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Income Taxes
 12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Income Taxes Income TaxesOn March 27, 2020, the Coronavirus Aid, Relief and Economic Security Act (the “CARES Act”) was signed into law. The CARES Act includes several provisions for corporations including payroll tax credits, deferment of employer social security tax
payments, expanded net operating loss carryback periods, accelerated alternative minimum tax credit refunds, modifications to the net interest deduction limitations, and technical corrections to tax depreciation methods for qualified improvement property. The CARES Act did not have a material impact on the Company's income tax provision in the year ended December 31, 2021 and 2020.
The provision for income tax expense is summarized as follows for the years ended December 31:
In Thousands202120202019
Current:
Federal$143,392 $14,277 $12,675 
State12,319 2,024 1,549 
Deferred:
Federal2,132 6,285 3,260 
State132 143 115 
Total income tax expense$157,975 $22,729 $17,599 
The differences between the provision for income taxes and income taxes computed using the federal income tax rate are as follows for the years ended December 31:
In Thousands202120202019
Amount computed using the statutory rate$146,873 $20,747 $15,903 
State income taxes, net of federal tax benefit9,836 1,732 1,314 
Other1,266 250 382 
Total income tax expense$157,975 $22,729 $17,599 
The tax effect of each type of temporary difference giving rise to the net deferred tax liability at December 31 is as follows:
In Thousands20212020
Depreciation$(42,966)$(35,869)
Inventory423 503 
Allowance for credit losses856 499 
Uniform capitalization rules729 276 
Stock-based compensation5,032 1,228 
Other(175)(474)
Net deferred income tax liability$(36,101)$(33,837)
The Company's inventory costing method for federal income tax purposes differs from the method allowed by GAAP. Both methods of inventory costing result in the same recovery of inventory. However, the timing of the recovery varies. As of December 31, 2021 the Company's tax inventory exceeds its book inventory, which created a deferred tax asset of $0.4 million.
The Company made income tax payments of $155.5 million in 2021, $14.1 million in 2020 and $16.4 million in 2019.
The Company’s federal income tax returns for the years subsequent to December 31, 2016 remain subject to examination. The Company’s income tax returns in major state income tax jurisdictions remain subject to examination for various periods subsequent to December 31, 2016. The Company has no reserves for uncertain tax positions as of December 31, 2021 and 2020. Interest and penalties resulting from audits by tax authorities have been immaterial and are included in the provision for income taxes in the statements of income.