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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense | The components of income tax expense were as follows for the years ended December 31:
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | (in thousands) |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 287,131 |  |  | $ | 468,635 |  |  | $ | 789,465 |
State |  |  | 41,528 |  |  |  | 77,475 |  |  |  | 125,460 |
|  |  | 328,659 |  |  |  | 546,110 |  |  |  | 914,925 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | (16,453 | ) |  |  | (82,150 | ) |  |  | (73,016 | )
State |  |  | (2,579 | ) |  |  | (20,311 | ) |  |  | (19,445 | )
|  |  | (19,032 | ) |  |  | (102,461 | ) |  |  | (92,461 | )
Income tax expense |  | $ | 309,627 |  |  | $ | 443,649 |  |  | $ | 822,464 |
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:
|  | 2024 |  |  | 2023 |
|  | (in thousands) |
Deferred tax assets related to: |  |  |  |  |  |
Operating lease liabilities |  | $ | 148,376 |  |  | $ | 125,622 |
Insurance reserves |  |  | 37,840 |  |  |  | 34,556 |
Accrued expenses |  |  | 17,703 |  |  |  | 36,719 |
Operating loss and credit carryforwards |  |  | 12,308 |  |  |  | 13,408 |
Stock-based compensation expense |  |  | 10,931 |  |  |  | 8,643 |
Inventories |  |  | 10,435 |  |  |  | 13,132 |
Accounts receivable |  |  | 10,006 |  |  |  | 10,338 |
Other |  |  | 312 |  |  |  | 7,813 |
Total deferred tax assets |  |  | 247,911 |  |  |  | 250,231 |
Deferred tax liabilities related to: |  |  |  |  |  |
Property, plant and equipment |  |  | (179,862 | ) |  |  | (166,799 | )
Operating lease right-of-use assets |  |  | (140,255 | ) |  |  | (118,515 | )
Goodwill and other intangible assets |  |  | (66,263 | ) |  |  | (121,052 | )
Prepaid expenses |  |  | (9,698 | ) |  |  | (11,064 | )
Total deferred tax liabilities |  |  | (396,078 | ) |  |  | (417,430 | )
Net deferred tax liability |  | $ | (148,167 | ) |  | $ | (167,199 | )
Reconciliation of Statutory Federal Income Tax Rate to Our Effective Rate | A reconciliation of the statutory federal income tax rate to our effective rate is provided below for the years ended December 31:
|  | 2024 |  |  | 2023 |  |  | 2022 |  |
Statutory federal income tax rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | % |
State income taxes, net of federal income tax |  |  | 2.4 |  |  |  | 2.3 |  |  |  | 2.3 |  |
Stock-based compensation windfall benefit |  |  | (2.0 | ) |  |  | (0.8 | ) |  |  | (0.5 | ) |
Permanent difference - 162(m) limitation |  |  | 0.8 |  |  |  | 0.5 |  |  |  | 0.3 |  |
Permanent difference - credits |  |  | (0.5 | ) |  |  | (0.6 | ) |  |  | (0.2 | ) |
Permanent difference - other |  |  | 0.2 |  |  |  | 0.2 |  |  |  | — |  |
Other |  |  | 0.4 |  |  |  | (0.2 | ) |  |  | 0.1 |  |
|  |  | 22.3 | % |  |  | 22.4 | % |  |  | 23.0 | % |

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