XML 37 R20.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Note 13 - Income Taxes | 12 Months Ended
--- | ---
Dec. 31, 2024
Notes to Financial Statements |
Income Tax Disclosure [Text Block] |
13. | INCOME TAXES:
The tax provisions are summarized as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Income before income taxes: |  |  |  |  |  |  |  |  |  |  |  |
Domestic |  | $ | 392,253 |  |  | $ | 455,288 |  |  | $ | 502,141 |
Foreign |  |  | 5,562 |  |  |  | 6,773 |  |  |  | 7,186 |
Total |  |  | 397,815 |  |  |  | 462,061 |  |  |  | 509,327 |
Current provision |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 62,358 |  |  | $ | 87,270 |  |  | $ | 93,942 |
State |  |  | 9,975 |  |  |  | 16,864 |  |  |  | 16,516 |
Foreign |  |  | 702 |  |  |  | 2,265 |  |  |  | 2,523 |
Total |  |  | 73,035 |  |  |  | 106,399 |  |  |  | 112,981 |
Deferred provision (benefit) |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | 15,283 |  |  |  | 7,617 |  |  |  | 7,975 |
State |  |  | 3,752 |  |  |  | 505 |  |  |  | (565 | )
Foreign |  |  | 775 |  |  |  | (521 | ) |  |  | (3,149 | )
Total |  |  | 19,810 |  |  |  | 7,601 |  |  |  | 4,261 |
Provision for income taxes |  | $ | 92,845 |  |  | $ | 114,000 |  |  | $ | 117,242 |
A reconciliation of taxes based on the federal statutory rates and the provisions (benefits) for income taxes are summarized as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
|  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |  |  | Amount |  |  | Rate |
Income taxes at the federal statutory rate |  | $ | 83,540 |  |  |  | 21.0 | % |  | $ | 97,032 |  |  |  | 21.0 | % |  | $ | 106,959 |  |  |  | 21.0 | %
State income taxes, net of federal benefit (a) |  |  | 10,030 |  |  |  | 2.5 |  |  |  | 14,120 |  |  |  | 3.1 |  |  |  | 12,708 |  |  |  | 2.5 |
Tax effect of permanent differences |  |  | (1,212 | ) |  |  | (0.3 | ) |  |  | 1,357 |  |  |  | 0.3 |  |  |  | (488 | ) |  |  | (0.1 | )
Foreign tax rate differential |  |  | 271 |  |  |  | 0.1 |  |  |  | 266 |  |  |  | 0.0 |  |  |  | (2134 | ) |  |  | (0.4 | )
Other, net |  |  | 216 |  |  |  | 0.0 |  |  |  | 1,225 |  |  |  | 0.3 |  |  |  | 197 |  |  |  | 0.0 |
Provision for income taxes |  | $ | 92,845 |  |  |  | 23.3 | % |  | $ | 114,000 |  |  |  | 24.7 | % |  | $ | 117,242 |  |  |  | 23.0 | %
(a) State taxes in Texas, California and Illinois made up the majority (greater than 50 percent) of the tax effect in this category
The following summarizes the components of net deferred income tax liabilities included in the balance sheet (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred income tax (assets) liabilities: |  |  |  |  |  |  |  |
Inventory |  | $ | (5,547 | ) |  | $ | (5,215 | )
Accounts receivable |  |  | (517 | ) |  |  | (436 | )
Vehicle finance lease obligations |  |  | (30,696 | ) |  |  | (31,178 | )
Finance and operating leases - Liability |  |  | (27,522 | ) |  |  | (29,446 | )
Stock options |  |  | (8,790 | ) |  |  | (8,785 | )
Accrued liabilities |  |  | (5,604 | ) |  |  | (4,653 | )
State net operating loss carry forward |  |  | (1,689 | ) |  |  | (1,111 | )
State tax credit |  |  | 29 |  |  |  | (34 | )
Other |  |  | (6,108 | ) |  |  | (6,167 | )
Finance and operating leases - Asset |  |  | 26,970 |  |  |  | 29,031 |
Fixed assets and intangibles |  |  | 238,390 |  |  |  | 217,565 |
Net deferred income tax liability |  | $ | 178,916 |  |  | $ | 159,571 |
As of December 31, 2024, the Company had approximately $39.2 million in state net operating loss carry forwards that expire from 2030 to 2043, which result in a deferred tax asset of approximately $1.7 million. The Company has evaluated whether its state net operating losses are realizable and has not recorded a valuation allowance against them. The valuation allowance did not change over the prior year ending December 31, 2023. The Company had unrecognized income tax benefits totaling $8.0 million as a component of accrued liabilities as of December 31, 2024, and $6.7 million as of December 31, 2023, the total of which, if recognized, would impact the Company’s effective tax rate. An unfavorable settlement would require a charge to income tax expense and a favorable resolution would be recognized as a reduction to income tax expense. The Company recognizes interest accrued related to unrecognized tax benefits in income tax expense. During the years ended December 31, 2024, 2023 and 2022, the Company recognized approximately $197,700, $86,200, and $22,800 in interest expense. No amounts were accrued for penalties. The Company had approximately $530,000, $389,000 and $302,000 of interest accrued as of December 31, 2024, 2023 and 2022, respectively. Undistributed earnings of certain of the Company’s foreign subsidiaries amounted to approximately $26.1 million at December 2024 and $22.9 million at December 2023. Those earnings are considered to be indefinitely reinvested. Upon repatriation of those earnings in the form of dividends or otherwise, the Company may be subject to state and local taxes, and/or withholding taxes payable to the various foreign countries. The Company expects to be able to take a 100% dividends received deduction to offset any U.S. federal income tax liability on the distribution of untaxed earnings and profits. The Company does not anticipate a significant change in the amount of unrecognized tax benefits in the next 12 months. As of December 31, 2024, the tax years ended December 31, 2021 through 2024 remained subject to audit by federal tax authorities and the tax years ended December 31, 2020 through 2024, remained subject to audit by state tax authorities. The table below presents the reconciliation of the change in the unrecognized tax benefits (in thousands):
|  | 2024 |  |  | 2023 |  |  | 2022 |
Unrecognized tax benefits at beginning of period |  | $ | 6,771 |  |  | $ | 5,377 |  |  | $ | 4,309 |
Gross increases – tax positions in current year |  |  | 1,937 |  |  |  | 2,582 |  |  |  | 2,025 |
Reductions due to lapse of statute of limitations |  |  | (645 | ) |  |  | (1,188 | ) |  |  | (957 | )
Unrecognized tax benefits at end of period |  | $ | 8,063 |  |  | $ | 6,771 |  |  | $ | 5,377 |

X
- References No definition available. + Details
Name: | us-gaap_DisclosureTextBlockAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for income tax. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 Reference 2: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12C -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12C Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12B -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12B Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org/1943274/2147477891/740-270-50-1 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB Topic 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org/1943274/2147480990/946-20-50-13 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/740/tableOfContent Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-14 Reference 11: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-21 Reference 12: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-17 Reference 13: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org/1943274/2147479360/740-10-S99-2 Reference 14: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482603/740-30-50-2 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration