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Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
We file a consolidated federal income tax return, consolidated unitary returns in certain states, other separate state income tax returns for certain of our subsidiary companies, and applicable foreign returns.
The provision for income taxes from continuing operations consisted of the following:
 For the years ended December 31,
(in thousands)202120202019
Current:   
Federal$52,145 $(13,235)$6,653 
State and local9,096 2,478 2,235 
Foreign(48)107 (6)
Total current income tax provision (benefit)61,193 (10,650)8,882 
Deferred:   
Federal6,616 57,755 (6,346)
State and local3,087 8,902 206 
Foreign293 (551)175 
Total deferred income tax provision (benefit)9,996 66,106 (5,965)
Provision for income taxes$71,189 $55,456 $2,917 

The difference between the statutory rate for federal income tax and the effective income tax rate was as follows:
 For the years ended December 31,
 202120202019
Statutory rate21.0 %21.0 %21.0 %
Effect of:
State and local income taxes, net of federal tax benefit5.6 4.5 212.7 
Non-deductible mark-to-market losses11.5 — — 
Excess tax benefits from stock-based compensation(0.9)0.5 (60.4)
Nondeductible expenses0.2 0.4 118.7 
Reserve for uncertain tax positions(0.8)0.7 (13.7)
Other1.5 (0.6)12.2 
Effective income tax rate38.1 %26.5 %290.5 %
A non-deductible expense of $102.6 million was recorded in 2021 related to preferred stock issuance costs and unrealized losses on mark-to-market adjustments recorded on the common stock warrant issued in connection with the ION acquisition.
The approximate effect of the temporary differences giving rise to deferred income tax assets (liabilities) were as follows:
 As of December 31,
(in thousands)20212020
Temporary differences: 
Property and equipment$(54,292)$(31,003)
Goodwill and other intangible assets(378,978)(119,074)
Investments, primarily gains and losses not yet recognized for tax purposes2,886 (2,989)
Accrued expenses not deductible until paid10,867 7,748 
Deferred compensation and retiree benefits not deductible until paid37,317 46,242 
Operating lease right-of-use assets(31,507)(12,480)
Operating lease liabilities33,174 12,089 
Interest limitation carryforward7 — 
Other temporary differences, net12,354 966 
Total temporary differences(368,172)(98,501)
Federal and state net operating loss carryforwards23,863 15,532 
Valuation allowance for state deferred tax assets(12,468)(2,875)
Net deferred tax liability$(356,777)$(85,844)
Total state operating loss carryforwards were $614 million at December 31, 2021. Our state tax loss carryforwards expire through 2040. Because we file separate state income tax returns for certain of our subsidiary companies, we are not able to use state tax losses of a subsidiary company to offset state taxable income of another subsidiary company.
The Company recognizes state net operating loss carryforwards as deferred tax assets, subject to valuation allowances. At each balance sheet date, we estimate the amount of carryforwards that are not expected to be used prior to expiration of the carryforward period. The tax effect of the carryforwards that are not expected to be used prior to their expiration is included in the valuation allowance.

The Company has not provided for income taxes, including withholding tax, U.S. state taxes, or tax on foreign exchange rate changes, associated with the undistributed earnings of our non-U.S. subsidiaries because we plan to indefinitely reinvest the unremitted earnings in these entities.

On March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the "CARES Act") was enacted and signed into law. The CARES Act includes several provisions for corporations including increasing the amount of deductible interest, allowing companies to carryback certain net operating losses (“NOLs”) and increasing the amount of NOLs that corporations can use to offset income. The CARES Act did not materially affect our year-to-date income tax provision. We received an additional tax refund of $14.0 million from the carryback of NOLs to prior periods in October 2020.

On December 27, 2020, the Consolidated Appropriations Act, 2021 was signed and enacted into law, which provided an additional stimulus package providing financial relief for individuals and small businesses. The Appropriations Act contains a variety of tax provisions, including full expensing of business meals in 2021 and 2022, an expansion of the Paycheck Protection Program, and expansion of the employee retention tax credit. We continue to evaluate the Appropriations Act, but do not currently expect it to have a material impact on our income tax provision.
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows:
 For the years ended December 31,
(in thousands)202120202019
Gross unrecognized tax benefits at beginning of year$2,376 $576 $1,112 
Increases in tax positions for prior years22,348 166 87 
Decreases in tax positions for prior years— (141)(387)
Increases in tax positions for current years3,164 1,661 — 
Decreases in tax positions for current years— — (167)
Increases (decreases) from lapse in statute of limitations(4,234)114 (69)
Decreases due to settlements with taxing authorities(13,082)— — 
Gross unrecognized tax benefits at end of year$10,572 $2,376 $576 
The total amount of net unrecognized tax benefits that, if recognized, would affect the effective tax rate was $9.0 million at December 31, 2021. We accrue interest and penalties related to unrecognized tax benefits in our provision for income taxes. At December 31, 2021 and 2020, we had accrued interest related to unrecognized tax benefits of $1.5 million and less than $0.1 million, respectively, and penalties of $0.9 million at December 31, 2021.
We file income tax returns in the U.S. and in various state and local jurisdictions. We are routinely examined by tax authorities in these jurisdictions. At December 31, 2021, we are no longer subject to federal income tax examinations for years prior to 2018. For state and local jurisdictions, we are generally no longer subject to income tax examinations for years prior to 2017.

Due to the potential for resolution of federal and state examinations, and the expiration of various statutes of limitation, it is reasonably possible that our gross unrecognized tax benefits balance may change within the next twelve months by as much as $0.3 million.