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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Taxes [Abstract] |
Income Taxes | 11. Income Taxes The provision for income taxes comprises the following (in thousands):
|  | For the Years Ended December 31,
|  | 2024 |  |  | 2023 |  |  | 2022
Current |  |  |  |  |  |  |  |
U.S. federal | $ | 85,802 |  | $ | 75,333 |  | $ | 52,910
U.S. state and local |  | 15,301 |  |  | 9,983 |  |  | 11,813
Foreign |  | 501 |  |  | 569 |  |  | 505
Deferred |  |  |  |  |  |  |  |
U.S. federal, state and local |  | (4,140) |  |  | (8,029) |  |  | 14,821
Foreign |  | 2 |  |  | 2 |  |  | 6
Total | $ | 97,466 |  | $ | 77,858 |  | $ | 80,055
A summary of the temporary differences that give rise to deferred tax assets/ (liabilities) follows (in thousands):
|  |  | December 31,
|  |  | 2024 |  |  | 2023
| Accrued liabilities | $ | 42,411 |  | $ | 39,436
| Lease liabilities |  | 33,982 |  |  | 34,028
| Stock compensation expense |  | 11,229 |  |  | 9,023
| Implicit price concessions |  | 8,115 |  |  | 7,294
| State net operating loss carryforwards |  | 1,839 |  |  | 1,652
| Other |  | 1,214 |  |  | 1,259
| Deferred income tax assets |  | 98,790 |  |  | 92,692
| Amortization of intangible assets |  | (42,754) |  |  | (40,747)
| Accelerated tax depreciation |  | (29,814) |  |  | (32,411)
| Right of use lease assets |  | (30,679) |  |  | (30,891)
| Deposit with OAS |  | (11,413) |  |  | (11,413)
| Currents assets |  | (4,244) |  |  | (4,272)
| State income taxes |  | (2,042) |  |  | (2,552)
| Market valuation of investments |  | (3,661) |  |  | (600)
| Other |  | (128) |  |  | (127)
| Deferred income tax liabilities |  | (124,735) |  |  | (123,013)
| Net deferred income tax liabilities | $ | (25,945) |  | $ | (30,321)
At December 31, 2024 and 2023, state net operating loss carryforwards were $39.4 million and $36.0 million, respectively. These net operating losses will expire, in varying amounts, between 2025 and 2044. Based on our history of operating earnings, we have determined that our operating income will, more likely than not, be sufficient to ensure realization of our deferred income tax assets. A reconciliation of the beginning and ending of year amount of our unrecognized tax benefit is as follows (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022
Balance at January 1, | $ | 1,221 |  | $ | 1,313 |  | $ | 1,379
Decrease due to expiration of statute of limitations |  | (207) |  |  | (355) |  |  | (422)
Unrecognized tax benefits due to positions taken in current year |  | 695 |  |  | 263 |  |  | 356
Balance at December 31, | $ | 1,709 |  | $ | 1,221 |  | $ | 1,313
We file tax returns in the U.S. federal jurisdiction and various states. The years ended December 31, 2021 and forward remain open for review for federal income tax purposes. The earliest open year relating to any of our major state jurisdictions is the fiscal year ended December 31, 2019. During the next twelve months, we do not anticipate a material net change in unrecognized tax benefits. We classify interest related to our accrual for uncertain tax positions in separate interest accounts. As of December 31, 2024, and 2023, we have approximately $275,000 and $145,000, respectively, accrued in interest payable related to uncertain tax positions. These accruals are included in other current liabilities in the accompanying consolidated balance sheet. Net interest expense related to uncertain tax positions included in interest expense in the accompanying consolidated statement of income is not material. The difference between the actual income tax provision for continuing operations and the income tax provision calculated at the statutory U.S. federal tax rate is explained as follows (in thousands):
|  | For the Years Ended December 31, |  |
|  | 2024 |  |  | 2023 |  |  | 2022 |  |
Income tax provision calculated using the statutory rate of 21% | $ | 83,888 |  | $ | 73,577 |  | $ | 69,233 |  |
State and local income taxes, less federal income tax effect |  | 11,811 |  |  | 2,306 |  |  | 10,207 |  |
Nondeductible expenses |  | 7,438 |  |  | 6,600 |  |  | 6,958 |  |
Excess stock compensation tax benefits |  | (4,442) |  |  | (4,330) |  |  | (5,928) |  |
Other--net |  | (1,229) |  |  | (295) |  |  | (415) |  |
Income tax provision | $ | 97,466 |  | $ | 77,858 |  | $ | 80,055 |  |
Effective tax rate |  | 24.4 | % |  | 22.2 | % |  | 24.3 | % |
During the third quarter of 2023, the Company recognized a tax benefit from realignment of its state and local corporate tax structure based on the location of operating resources and profitability by business segment. This benefit includes a reduction in current state and local tax expense and a one-time benefit of $4.2 million in reduction of deferred tax liabilities reflecting the lower tax rates. Summarized below are the total amounts of income taxes paid during the years ended December 31 (in thousands):
2024 | $ | 98,728
2023 | $ | 73,876
2022 | $ | 65,894
Provision has not been made for additional taxes on $35.1 million of undistributed earnings of our domestic subsidiaries. Should we elect to sell our interest in these businesses rather than to affect a tax-free liquidation, additional taxes amounting to approximately $8.0 million would be incurred based on current income tax rates.

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