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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Components of Income Tax Expense (Benefit), Continuing Operations [Abstract] |
Provision For Income Taxes/(Benefit) | The provision for income taxes consists of the following (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current taxes: |  |  |  |  |  |  |  |  |
Federal |  | $ | 127,771 |  |  | $ | 159,383 |  |  | $ | 167,258 |
State |  |  | 39,361 |  |  |  | 49,956 |  |  |  | 39,911 |
Foreign |  |  | 1,056 |  |  |  | 929 |  |  |  | 2,950 |
|  |  | 168,188 |  |  |  | 210,268 |  |  |  | 210,119 |
Deferred taxes: |  |  |  |  |  |  |  |  |
Federal |  |  | 9,067 |  |  |  | 8,752 |  |  |  | 19,747 |
State |  |  | 2,917 |  |  |  | 4,203 |  |  |  | 5,640 |
Foreign |  |  | 3,984 |  |  |  | (262 | ) |  |  | 6,717 |
|  |  | 15,968 |  |  |  | 12,693 |  |  |  | 32,104 |
Provision for income taxes |  | $ | 184,156 |  |  | $ | 222,961 |  |  | $ | 242,223 |
Reconciliation Of The Statutory Federal Income Tax With The Company's Effective Tax Rate | Reconciliation of the statutory federal income tax rate with our company’s effective income tax rate is as follows (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Statutory rate |  | $ | 148,405 |  |  | $ | 185,874 |  |  | $ | 224,087 |
State income taxes, net of federal income tax |  |  | 34,012 |  |  |  | 42,813 |  |  |  | 37,169 |
Non-deductible business expenses |  |  | 25,177 |  |  |  | 10,944 |  |  |  | 9,732 |
Change in valuation allowance |  |  | 21,931 |  |  |  | 9,802 |  |  |  | 2,248 |
Foreign tax rate difference |  |  | (2,471 | ) |  |  | (2,846 | ) |  |  | 125 |
Federal tax credits |  |  | (7,002 | ) |  |  | (2,793 | ) |  |  | (2,126 | )
Excess tax benefit from stock-based compensation |  |  | (31,109 | ) |  |  | (19,418 | ) |  |  | (32,004 | )
Other, net |  |  | (4,787 | ) |  |  | (1,415 | ) |  |  | 2,992 |
|  | $ | 184,156 |  |  | $ | 222,961 |  |  | $ | 242,223 |
Deferred Tax Assets And Liabilities | Tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities (in thousands):
|  | December 31, |
|  | 2023 |  |  | 2022 |
Deferred tax assets: |  |  |  |  |  |
Lease liabilities |  | $ | 205,487 |  |  | $ | 206,091 |
Deferred compensation |  |  | 82,593 |  |  |  | 81,457 |
Receivable reserves |  |  | 52,342 |  |  |  | 47,308 |
Unrealized loss on investments |  |  | 51,549 |  |  |  | 62,318 |
Net operating loss carryforwards |  |  | 45,879 |  |  |  | 28,997 |
Accrued expenses |  |  | 15,457 |  |  |  | 25,833 |
Total deferred tax assets |  |  | 453,307 |  |  |  | 452,004 |
Valuation allowance |  |  | (46,843 | ) |  |  | (24,779 | )
|  |  | 406,464 |  |  |  | 427,225 |
Deferred tax liabilities: |  |  |  |  |  |
Lease right-of-use assets |  |  | (195,962 | ) |  |  | (199,085 | )
Goodwill and other intangibles |  |  | (72,927 | ) |  |  | (61,225 | )
Prepaid expenses |  |  | (6,966 | ) |  |  | (4,427 | )
Depreciation |  |  | (3,620 | ) |  |  | (1,180 | )
Other |  |  | (5,467 | ) |  |  | (2,101 | )
|  |  | (284,942 | ) |  |  | (268,018 | )
Net deferred tax asset |  | $ | 121,522 |  |  | $ | 159,207 |
Unrecognized Tax Benefits | The following table summarizes the activity related to our company’s unrecognized tax benefits from January 1, 2021 to December 31, 2023 (in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Beginning balance |  | $ | 5,271 |  |  | $ | 4,924 |  |  | $ | 3,962 |
Increase related to prior year tax positions |  |  | 112 |  |  |  | 195 |  |  |  | 2,719 |
Decrease related to prior year tax positions |  |  | (63 | ) |  |  | (635 | ) |  |  | (119 | )
Increase related to current year tax positions |  |  | 1,083 |  |  |  | 978 |  |  |  | 745 |
Decrease related to settlements with taxing authorities |  |  | — |  |  |  | — |  |  |  | (2,370 | )
Decrease related to lapsing of statute of limitations |  |  | (973 | ) |  |  | (191 | ) |  |  | (13 | )
Ending balance |  | $ | 5,430 |  |  | $ | 5,271 |  |  | $ | 4,924 |

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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 -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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