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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of Income Tax Expense (Benefit) | Components of income tax expense/(benefit) are as follows (amounts in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Current |  |  |  |  |  |  |  |  |
Federal |  | $ | 202,895 |  |  | $ | 178,666 |  |  | $ | 276,471 |
Foreign |  |  | 6,505 |  |  |  | 14,740 |  |  |  | 13,754 |
State |  |  | 29,677 |  |  |  | 33,423 |  |  |  | 44,993 |
|  |  | 239,077 |  |  |  | 226,829 |  |  |  | 335,218 |
Deferred |  |  |  |  |  |  |  |  |
Federal |  |  | (19,716 | ) |  |  | (9,935 | ) |  |  | (26,638 | )
Foreign |  |  | 3,367 |  |  |  | (1,509 | ) |  |  | 1,521 |
State |  |  | (1,609 | ) |  |  | (6,107 | ) |  |  | (4,420 | )
|  |  | (17,958 | ) |  |  | (17,551 | ) |  |  | (29,537 | )
Total |  | $ | 221,119 |  |  | $ | 209,278 |  |  | $ | 305,681 |
Our provision for income taxes for the years ended December 31, 2023, 2022 and 2021 included tax expenses of $5 million, tax expenses of $1 million and tax benefits of $2 million, respectively, related to employee share-based payments. Excess tax benefits (when the deductible amount related to the settlement of employee equity awards for tax purposes exceeds the cumulative compensation cost recognized for financial reporting purposes) and deficiencies, if applicable, are recorded as a component of our tax provision.
Reconciliation Between Federal Statutory Rate and Effective Tax Rate | A reconciliation between the federal statutory rate and the effective tax rate is as follows:
|  | Year Ended December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Federal statutory rate |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
State taxes, net of federal income tax benefit |  |  | 2.4 | % |  |  | 2.4 | % |  |  | 2.5 | %
Tax effects of foreign operations |  |  | -0.7 | % |  |  | -0.3 | % |  |  | -0.1 | %
Tax benefit from settlement of employee equity awards |  |  | 0.4 | % |  |  | 0.1 | % |  |  | -0.2 | %
Other items |  |  | 0.4 | % |  |  | 0.5 | % |  |  | 0.3 | %
Impact of income attributable to noncontrolling interests |  |  | 0.0 | % |  |  | 0.5 | % |  |  | 0.1 | %
Effective tax rate |  |  | 23.5 | % |  |  | 24.2 | % |  |  | 23.6 | %
Our effective tax rates were 23.5%, 24.2% and 23.6% for the years ended December 31, 2023, 2022 and 2021, respectively. The decrease in our effective tax rate for the year ended December 31, 2023, as compared to 2022, is due primarily to the increase in net income attributable to noncontrolling interests during 2023, as compared to 2022. The increase in our effective tax rate for the year ended December 31, 2022, as compared to 2021, is due to the decrease in net income attributable to noncontrolling interests during 2022, as compared to 2021. Included in “Other current assets” on our consolidated balance sheets are prepaid federal, state and foreign income taxes amounting to approximately $37 million and $17 million as of December 31, 2023 and 2022, respectively.
Components of Deferred Taxes | The components of deferred taxes are as follows (amounts in thousands):
|  | Year Ended December 31, |
|  | 2023 |  |  |  | 2022 |
|  | Assets |  |  |  | Liabilities |  |  |  | Assets |  |  |  | Liabilities |
Self-insurance reserves | $ |  | 118,824 |  |  | $ |  |  |  | $ |  | 103,528 |  |  | $ |  |
Compensation accruals |  |  | 81,747 |  |  |  |  |  |  |  |  | 77,269 |  |  |  |  |
Doubtful accounts and other reserves |  |  | 123,634 |  |  |  |  |  |  |  |  | 141,511 |  |  |  |  |
Other currently non-deductible accrued liabilities |  |  | 19,926 |  |  |  |  |  |  |  |  | 12,520 |  |  |  |  |
Depreciable and amortizable assets |  |  |  |  |  |  | 280,678 |  |  |  |  |  |  |  |  | 281,203 |
Operating lease liabilities |  |  | 106,590 |  |  |  |  |  |  |  |  | 108,704 |  |  |  |  |
Right of use assets-operating leases |  |  |  |  |  |  | 101,853 |  |  |  |  |  |  |  |  | 106,675 |
State and foreign net operating loss carryforwards and other state and foreign deferred tax assets |  |  | 96,117 |  |  |  |  |  |  |  |  | 80,823 |  |  |  |  |
Net pension liabilities – OCI only |  |  | 701 |  |  |  |  |  |  |  |  | 1,702 |  |  |  |  |
Other liabilities |  |  |  |  |  |  | 6,715 |  |  |  |  |  |  |  |  | 6,457 |
| $ |  | 547,539 |  |  | $ |  | 389,246 |  |  | $ |  | 526,057 |  |  | $ |  | 394,335 |
Valuation allowance |  |  | (72,667 | ) |  |  |  | 0 |  |  |  |  | (63,325 | ) |  |  |  | 0 |
Total deferred income taxes | $ |  | 474,872 |  |  | $ |  | 389,246 |  |  | $ |  | 462,732 |  |  | $ |  | 394,335 |
At December 31, 2023, state net operating loss carryforwards (losses originating in tax years beginning prior to January 1, 2023, expiring in years 2024 through 2042), and credit carryforwards available to offset future taxable income approximated $1 billion representing approximately $72 million in deferred state tax benefit (net of the federal benefit); and state related interest expense carryforwards approximated $58 million representing approximately $3 million in deferred state tax benefit (net of the federal benefit). At December 31, 2023, there were foreign net operating losses and interest expense carryforwards of approximately $77 million, most of which are carried forward indefinitely, representing approximately $19 million in deferred foreign tax benefit. At December 31, 2023, related to a prior year stock acquisition, there were federal net operating losses of approximately $8 million carried forward indefinitely for federal purposes representing approximately $2 million in deferred federal tax benefits. A valuation allowance is required when it is more likely than not that some portion of the deferred tax assets will not be realized. Based on available evidence, it is more likely than not that certain of our state tax benefits will not be realized. Therefore, valuation allowances of approximately $68 million and $59 million have been reflected as of December 31, 2023 and 2022, respectively. During 2023, the valuation allowance on these state tax benefits increased by $9 mil lion primarily due to additional net operating losses incurred. In addition, valuation allowances of approximately $4 million have been reflected as of December 31, 2023 and 2022, related to foreign net operating losses and credit carryforwards. During 2023 and 2022, the estimated liabilities for uncertain tax positions (including accrued interest and penalties) were increased less than $1 million due to tax positions taken in the current and prior years. The balance at each of the years ended December 31, 2023 and 2022, if subsequently recognized, that would favorably affect the effective tax rate and the provision for income taxes is approximately $2 million as of each date. We recognize accrued interest and penalties associated with uncertain tax positions as part of the tax provision. As of December 31, 2023 and 2022, we have accrued interest and penalties of less than $1 million as of each date. The U.S. federal statute of limitations remains open for the 2020 and subsequent years. Foreign and U.S. state and local jurisdictions have statutes of limitations generally ranging for 3 to 4 years. The statute of limitations on certain jurisdictions could expire within the next twelve months. It is reasonably possible that the amount of unrecognized tax benefits will change during the next 12 months, however, it is anticipated that any such change, if it were to occur, would not have a material impact on our results of operations.
Reconciliation of Unrecognized Tax Benefits | The tabular reconciliation of unrecognized tax benefits for the years ended December 31, 2023, 2022 and 2021 is as follows (amounts in thousands):
|  | As of December 31, |
|  | 2023 |  |  | 2022 |  |  | 2021 |
Balance at January 1, |  | $ | 2,727 |  |  | $ | 2,544 |  |  | $ | 2,806 |
Additions based on tax positions related to the current year |  |  | 500 |  |  |  | 500 |  |  |  | 500 |
Additions for tax positions of prior years |  |  | 180 |  |  |  | 159 |  |  |  | 213 |
Reductions for tax positions of prior years |  |  | (557 | ) |  |  | (461 | ) |  |  | (261 | )
Settlements |  |  | 0 |  |  |  | (15 | ) |  |  | (714 | )
Balance at December 31, |  | $ | 2,850 |  |  | $ | 2,727 |  |  | $ | 2,544 |

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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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