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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

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,
						2023						2022						2021
Current taxes:
Federal						$	170,306					$	246,077					$	180,469
State						41,837						54,576						39,930
						212,143						300,653						220,399
Deferred taxes:
Federal						(1,888)						(4,573)						(4,033)
State						427						1,046						1,024
						(1,461)						(3,527)						(3,009)
Total						$	210,682					$	297,126					$	217,390

Schedule of Income Tax Reconciliation

Income taxes for the years ended December 31, 2023, 2022 and 2021, 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,
						2023						2022						2021
Expected taxes at current federal statutory income tax rate						$	199,380					$	270,757					$	200,515
State income taxes, net of federal tax benefit						33,389						43,941						31,967
Federal tax credits						(25,219)						(19,676)						(20,872)
Non-deductible costs and other						3,132						2,104						5,780
Income tax expense						$	210,682					$	297,126					$	217,390

Schedule of Deferred Tax Assets and Liabilities

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

						At December 31,
						2023						2022
Deferred tax assets:
Real estate						$	27,049					$	24,199
Warranty reserve						8,902						8,489
Wages payable						10,669						8,240
Equity-based compensation						7,306						6,597
Accrued expenses						36						114
Other						7,393						8,650
Total deferred tax assets						61,355						56,289
Deferred tax liabilities:
Goodwill						3,331						2,473
Prepaids						2,288						1,282
Fixed assets						8,163						7,082
Total deferred tax liabilities						13,782						10,837
Deferred tax assets, net						47,573						45,452
Other deferred tax liabilities - state franchise taxes						8,012						7,351
Net deferred tax assets and liabilities						$	39,561					$	38,101

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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.

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-Topic 740
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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.

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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.

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