Income Tax Expense (Benefit)
Effective Income Tax Rate (EITR)
Components of Deferred Tax Assets and Liabilities
Deferred Tax Assets and Liabilities, Classification
Adjustments to Financial Statements: Removal of Deferred Taxes
Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)
Adjusted Net Profit Margin
Adjusted Total Asset Turnover
Adjusted Financial Leverage
Adjusted Return on Equity (ROE)
Adjusted Return on Assets (ROA)

Old Dominion Freight Line Inc., income tax expense (benefit), continuing operations

US$ in thousands

12 months ended:	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Federal	318,571)	253,084)	216,469)	152,836)	113,491)
State	83,611)	70,799)	53,224)	42,438)	38,647)
Current	402,182)	323,883)	269,693)	195,274)	152,138)
Federal	51,862)	26,382)	(35,372)	12,013)	49,125)
State	10,146)	3,783)	(5,639)	1,144)	8,582)
Deferred	62,008)	30,165)	(41,011)	13,157)	57,707)
Provision for income taxes	464,190)	354,048)	228,682)	208,431)	209,845)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
Current	Amount of current income tax expense (benefit) pertaining to taxable income (loss) from continuing operations.	Old Dominion Freight Line Inc. current increased from 2020 to 2021 and from 2021 to 2022.
Deferred	Amount of deferred income tax expense (benefit) pertaining to income (loss) from continuing operations.	Old Dominion Freight Line Inc. deferred increased from 2020 to 2021 and from 2021 to 2022.
Provision for income taxes	Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Old Dominion Freight Line Inc. provision for income taxes increased from 2020 to 2021 and from 2021 to 2022.

Old Dominion Freight Line Inc., effective income tax rate (EITR) reconciliation

		Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
	U.S. statutory federal income tax rate	21.00%	21.00%	21.00%	21.00%	21.00%
	Effective income tax rate	25.21%	25.50%	25.37%	25.30%	25.73%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
Effective income tax rate	Percentage of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.	Old Dominion Freight Line Inc. effective income tax rate increased from 2020 to 2021 but then decreased significantly from 2021 to 2022.

Old Dominion Freight Line Inc., components of deferred tax assets and liabilities

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Claims and insurance reserves	31,736)	30,773)	28,863)	28,390)	27,433)
Accrued vacation	20,330)	21,518)	15,867)	17,642)	17,932)
Deferred compensation	39,973)	43,150)	43,134)	42,417)	31,306)
Other	11,767)	21,349)	29,451)	11,843)	20,861)
Deferred tax assets	103,806)	116,790)	117,315)	100,292)	97,532)
Depreciation and amortization	(407,942)	(359,738)	(330,751)	(354,762)	(339,311)
Other	(5,113)	(4,293)	(3,640)	(3,617)	(3,151)
Deferred tax liabilities	(413,055)	(364,031)	(334,391)	(358,379)	(342,462)
Net deferred tax asset (liability)	(309,249)	(247,241)	(217,076)	(258,087)	(244,930)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
Deferred tax assets	Amount after allocation of valuation allowances of deferred tax asset attributable to deductible temporary differences and carryforwards.	Old Dominion Freight Line Inc. deferred tax assets decreased from 2020 to 2021 and from 2021 to 2022.
Net deferred tax asset (liability)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, without jurisdictional netting.	Old Dominion Freight Line Inc. net deferred tax asset (liability) decreased from 2020 to 2021 and from 2021 to 2022.

Old Dominion Freight Line Inc., deferred tax assets and liabilities, classification

US$ in thousands

		Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
	Deferred tax assets (included in Other assets)	1,266)	1,477)	3,134)	3,877)	2,739)
	Deferred tax liabilities	310,515)	248,718)	220,210)	261,964)	247,669)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

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Item	Description	The company
Deferred tax assets (included in Other assets)	Amount, after allocation of valuation allowances and deferred tax liability, of deferred tax asset attributable to deductible differences and carryforwards, with jurisdictional netting and classified as noncurrent.	Old Dominion Freight Line Inc. deferred tax assets (included in Other assets) decreased from 2020 to 2021 and from 2021 to 2022.
Deferred tax liabilities	Amount, after deferred tax asset, of deferred tax liability attributable to taxable differences, with jurisdictional netting and classified as noncurrent.	Old Dominion Freight Line Inc. deferred tax liabilities increased from 2020 to 2021 and from 2021 to 2022.

Old Dominion Freight Line Inc., adjustments to financial statements

US$ in thousands

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Adjustment to Total Assets
Total assets (as reported)	4,838,610)	4,821,544)	4,369,410)	3,995,568)	3,545,283)
Less: Noncurrent deferred tax assets, net	1,266)	1,477)	3,134)	3,877)	2,739)
Total assets (adjusted)	4,837,344)	4,820,067)	4,366,276)	3,991,691)	3,542,544)
Adjustment to Total Liabilities
Total liabilities (as reported)	1,185,693)	1,141,737)	1,043,122)	914,851)	864,800)
Less: Noncurrent deferred tax liabilities, net	310,515)	248,718)	220,210)	261,964)	247,669)
Total liabilities (adjusted)	875,178)	893,019)	822,912)	652,887)	617,131)
Adjustment to Shareholders’ Equity
Shareholders’ equity (as reported)	3,652,917)	3,679,807)	3,326,288)	3,080,717)	2,680,483)
Less: Net deferred tax assets (liabilities)	(309,249)	(247,241)	(217,076)	(258,087)	(244,930)
Shareholders’ equity (adjusted)	3,962,166)	3,927,048)	3,543,364)	3,338,804)	2,925,413)
Adjustment to Net Income
Net income (as reported)	1,377,159)	1,034,375)	672,682)	615,518)	605,668)
Add: Deferred income tax expense (benefit)	62,008)	30,165)	(41,011)	13,157)	57,707)
Net income (adjusted)	1,439,167)	1,064,540)	631,671)	628,675)	663,375)

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Old Dominion Freight Line Inc., Financial Data: Reported vs. Adjusted

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Old Dominion Freight Line Inc., adjusted financial ratios

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
Net Profit Margin
Reported net profit margin	22.00%	19.68%	16.75%	14.98%	14.98%
Adjusted net profit margin	22.99%	20.25%	15.73%	15.30%	16.41%
Total Asset Turnover
Reported total asset turnover	1.29	1.09	0.92	1.03	1.14
Adjusted total asset turnover	1.29	1.09	0.92	1.03	1.14
Financial Leverage
Reported financial leverage	1.32	1.31	1.31	1.30	1.32
Adjusted financial leverage	1.22	1.23	1.23	1.20	1.21
Return on Equity (ROE)
Reported ROE	37.70%	28.11%	20.22%	19.98%	22.60%
Adjusted ROE	36.32%	27.11%	17.83%	18.83%	22.68%
Return on Assets (ROA)
Reported ROA	28.46%	21.45%	15.40%	15.41%	17.08%
Adjusted ROA	29.75%	22.09%	14.47%	15.75%	18.73%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

Financial ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Old Dominion Freight Line Inc. adjusted net profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Old Dominion Freight Line Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Old Dominion Freight Line Inc. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Old Dominion Freight Line Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Old Dominion Freight Line Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.

Old Dominion Freight Line Inc., Financial Ratios: Reported vs. Adjusted

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	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net income	1,377,159)	1,034,375)	672,682)	615,518)	605,668)
Revenue from operations	6,260,077)	5,256,328)	4,015,129)	4,109,111)	4,043,695)
Profitability Ratio
Net profit margin¹	22.00%	19.68%	16.75%	14.98%	14.98%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income	1,439,167)	1,064,540)	631,671)	628,675)	663,375)
Revenue from operations	6,260,077)	5,256,328)	4,015,129)	4,109,111)	4,043,695)
Profitability Ratio
Adjusted net profit margin²	22.99%	20.25%	15.73%	15.30%	16.41%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Net profit margin = 100 × Net income ÷ Revenue from operations
= 100 × 1,377,159 ÷ 6,260,077 = 22.00%

² Adjusted net profit margin = 100 × Adjusted net income ÷ Revenue from operations
= 100 × 1,439,167 ÷ 6,260,077 = 22.99%

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Profitability ratio	Description	The company
Adjusted net profit margin	An indicator of profitability, calculated as adjusted net income divided by total revenue.	Old Dominion Freight Line Inc. adjusted net profit margin ratio improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Revenue from operations	6,260,077)	5,256,328)	4,015,129)	4,109,111)	4,043,695)
Total assets	4,838,610)	4,821,544)	4,369,410)	3,995,568)	3,545,283)
Activity Ratio
Total asset turnover¹	1.29	1.09	0.92	1.03	1.14
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Revenue from operations	6,260,077)	5,256,328)	4,015,129)	4,109,111)	4,043,695)
Adjusted total assets	4,837,344)	4,820,067)	4,366,276)	3,991,691)	3,542,544)
Activity Ratio
Adjusted total asset turnover²	1.29	1.09	0.92	1.03	1.14

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Total asset turnover = Revenue from operations ÷ Total assets
= 6,260,077 ÷ 4,838,610 = 1.29

² Adjusted total asset turnover = Revenue from operations ÷ Adjusted total assets
= 6,260,077 ÷ 4,837,344 = 1.29

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Activity ratio	Description	The company
Adjusted total asset turnover	An activity ratio calculated as total revenue divided by adjusted total assets.	Old Dominion Freight Line Inc. adjusted total asset turnover ratio improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Total assets	4,838,610)	4,821,544)	4,369,410)	3,995,568)	3,545,283)
Shareholders’ equity	3,652,917)	3,679,807)	3,326,288)	3,080,717)	2,680,483)
Solvency Ratio
Financial leverage¹	1.32	1.31	1.31	1.30	1.32
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted total assets	4,837,344)	4,820,067)	4,366,276)	3,991,691)	3,542,544)
Adjusted shareholders’ equity	3,962,166)	3,927,048)	3,543,364)	3,338,804)	2,925,413)
Solvency Ratio
Adjusted financial leverage²	1.22	1.23	1.23	1.20	1.21

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ Financial leverage = Total assets ÷ Shareholders’ equity
= 4,838,610 ÷ 3,652,917 = 1.32

² Adjusted financial leverage = Adjusted total assets ÷ Adjusted shareholders’ equity
= 4,837,344 ÷ 3,962,166 = 1.22

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Solvency ratio	Description	The company
Adjusted financial leverage	A measure of financial leverage calculated as adjusted total assets divided by adjusted total equity. Financial leverage is the extent to which a company can effect, through the use of debt, a proportional change in the return on common equity that is greater than a given proportional change in operating income.	Old Dominion Freight Line Inc. adjusted financial leverage ratio decreased from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net income	1,377,159)	1,034,375)	672,682)	615,518)	605,668)
Shareholders’ equity	3,652,917)	3,679,807)	3,326,288)	3,080,717)	2,680,483)
Profitability Ratio
ROE¹	37.70%	28.11%	20.22%	19.98%	22.60%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income	1,439,167)	1,064,540)	631,671)	628,675)	663,375)
Adjusted shareholders’ equity	3,962,166)	3,927,048)	3,543,364)	3,338,804)	2,925,413)
Profitability Ratio
Adjusted ROE²	36.32%	27.11%	17.83%	18.83%	22.68%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ ROE = 100 × Net income ÷ Shareholders’ equity
= 100 × 1,377,159 ÷ 3,652,917 = 37.70%

² Adjusted ROE = 100 × Adjusted net income ÷ Adjusted shareholders’ equity
= 100 × 1,439,167 ÷ 3,962,166 = 36.32%

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Profitability ratio	Description	The company
Adjusted ROE	A profitability ratio calculated as adjusted net income divided by adjusted shareholders’ equity.	Old Dominion Freight Line Inc. adjusted ROE improved from 2020 to 2021 and from 2021 to 2022.

	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020	Dec 31, 2019	Dec 31, 2018
As Reported
Selected Financial Data (US$ in thousands)
Net income	1,377,159)	1,034,375)	672,682)	615,518)	605,668)
Total assets	4,838,610)	4,821,544)	4,369,410)	3,995,568)	3,545,283)
Profitability Ratio
ROA¹	28.46%	21.45%	15.40%	15.41%	17.08%
Adjusted for Deferred Taxes
Selected Financial Data (US$ in thousands)
Adjusted net income	1,439,167)	1,064,540)	631,671)	628,675)	663,375)
Adjusted total assets	4,837,344)	4,820,067)	4,366,276)	3,991,691)	3,542,544)
Profitability Ratio
Adjusted ROA²	29.75%	22.09%	14.47%	15.75%	18.73%

Based on: 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31), 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31).

2022 Calculations

¹ ROA = 100 × Net income ÷ Total assets
= 100 × 1,377,159 ÷ 4,838,610 = 28.46%

² Adjusted ROA = 100 × Adjusted net income ÷ Adjusted total assets
= 100 × 1,439,167 ÷ 4,837,344 = 29.75%

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Profitability ratio	Description	The company
Adjusted ROA	A profitability ratio calculated as adjusted net income divided by adjusted total assets.	Old Dominion Freight Line Inc. adjusted ROA improved from 2020 to 2021 and from 2021 to 2022.

Old Dominion Freight Line Inc. (NASDAQ:ODFL)

Analysis of Income Taxes

Income Tax Expense (Benefit)

Effective Income Tax Rate (EITR)

Components of Deferred Tax Assets and Liabilities

Deferred Tax Assets and Liabilities, Classification

Adjustments to Financial Statements: Removal of Deferred Taxes

Old Dominion Freight Line Inc., Financial Data: Reported vs. Adjusted

Adjusted Financial Ratios: Removal of Deferred Taxes (Summary)

Old Dominion Freight Line Inc., Financial Ratios: Reported vs. Adjusted

Adjusted Net Profit Margin

Adjusted Total Asset Turnover

Adjusted Financial Leverage

Adjusted Return on Equity (ROE)

Adjusted Return on Assets (ROA)