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Income Taxes (Tables)

12 Months Ended

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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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

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-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 9
-Publisher FASB
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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.

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Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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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.

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-Topic 740
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