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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income before income taxes and equity earnings (losses) | Income before income taxes and equity in earnings is attributable to the following jurisdictions (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
United States |  | $ | 662,138 |  |  | $ | 919,461 |  |  | $ | 752,957 |
Foreign |  | 25,998 |  |  | 65,411 |  |  | 71,188 |
Total |  | $ | 688,136 |  |  | $ | 984,872 |  |  | $ | 824,145 |
Provision for income taxes | The provision for income taxes consisted of the following (in thousands):
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |  |
Federal |  | $ | 120,122 |  |  | $ | 164,135 |  |  | $ | 124,379 |
State and other |  | 34,603 |  |  | 57,459 |  |  | 44,783 |
Total current provision for income taxes |  | 154,725 |  |  | 221,594 |  |  | 169,162 |
Deferred: |  |  |  |  |  |
Federal |  | 9,929 |  |  | 13,592 |  |  | 2,970 |
State and other |  | 430 |  |  | 1,577 |  |  | 1,680 |
Total deferred provision for income taxes |  | 10,359 |  |  | 15,169 |  |  | 4,650 |
Provision for income taxes |  | $ | 165,084 |  |  | $ | 236,763 |  |  | $ | 173,812 |
Reconciliation of the U.S. federal statutory tax rate to effective tax rate on income before income taxes and equity earnings (losses) | A reconciliation of the U.S. federal statutory tax rate to our effective tax rate on Income before income taxes and equity in earnings is as follows:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021
Federal statutory rate |  | 21.00 | % |  | 21.00 | % |  | 21.00 | %
Change in valuation allowance |  | 0.05 |  |  | (0.02) |  |  | (0.11) |
Stock-based compensation |  | (0.97) |  |  | (1.09) |  |  | (3.67) |
Other, primarily state income tax rate |  | 3.91 |  |  | 4.15 |  |  | 3.87 |
Total effective tax rate |  | 23.99 | % |  | 24.04 | % |  | 21.09 | %
Components of deferred tax assets and liabilities | The table below presents the components of our deferred tax assets and liabilities (in thousands):
|  | December 31,
|  | 2023 |  | 2022
Deferred tax assets: |  |  |  |
Product inventories |  | $ | 11,764 |  |  | $ | 10,932 |
Accrued expenses |  | 4,724 |  |  | 2,028 |
Leases |  | 73,874 |  |  | 65,852 |
Share-based compensation |  | 9,977 |  |  | 8,636 |
Uncertain tax positions |  | 3,753 |  |  | 3,253 |
Net operating losses |  | 1,447 |  |  | 987 |
Other |  | 4,716 |  |  | 4,139 |
Total non-current |  | 110,255 |  |  | 95,827 |
Less: Valuation allowance |  | (1,133) |  |  | (815) |
Component reclassified for net presentation |  | (107,733) |  |  | (94,034) |
Total non-current, net |  | 1,389 |  |  | 978 |
Total deferred tax assets |  | 1,389 |  |  | 978 |
Deferred tax liabilities: |  |  |  |
Trade discounts on purchases |  | 2,112 |  |  | 3,995 |
Prepaid expenses |  | 6,610 |  |  | 4,903 |
Leases |  | 73,092 |  |  | 64,549 |
Intangible assets, primarily goodwill |  | 60,902 |  |  | 48,836 |
Depreciation |  | 26,000 |  |  | 21,998 |
Interest rate swaps |  | 6,438 |  |  | 8,512 |
Total non-current |  | 175,154 |  |  | 152,793 |
Component reclassified for net presentation |  | (107,733) |  |  | (94,034) |
Total non-current, net |  | 67,421 |  |  | 58,759 |
Total deferred tax liabilities |  | 67,421 |  |  | 58,759 |
Net deferred tax liability |  | $ | 66,032 |  |  | $ | 57,781 |
Summary of activity related to uncertain tax positions | The following table summarizes the activity related to uncertain tax positions for the past three years (in thousands):
|  | 2023 |  | 2022 |  | 2021
Balance at beginning of year |  | $ | 15,489 |  |  | $ | 13,297 |  |  | $ | 15,553 |
Increases for tax positions taken during a prior period |  | — |  |  | 275 |  |  | — |
Increases for tax positions taken during the current period |  | 4,457 |  |  | 5,264 |  |  | 3,518 |
Decreases resulting from the expiration of the statute of limitations |  | 2,075 |  |  | 3,347 |  |  | 3,185 |
Decreases relating to settlements |  | — |  |  | — |  |  | 2,589 |
Balance at end of year |  | $ | 17,871 |  |  | $ | 15,489 |  |  | $ | 13,297 |

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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