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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Components of Income Tax Expense Included in Continuing Operations

The components of income tax expense included in continuing operations were as follows for the years ended December 31:

		2021				2020				2019
		(in thousands)
Current:
Federal		$	475,737			$	66,017			$	3,678
State			84,967				11,998				6,274
			560,704				78,015				9,952
Deferred:
Federal			(33,803	)			16,270				45,955
State			(770	)			344				5,039
			(34,573	)			16,614				50,994
Income tax expense		$	526,131			$	94,629			$	60,946

Reconciliation of Deferred Tax Assets and Liabilities

Temporary differences, which give rise to deferred tax assets and liabilities, were as follows as of December 31:

		2021				2020
		(in thousands)
Deferred tax assets related to:
Accrued expenses		$	31,828			$	19,182
Insurance reserves			32,080				16,582
Stock-based compensation expense			5,008				3,549
Accounts receivable			8,742				4,726
Inventories			10,387				6,152
Operating loss and credit carryforwards			18,356				10,812
Operating lease liabilities			113,273				70,216
Other			3,098				3,746
			222,772				134,965
Valuation allowance			(2,573	)			(2,409	)
Total deferred tax assets			220,199				132,556
Deferred tax liabilities related to:
Prepaid expenses			(8,960	)			(3,914	)
Goodwill and other intangible assets			(307,165	)			(47,490	)
Property, plant and equipment			(156,315	)			(57,353	)
Operating lease right-of-use assets			(109,880	)			(68,641	)
Total deferred tax liabilities			(582,320	)			(177,398	)
Net deferred tax liability		$	(362,121	)		$	(44,842	)

Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate for Continuing Operations

A reconciliation of the statutory federal income tax rate to our effective rate for continuing operations is provided below for the years ended December 31:

		2021				2020				2019
Statutory federal income tax rate			21.0	%			21.0	%			21.0	%
State income taxes, net of federal income tax			3.2				3.7				2.8
Stock-based compensation windfall benefit			(0.4	)			(0.5	)			(0.8	)
Permanent difference - 162(m) limitation			0.3				0.5				0.4
Permanent difference - credits			(0.9	)			(1.7	)			(2.3	)
Permanent difference - other			0.2				0.3				0.7
Other		—					(0.1	)			(0.2	)
			23.4	%			23.2	%			21.6	%

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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- 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://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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