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Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The Company is subject to income taxation in the United States 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 2021, 2020 and 2019, the Company recorded net tax (benefit)/provision of $44.8 million, $(177.0) million and $69.1 million, respectively. Cash taxes, net of (refunds), were $(128.5) million, $(95.2) million and $(2.2) 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)202120202019
Domestic$196,620 $(361,242)$299,330 
Foreign— 175 1,917 
Total$196,620 $(361,067)$301,247 

Income Tax Provision/(Benefit)

The provision (benefit) for income taxes is composed of the following:
Year ended December 31,
(in thousands)202120202019
Current:
Federal$(494)$(195,572)$(34)
State552 (211)505 
Foreign(6)132 530 
Total current52 (195,651)1,001 
Deferred:
Federal40,693 24,126 63,430 
State4,022 (5,449)4,699 
Foreign— — — 
Total deferred44,715 18,677 68,129 
Total income tax provision (benefit)$44,767 $(176,974)$69,130 

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)202120202019
Income tax expense (benefit) at federal statutory rate$41,575 $(70,459)$63,262 
State income taxes, net of federal income tax benefit4,257 (5,495)5,070 
CARES Act— (97,988)— 
Foreign income tax expense(6)132 530 
Other(1,059)(3,164)268 
Total income tax expense$44,767 $(176,974)$69,130 
Deferred Taxes

The major components of the Company’s net deferred tax assets and liabilities are as follows:
As of December 31,
(in thousands)20212020
Deferred tax assets:
Accrued vacation$1,197 $1,024 
Accrued bonus4,086 — 
State taxes248 — 
Accrued property taxes1,048 1,111 
Stock-based compensation expense1,372 1,025 
Net operating loss7,827 15,979 
Tax credit4,523 10,995 
Less: valuation allowance1,214 1,214 
Total deferred tax assets19,087 28,920 
Deferred tax liabilities:
Prepaid expenses3,625 2,517 
Depreciation352,123 308,266 
Other9,476 19,900 
Total deferred tax liabilities365,224 330,683 
Net deferred tax liabilities$346,137 $301,763 

Net Operating Loss and Tax Credit Carryforwards

Pursuant to the CARES Act, the Company carried back net operating tax 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 generated in 2014 - 2020 in the amount of $5.7 million and $5.2 million respectively to be released. During 2021, the Company utilized $2.3 million and $4.5 million of the released foreign tax credits and general business credits. Unused foreign tax credit and general business credits will expire in 2026 – 2030, but the Company expects to utilize these credits prior to the expiration.

In addition, as of December 31, 2021, the Company recognized state net operating loss carryforwards for income tax purposes in the amount of $7.8 million. A portion of the state net operating loss carryforward amounts will expire between 2022 and 2040 while a majority of these net operating losses have an indefinite carryforward period.