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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | Note 7. Income Taxes Income before income taxes were derived from the following sources:
| 2024 |  | 2023 |  | 2022
Domestic | $ | 1,390.6 |  |  | 1,392.7 |  |  | 1,335.7 |
Foreign | 117.5 |  |  | 129.3 |  |  | 104.3 |
Income before income taxes | $ | 1,508.1 |  |  | 1,522.0 |  |  | 1,440.0 |
Components of income tax expense (benefit) were as follows:
| 2024 |  | 2023 |  | 2022
| Current |  | Deferred |  | Total |  | Current |  | Deferred |  | Total |  | Current |  | Deferred |  | Total
Federal | $ | 265.6 |  |  | (3.0) |  |  | 262.6 |  |  | 273.3 |  |  | (9.2) |  |  | 264.1 |  |  | 267.6 |  |  | (5.0) |  |  | 262.6 |
State | 56.1 |  |  | (0.1) |  |  | 56.0 |  |  | 59.6 |  |  | (1.3) |  |  | 58.3 |  |  | 58.0 |  |  | (1.1) |  |  | 56.9 |
Foreign | 39.6 |  |  | (0.7) |  |  | 38.9 |  |  | 44.9 |  |  | (0.3) |  |  | 44.6 |  |  | 35.0 |  |  | (1.4) |  |  | 33.6 |
Income tax expense | $ | 361.3 |  |  | (3.8) |  |  | 357.5 |  |  | 377.8 |  |  | (10.8) |  |  | 367.0 |  |  | 360.6 |  |  | (7.5) |  |  | 353.1 |
Income tax expense in the accompanying consolidated financial statements differed from the expected expense as follows:
| 2024 |  | 2023 |  | 2022
| Amount |  | Percent |  | Amount |  | Percent |  | Amount |  | Percent
United States federal statutory income tax | $ | 316.7 |  |  | 21.0 | % |  | $ | 319.6 |  |  | 21.0 | % |  | $ | 302.4 |  |  | 21.0 | %
State income taxes, net of federal benefit | 43.3 |  |  | 2.9 | % |  | 45.1 |  |  | 3.0 | % |  | 45.6 |  |  | 3.2 | %
Other, net | (2.5) |  |  | -0.2 | % |  | 2.3 |  |  | 0.1 | % |  | 5.1 |  |  | 0.3 | %
Effective income tax rate | $ | 357.5 |  |  | 23.7 | % |  | $ | 367.0 |  |  | 24.1 | % |  | $ | 353.1 |  |  | 24.5 | %
The tax effects of temporary differences that give rise to deferred income tax assets and liabilities at year end consisted of the following:
| 2024 |  | 2023
Deferred income tax assets: |  |  |
Inventory costing and valuation methods | $ | 5.9 |  |  | 5.6 |
Insurance reserves | 5.5 |  |  | 8.3 |
Foreign net operating loss and credit carryforwards | 2.4 |  |  | 3.0 |
Stock-based compensation | 3.7 |  |  | 3.8 |
Operating lease liabilities | 72.2 |  |  | 69.5 |
Section 174 capitalization | 11.1 |  |  | 7.4 |
Other, deferred tax assets | 8.3 |  |  | 9.4 |
Total deferred income tax assets | 109.1 |  |  | 107.0 |
Less: Valuation allowances | (1.8) |  |  | (2.2) |
Total net deferred income tax assets | 107.3 |  |  | 104.8 |
Deferred income tax liabilities: |  |  |
Property and equipment | (90.9) |  |  | (95.4) |
Operating lease ROU assets | (70.6) |  |  | (68.3) |
Prepaid expenses | (4.6) |  |  | (3.5) |
Other, deferred tax liabilities | (0.2) |  |  | (0.4) |
Total deferred income tax liabilities | (166.3) |  |  | (167.6) |
Net deferred income tax liabilities | $ | (59.0) |  |  | (62.8) |
A reconciliation of the beginning and ending amount of total gross unrecognized tax benefits is as follows:
| 2024 |  | 2023
Balance at beginning of year: | $ | 10.2 |  |  | 10.1 |
Increase related to prior year tax positions | 1.1 |  |  | 5.6 |
Increase related to current year tax positions | 0.4 |  |  | 0.6 |
Decrease related to statute of limitation lapses | (1.8) |  |  | (6.1) |
Balance at end of year: | $ | 9.9 |  |  | 10.2 |
Included in the liability for gross unrecognized tax benefits i s $4.2 as of December 31, 2024 and $3.8 as of December 31, 2023 for interest and penalties, both of which we classify as a component of income tax expense. The amount of unrecognized tax benefits that would favorably impact the eff ective tax rate, if recognized, is $9.1 as of December 31, 2024 and $9.2 as of December 31, 2023. We believe it is reasonably possible that a decrease of up to $1.9 in unrecognized tax benefits may be recognized by the end of 2025 as a result of the lapse of the statute of limitations. The 2024 and 2023 liability is included in deferred income taxes in the Consolidated Balance Sheets. We file income tax returns in the U.S. federal jurisdiction, all states, and various local and foreign jurisdictions. We are no longer subject to income tax examinations by taxing authorities for taxable years before 2021 in the case of U.S. federal examinations, and with limited exception, before 2019 in the case of foreign, state, and local examinations. In general, it is our practice and intention to permanently reinvest the income of our foreign subsidiaries and repatriate income only when the tax impact is zero or very minimal. Accordingly, no deferred taxes have been provided for withholding taxes or other taxes that would result upon repatriation of our approximately $539.6 of undistributed income from foreign subsidiaries to the U.S. as that income continues to be permanently reinvested.

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