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Income Taxes
 12 Months Ended
Dec. 31, 2024
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)

 

2024

 

 

2023

 

 

2022

 

Current:

 

 

 

 

 

 

 

 

 

Federal

 

$

284,679

 

 

$

288,030

 

 

$

318,571

 

State

 

 

67,505

 

 

 

66,903

 

 

 

83,611

 

 

 

 

352,184

 

 

 

354,933

 

 

 

402,182

 

Deferred:

 

 

 

 

 

 

 

 

 

Federal

 

 

18,585

 

 

 

42,728

 

 

 

51,862

 

State

 

 

755

 

 

 

10,613

 

 

 

10,146

 

 

 

 

19,340

 

 

 

53,341

 

 

 

62,008

 

     Total provision for income taxes

 

$

371,524

 

 

$

408,274

 

 

$

464,190

 

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 2024, 2023 and 2022:

 

 

 

Year Ended December 31,

 

(In thousands)

 

2024

 

 

2023

 

 

2022

 

Tax provision at statutory rate

 

$

327,095

 

 

$

346,033

 

 

$

386,683

 

State income taxes, net of federal benefit

 

 

60,216

 

 

 

66,055

 

 

 

75,906

 

Other, net

 

 

(15,787

)

 

 

(3,814

)

 

 

1,601

 

     Total provision for income taxes

 

$

371,524

 

 

$

408,274

 

 

$

464,190

 

 

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)

 

2024

 

 

2023

 

Deferred tax assets:

 

 

 

 

 

 

Claims and insurance reserves

 

$

32,866

 

 

$

29,776

 

Accrued vacation

 

 

23,379

 

 

 

19,849

 

Deferred compensation

 

 

41,387

 

 

 

41,343

 

Other

 

 

11,341

 

 

 

12,142

 

Total deferred tax assets

 

 

108,973

 

 

 

103,110

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

Depreciation and amortization

 

 

(485,808

)

 

 

(460,703

)

Other

 

 

(5,095

)

 

 

(4,997

)

Total deferred tax liabilities

 

 

(490,903

)

 

 

(465,700

)

Net deferred tax liability

 

$

(381,930

)

 

$

(362,590

)

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 2021 through 2024. We also remain open to examination by various state tax jurisdictions for tax years 2020 through 2024.

The Company’s liability for unrecognized tax benefits was immaterial as of December 31, 2024 and 2023. Interest and penalties related to uncertain tax positions, which were immaterial in 2024, 2023 and 2022, are recorded in “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.