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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Provision for Income Taxes

The provision for income taxes is as follows (in thousands):

		Year Ended December 31,
		2020				2019				2018
Current:
Federal		$	2,943			$	8,806			$	7,412
State			396				1,381				408
			3,339				10,187				7,820
Deferred:
Federal			4,156				(774	)			(824	)
State			1,336				3,433				(289	)
			5,492				2,659				(1,113	)
Total provision		$	8,831			$	12,846			$	6,707

Summary of Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities consist of the following components (in thousands):

		December 31,
		2020				2019
Deferred income tax assets:
Workers' compensation claims liabilities		$	9,946			$	12,151
Operating lease liability			6,107				5,920
Deferred compensation			2,235				1,988
Payroll tax deferral			1,668				—
Other			1,154				1,345
MCC accrual			1,062				1,458
Equity based compensation			555				913
State credit carryforward			518				923
Customer incentives			54				333
State loss carryforward			—				33
			23,299				25,064
Less: valuation allowance			163				173
			23,136				24,891
Deferred income tax liabilities:
Tax amortization of goodwill			(10,375	)			(10,312	)
Tax depreciation in excess of book depreciation			(7,187	)			(3,421	)
Operating lease right-of-use			(5,766	)			(5,588	)
Tax effect of unrealized gains, net			(2,871	)			(1,058	)
Other			(1,455	)			(1,724	)
			(27,654	)			(22,103	)
Net deferred income taxes		$	(4,518	)		$	2,788

Summary of Effective Tax Rate Differed from U.S. Statutory Federal Tax Rate

The effective tax rate differed from the U.S. statutory federal tax rate due to the following:

		Year Ended December 31,
		2020					2019					2018
Statutory federal tax rate			21.0		%			21.0		%			21.0		%
State taxes, net of federal benefit			3.2					6.2					0.3
Adjustment for final positions on filed returns			0.6					(0.2	)				(1.1	)
Nondeductible expenses and other, net			0.7					1.3					1.2
Federal and state tax credits			(4.9	)				(7.5	)				(6.4	)
Other, net			0.1					0.2					—
			20.7		%			21.0		%			15.0		%

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- Definition

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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Publisher FASB
-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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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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