14,522 |
Total deferred tax liabilities | 331,025 |  |  | 299,287 |
Net deferred tax liabilities | $ | 302,105 |  |  | $ | 232,739 |
Net Operating Loss and Tax Credit Carryforwards Pursuant to the CARES Act, the Company carried back net operating losses generated in 2018, 2019 and 2020 in the amounts of $185.4 million, $116.7 million and $422.1 million respectively to tax years ended December 31, 2013 through December 31, 2016. The net operating loss carryback resulted in prior years’ foreign tax credits and general business credits being released, and these credits generated in 2014 - 2020 in the amount of $5.7 million and $5.2 million will be carried forward. The foreign tax credit and general business credits will expire 2024 – 2040, but the Company expects to utilize these credits prior to the expiration. In addition, as of December 31, 2020, the Company recognized federal and state net operating loss carryforwards for income tax purposes in the amount of $8.5 million and $7.4 million, respectively. Federal net operating loss carryforwards will not expire per the “Tax Cuts and Jobs Act” (the “Tax Act”). The majority of the state net operating loss carryforward amounts will expire between 2022 and 2040 while some state net operating losses have an indefinite carryforward period. The Company previously recognized a federal capital loss carryforward of $0.7 million, as remeasured pursuant to the Tax Act, as of December 31, 2016 which expired in 2021. Tax Contingencies The reconciliation of the Company's tax contingencies is as follows:
|  | As of December 31,
(in thousands) |  | 2020 |  | 2019 |  | 2018
Beginning Balance |  | $ | 3,970 |  |  | $ | 4,175 |  |  | $ | 778 |
Increases for tax position of prior years |  | — |  |  | — |  |  | 3,364 |
Increases for tax position of current year |  | — |  |  | 146 |  |  | 293 |
Decreases for tax positions of prior years |  | (3,602) |  |  | (135) |  |  | (10) |
Settlements |  | (26) |  |  | (216) |  |  | (110) |
Decreases for lapses in statute of limitations |  | — |  |  | — |  |  | (140) |
Ending Balance |  | $ | 342 |  |  | $ | 3,970 |  |  | $ | 4,175 |
The Company's policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company’s income tax returns are subject to examination by the Internal Revenue Service as well as other taxing jurisdictions. The timing of the resolution of income tax examinations is uncertain, and the ultimate resolution with these taxing authorities may differ from the amounts accrued. Therefore, the Company cannot currently provide an estimate of the range of possible outcomes in the next twelve months.

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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=84230637&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=116825942&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=84230637&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=116825942&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=84230637&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 + Details
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