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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for income taxes

The provision for income taxes from continuing operations consisted of the following:

						For the years ended December 31,
(in thousands)						2021						2020						2019
Current:
Federal						$	52,145					$	(13,235)					$	6,653
State and local						9,096						2,478						2,235
Foreign						(48)						107						(6)
Total current income tax provision (benefit)						61,193						(10,650)						8,882
Deferred:
Federal						6,616						57,755						(6,346)
State and local						3,087						8,902						206
Foreign						293						(551)						175
Total deferred income tax provision (benefit)						9,996						66,106						(5,965)
Provision for income taxes						$	71,189					$	55,456					$	2,917

Effective income tax rate reconciliation

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,
						2021						2020						2019
Statutory rate						21.0		%				21.0		%				21.0		%
Effect of:
State and local income taxes, net of federal tax benefit						5.6						4.5						212.7
Non-deductible mark-to-market losses						11.5						—						—
Excess tax benefits from stock-based compensation						(0.9)						0.5						(60.4)
Nondeductible expenses						0.2						0.4						118.7
Reserve for uncertain tax positions						(0.8)						0.7						(13.7)
Other						1.5						(0.6)						12.2
Effective income tax rate						38.1		%				26.5		%				290.5		%

Schedule of deferred income tax (liabilities) assets

The approximate effect of the temporary differences giving rise to deferred income tax assets (liabilities) were as follows:

						As of December 31,
(in thousands)						2021						2020
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 purposes						2,886						(2,989)
Accrued expenses not deductible until paid						10,867						7,748
Deferred compensation and retiree benefits not deductible until paid						37,317						46,242
Operating lease right-of-use assets						(31,507)						(12,480)
Operating lease liabilities						33,174						12,089
Interest limitation carryforward						7						—
Other temporary differences, net						12,354						966
Total temporary differences						(368,172)						(98,501)
Federal and state net operating loss carryforwards						23,863						15,532
Valuation allowance for state deferred tax assets						(12,468)						(2,875)
Net deferred tax liability						$	(356,777)					$	(85,844)

Gross unrecognized tax benefit reconciliation

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)						2021						2020						2019
Gross unrecognized tax benefits at beginning of year						$	2,376					$	576					$	1,112
Increases in tax positions for prior years						22,348						166						87
Decreases in tax positions for prior years						—						(141)						(387)
Increases in tax positions for current years						3,164						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

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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.

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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.

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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.

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Tabular disclosure of the change in unrecognized tax benefits.

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