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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
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,
|  | 2024 |  | 2023 |  | 2022
United States |  | $ | 553,533 |  |  | $ | 662,138 |  |  | $ | 919,461 |
Foreign |  | 13,421 |  |  | 25,998 |  |  | 65,411 |
Total |  | $ | 566,954 |  |  | $ | 688,136 |  |  | $ | 984,872 |
Provision for income taxes | The provision for income taxes consisted of the following (in thousands):
|  | Year Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |  |
Federal |  | $ | 97,251 |  |  | $ | 120,122 |  |  | $ | 164,135 |
State and other |  | 19,846 |  |  | 34,603 |  |  | 57,459 |
Total current provision for income taxes |  | 117,097 |  |  | 154,725 |  |  | 221,594 |
Deferred: |  |  |  |  |  |
Federal |  | 9,199 |  |  | 9,929 |  |  | 13,592 |
State and other |  | 6,540 |  |  | 430 |  |  | 1,577 |
Total deferred provision for income taxes |  | 15,739 |  |  | 10,359 |  |  | 15,169 |
Provision for income taxes |  | $ | 132,836 |  |  | $ | 165,084 |  |  | $ | 236,763 |
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,
|  | 2024 |  | 2023 |  | 2022
Federal statutory rate |  | 21.00 | % |  | 21.00 | % |  | 21.00 | %
Change in valuation allowance |  | 0.20 |  |  | 0.05 |  |  | (0.02) |
Stock-based compensation |  | (1.55) |  |  | (0.97) |  |  | (1.09) |
Other, primarily state income tax rate |  | 3.78 |  |  | 3.91 |  |  | 4.15 |
Total effective tax rate |  | 23.43 | % |  | 23.99 | % |  | 24.04 | %
Components of deferred tax assets and liabilities | The table below presents the components of our deferred tax assets and liabilities (in thousands):
|  | December 31,
|  | 2024 |  | 2023
Deferred tax assets: |  |  |  |
Product inventories |  | $ | 13,625 |  |  | $ | 11,764 |
Trade discounts on purchases |  | 1,044 |  |  | — |
Accrued expenses |  | 824 |  |  | 4,724 |
Leases |  | 74,108 |  |  | 73,874 |
Share-based compensation |  | 10,844 |  |  | 9,977 |
Uncertain tax positions |  | 4,133 |  |  | 3,753 |
Net operating losses |  | 2,336 |  |  | 1,447 |
Other |  | 4,843 |  |  | 4,716 |
Total non-current |  | 111,757 |  |  | 110,255 |
Less: Valuation allowance |  | (2,255) |  |  | (1,133) |
Component reclassified for net presentation |  | (108,583) |  |  | (107,733) |
Total non-current, net |  | 919 |  |  | 1,389 |
Total deferred tax assets |  | 919 |  |  | 1,389 |
Deferred tax liabilities: |  |  |  |
Trade discounts on purchases |  | — |  |  | 2,112 |
Prepaid expenses |  | 9,380 |  |  | 6,610 |
Leases |  | 73,583 |  |  | 73,092 |
Intangible assets, primarily goodwill |  | 73,334 |  |  | 60,902 |
Depreciation |  | 28,541 |  |  | 26,000 |
Interest rate swaps |  | 5,153 |  |  | 6,438 |
Total non-current |  | 189,991 |  |  | 175,154 |
Component reclassified for net presentation |  | (108,583) |  |  | (107,733) |
Total non-current, net |  | 81,408 |  |  | 67,421 |
Total deferred tax liabilities |  | 81,408 |  |  | 67,421 |
Net deferred tax liability |  | $ | 80,489 |  |  | $ | 66,032 |
Schedule of Unrecognized Tax Benefits Roll Forward | The following table summarizes the activity related to uncertain tax positions for the past three years (in thousands):
|  | 2024 |  | 2023 |  | 2022
Balance at beginning of year |  | $ | 17,871 |  |  | $ | 15,489 |  |  | $ | 13,297 |
Increases for tax positions taken during a prior period |  | — |  |  | — |  |  | 275 |
Increases for tax positions taken during the current period |  | 4,517 |  |  | 4,457 |  |  | 5,264 |
Decreases resulting from the expiration of the statute of limitations |  | 2,709 |  |  | 2,075 |  |  | 3,347 |
Balance at end of year |  | $ | 19,679 |  |  | $ | 17,871 |  |  | $ | 15,489 |

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