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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Note 4. Income Taxes The components of the provision for income taxes are as follows:
|  | Year Ended December 31, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 288,030 |  |  | $ | 318,571 |  |  | $ | 253,084 |
State |  |  | 66,903 |  |  |  | 83,611 |  |  |  | 70,799 |
|  |  | 354,933 |  |  |  | 402,182 |  |  |  | 323,883 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 42,728 |  |  |  | 51,862 |  |  |  | 26,382 |
State |  |  | 10,613 |  |  |  | 10,146 |  |  |  | 3,783 |
|  |  | 53,341 |  |  |  | 62,008 |  |  |  | 30,165 |
Total provision for income taxes |  | $ | 408,274 |  |  | $ | 464,190 |  |  | $ | 354,048 |
The following is a reconciliation of income tax expense calculated using the U.S. statutory federal income tax rate with our income tax expense for 2023, 2022 and 2021:
|  | Year Ended December 31, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Tax provision at statutory rate |  | $ | 346,033 |  |  | $ | 386,683 |  |  | $ | 291,569 |
State income taxes, net of federal benefit |  |  | 66,055 |  |  |  | 75,906 |  |  |  | 60,036 |
Other, net |  |  | (3,814 | ) |  |  | 1,601 |  |  |  | 2,443 |
Total provision for income taxes |  | $ | 408,274 |  |  | $ | 464,190 |  |  | $ | 354,048 |
Deferred tax assets and liabilities, which are included in “Other assets” and “Deferred income taxes” on our Balance Sheets, consist of the following:
|  | December 31, |
(In thousands) |  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Claims and insurance reserves |  | $ | 29,776 |  |  | $ | 31,736 |
Accrued vacation |  |  | 19,849 |  |  |  | 20,330 |
Deferred compensation |  |  | 41,343 |  |  |  | 39,973 |
Other |  |  | 12,142 |  |  |  | 11,767 |
Total deferred tax assets |  |  | 103,110 |  |  |  | 103,806 |
Deferred tax liabilities: |  |  |  |  |  |
Depreciation and amortization |  |  | (460,703 | ) |  |  | (407,942 | )
Other |  |  | (4,997 | ) |  |  | (5,113 | )
Total deferred tax liabilities |  |  | (465,700 | ) |  |  | (413,055 | )
Net deferred tax liability |  | $ | (362,590 | ) |  | $ | (309,249 | )
We are subject to U.S. federal income tax, as well as income tax of multiple state tax jurisdictions. We remain open to examination by the Internal Revenue Service for tax years 2020 through 2023. We also remain open to examination by various state tax jurisdictions for tax years 2019 through 2023. The Company’s liability for unrecognized tax benefits was immaterial as of December 31, 2023 and 2022. Interest and penalties related to uncertain tax positions, which are immaterial, are recorded in our “Provision for income taxes” on our Statements of Operations. Changes in our liability for unrecognized tax benefits could affect our effective tax rate, if recognized, but we do not expect any material changes within the next twelve months.

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