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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

Components of the income tax provision are as follows (in thousands):

 

						Years Ended December 31,
						2022						2021						2020
Current taxes:
Federal						$	246,077					$	180,469					$	99,174
State						54,576						39,930						21,012
						300,653						220,399						120,186
Deferred taxes:
Federal						(4,573)						(4,033)						(9,725)
State						1,046						1,024						(370)
						(3,527)						(3,009)						(10,095)
Total						$	297,126					$	217,390					$	110,091

Schedule of Income Tax Reconciliation

Income taxes for the years ended December 31, 2022, 2021 and 2020, differ from the expected amounts computed using the federal statutory income tax rate of 21% as a result of the following (in thousands):

						Years Ended December 31,
						2022						2021						2020
Expected taxes at current federal statutory income tax rate						$	270,757					$	200,515					$	112,049
State income taxes, net of federal tax benefit						43,941						31,967						16,307
Federal tax credits						(19,676)						(20,872)						(16,523)
Non-deductible costs and other						2,104						5,780						(1,742)
Income tax expense						$	297,126					$	217,390					$	110,091

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities are comprised of timing differences (in thousands) as follows:

						At December 31,
						2022						2021
Deferred tax assets:
Real estate						$	24,199					$	25,960
Warranty reserve						8,489						6,273
Wages payable						8,240						5,834
Equity-based compensation						6,597						5,465
Accrued expenses						114						199
Other						8,650						7,836
Total deferred tax assets						56,289						51,567
Deferred tax liabilities:
Goodwill						2,473						1,611
Prepaids						1,282						2,498
Fixed assets						7,082						6,786
Total deferred tax liabilities						10,837						10,895
Deferred tax assets, net						45,452						40,672
Other deferred tax liabilities - state franchise taxes						7,351						6,099
Net deferred tax assets and liabilities						$	38,101					$	34,573

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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- Definition

Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

+ References

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-Publisher FASB
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-SubTopic 10
-Section 50
-Paragraph 12
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