XML 53 R37.htm IDEA: XBRL DOCUMENT v3.25.4

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Income Tax Disclosure [Abstract]

Schedule of provision for income taxes relating to continuing operations

​

Our provision for income taxes relating to continuing operations consists of the following (in thousands):

​

​	​	​	​	​	​	​	​	​	​	​
​	​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024		​ ​ ​	2023
Current tax provision (benefit)—	​	​	​	​	​	​	​	​	​	​
Federal	​	$	235,686	​	$	170,844	​	$	(34,722)	​
State	​		40,486	​		39,897	​		4,222	​
Total current	​		276,172	​		210,741	​		(30,500)	​
Deferred tax provision (benefit)—	​	​	​	​	​	​	​	​	​	​
Federal	​		(3,116)	​		(54,119)	​		81,119	​
State	​		(2,161)	​		(12,494)	​		14,177	​
Total deferred	​		(5,277)	​		(66,613)	​		95,296	​
Provision for income taxes	​	$	270,895	​	$	144,128	​	$	64,796	​

Schedule of difference in income taxes provided for and the amounts determined by applying the federal statutory tax rate to income before income taxes results

The provision for income taxes for the years ended December 31, 2025, 2024 and 2023 resulted in effective tax rates on continuing operations of 20.9%, 21.6% and 16.7%, respectively. The reasons for the differences between these effective tax rates and the federal statutory tax rates are as follows (in thousands, except percentages):

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

December 31,

​

​

2025

​

2024

​

2023

​

​

​

Amount

​

Percent

​

​

​

Amount

​

Percent

​

​

​

Amount

​

Percent

​

Federal statutory tax rate

​

$

271,625

​

21.0

%

​

$

139,978

​

21.0

%

​

$

81,521

​

21.0

%

State and local income taxes, net of federal effect (a)

​

​

30,277

​

2.3

%

​

​

21,648

​

3.2

%

​

​

14,537

​

3.7

%

Tax credits—

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

R&D tax credit

​

(30,509)

​

(2.4)

%

​

(23,226)

​

(3.5)

%

​

(35,033)

​

(9.0)

%

Other

​

(19)

​

—

​

​

—

​

—

​

​

—

​

—

​

Nontaxable or nondeductible items

​

8,186

​

0.6

%

​

5,328

​

0.8

%

​

4,489

​

1.2

%

Other adjustments

​

(8,665)

​

(0.6)

%

​

400

​

0.1

%

​

(718)

​

(0.2)

%

Effective tax rate

​

$

270,895

​

20.9

%

​

$

144,128

​

21.6

%

​

$

64,796

​

16.7

%

​

(a) State taxes in Virginia, North Carolina, Arizona, New York, Alabama, Tennessee and Utah made up the majority (greater than 50%) of the tax effect of this category in 2025.

Schedule of significant components of the net deferred tax assets and net deferred tax liabilities as reflected on the Consolidated Balance Sheets

Significant components of the deferred tax assets and deferred tax liabilities as reflected on the Consolidated Balance Sheets are as follows (in thousands):

​	​	​	​	​	​	​	​
​	​	Year Ended
​	​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Deferred tax assets—	​	​	​	​	​	​	​
Accounts receivable and allowance for credit losses	​	$	5,097	​	$	4,139	​
Stock-based compensation	​		6,977	​		5,329	​
Accrued liabilities and expenses	​		84,005	​		63,519	​
Lease liabilities	​	​	79,832	​	​	57,673	​
Net operating loss and tax credit carryforwards	​		2,023	​		2,963	​
Goodwill	​	​	17,162	​	​	24,592	​
Intangible assets	​	​	19,638	​	​	21,075	​
Other	​		2,214	​		1,685	​
Subtotal	​		216,948	​		180,975	​
Valuation allowances	​		(121)	​		(2,751)	​
Total deferred tax assets	​	​	216,827	​	​	178,224	​
Deferred tax liabilities—	​	​	​	​	​	​	​
Property and equipment	​		(44,621)	​		(29,970)	​
Lease right-of-use assets	​	​	(79,832)	​	​	(57,673)	​
Long-term contracts	​		(4,243)	​		(2,429)	​
Other	​		(7,884)	​		(4,936)	​
Total deferred tax liabilities	​		(136,580)	​		(95,008)	​
Net deferred tax assets	​	$	80,247	​	$	83,216	​

​

The deferred tax assets and deferred tax liabilities reflected above are included in the Consolidated Balance Sheets as follows (in thousands):

​	​	​	​	​	​	​
​	​	December 31,
​	​ ​ ​	2025		​ ​ ​	2024
Deferred tax assets	​	$	84,139	​	$	85,441
Deferred tax liabilities	​	$	3,892	​	$	2,225

​

Schedule of reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding accrued interest and penalties

A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding accrued interest and penalties, is as follows (in thousands):

​	​	​	​	​	​	​	​	​	​	​
​	​	Year Ended December 31,
​	​ ​ ​	2025		​ ​ ​	2024		​ ​ ​	2023
Balance at beginning of year	​	$	30,128	​	$	20,579	​	$	11,530	​
Additions based on tax positions related to current year	​		7,889	​		7,591	​		6,370	​
Additions based on tax positions related to prior years	​		2,244	​		1,958	​		2,723	​
Reductions for tax positions related to prior years	​		(375)	​		—	​		(44)	​
Reductions for lapse of statute of limitations	​		(2,751)	​		—	​		—	​
Balance at end of year	​	$	37,135	​	$	30,128	​	$	20,579	​

X

- References

No definition available.

+ Details

Name:	us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix:	us-gaap_
Data Type:	xbrli:stringItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-9

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-2

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 231
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-231

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12A
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 12
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-12

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 217
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482663/740-10-55-217

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	dtr-types:textBlockItemType
Balance Type:	na
Period Type:	duration