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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income Tax Provision Income before income taxes includes the following components:
|  | Year Ended December 31
|  | 2023 |  | 2022 |  | 2021
|  | (thousands)
Domestic |  | $ | 643,060 |  |  | $ | 1,144,790 |  |  | $ | 945,562 |
Foreign |  | 1,989 |  |  | 1,591 |  |  | 3,289 |
Income before income taxes |  | $ | 645,049 |  |  | $ | 1,146,381 |  |  | $ | 948,851 |
The income tax provision shown in the Consolidated Statements of Operations includes the following:
|  | Year Ended December 31
|  | 2023 |  | 2022 |  | 2021
|  | (thousands)
Current income tax provision |  |  |  |  |  |
Federal |  | $ | 133,323 |  |  | $ | 177,023 |  |  | $ | 201,725 |
State |  | 28,250 |  |  | 52,046 |  |  | 48,332 |
Foreign |  | — |  |  | (12) |  |  | 12 |
Total current |  | 161,573 |  |  | 229,057 |  |  | 250,069 |
Deferred income tax provision (benefit) |  |  |  |  |  |
Federal |  | (629) |  |  | 54,852 |  |  | (12,149) |
State |  | (68) |  |  | 3,921 |  |  | (2,484) |
Foreign |  | 517 |  |  | 893 |  |  | 929 |
Total deferred |  | (180) |  |  | 59,666 |  |  | (13,704) |
Income tax provision |  | $ | 161,393 |  |  | $ | 288,723 |  |  | $ | 236,365 |
The effective tax rate varies from the U.S. Federal statutory income tax rate principally due to the following:
|  | Year Ended December 31
|  | 2023 |  | 2022 |  | 2021
|  | (thousands, except percentages)
Income before income taxes |  | $ | 645,049 |  |  | $ | 1,146,381 |  |  | $ | 948,851 |
Statutory U.S. income tax rate |  | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Statutory tax provision |  | $ | 135,460 |  |  | $ | 240,740 |  |  | $ | 199,259 |
State taxes |  | 22,249 |  |  | 45,037 |  |  | 35,705 |
Unrecognized tax benefits |  | (154) |  |  | 6 |  |  | 2 |
Tax credits |  | (226) |  |  | (570) |  |  | (620) |
Foreign rate differential |  | 111 |  |  | 370 |  |  | 236 |
Stock-based compensation |  | (1,113) |  |  | (1,529) |  |  | (563) |
Nondeductible executive compensation |  | 3,174 |  |  | 2,433 |  |  | 1,664 |
Meals and entertainment |  | 1,239 |  |  | 911 |  |  | 336 |
Other |  | 653 |  |  | 1,325 |  |  | 346 |
Total |  | $ | 161,393 |  |  | $ | 288,723 |  |  | $ | 236,365 |
Effective income tax rate |  | 25.0 | % |  | 25.2 | % |  | 24.9 | %
During the years ended December 31, 2023, 2022, and 2021, cash paid for taxes, net of refunds received, was $133.0 million, $260.0 million, and $260.1 million, respectively. Deferred income taxes reflect the net tax effects of temporary differences between the carrying amount of assets and liabilities for financial reporting purposes and the amounts for income tax purposes. The components of our net deferred tax assets and liabilities at December 31, 2023 and 2022, are summarized as follows:
|  | December 31, 2023 |  | December 31, 2022
|  | (thousands)
Deferred tax assets |  |  |  |
Employee benefits |  | $ | 35,445 |  |  | $ | 31,688 |
Lease liabilities |  | 24,576 |  |  | 22,739 |
Inventories |  | 5,849 |  |  | 8,999 |
Foreign net operating loss carryforward |  | 130 |  |  | 503 |
Other |  | 10,276 |  |  | 10,320 |
Deferred tax assets |  | $ | 76,276 |  |  | $ | 74,249 |
Deferred tax liabilities |  |  |  |
Property and equipment |  | $ | (108,832) |  |  | $ | (100,781) |
Right-of-use assets |  | (22,256) |  |  | (20,511) |
Intangible assets and other |  | (19,523) |  |  | (7,491) |
Other |  | (2,825) |  |  | (2,804) |
Deferred tax liabilities |  | $ | (153,436) |  |  | $ | (131,587) |
Total deferred tax assets (liabilities), net |  | $ | (77,160) |  |  | $ | (57,338) |
As of December 31, 2023, we have foreign net operating loss carryforwards of $5.4 million, which if unused, will expire in years 2033 through 2041. We have state income tax credits totaling $1.0 million as of December 31, 2023, which if unused, will expire in years 2031 through 2033. The foreign net operating loss and state credit carryforwards in the income tax returns filed included unrecognized tax benefits. The deferred tax assets recognized for those net operating losses and state credit carryforwards are presented net of these unrecognized tax benefits. Income Tax Uncertainties The following table summarizes the changes related to our gross unrecognized tax benefits excluding interest and penalties:
|  | 2023 |  | 2022 |  | 2021
|  | (thousands)
Balance as of January 1 |  | $ | 1,734 |  |  | $ | 1,782 |  |  | $ | 1,780 |
Increases related to prior years' tax positions |  | 4 |  |  | — |  |  | — |
Increases related to current years' tax positions |  | — |  |  | 13 |  |  | 28 |
Decreases related to prior years' tax positions |  | — |  |  | (14) |  |  | (19) |
Lapse of statute of limitations |  | (179) |  |  | (47) |  |  | (7) |
Balance as of December 31 |  | $ | 1,559 |  |  | $ | 1,734 |  |  | $ | 1,782 |
As of December 31, 2023, 2022, and 2021, we had $1.6 million, $1.7 million, and $1.8 million, respectively, of unrecognized tax benefits recorded on our Consolidated Balance Sheets, excluding interest and penalties. Of the total unrecognized tax benefits recorded, $1.5 million, $1.7 million, and $1.8 million (net of the federal benefit for state taxes), respectively, would impact the effective tax rate if recognized. We recognize interest and penalties related to uncertain tax positions as income tax expense in our Consolidated Statements of Operations. For the years ended December 31, 2023, 2022, and 2021, we recognized an insignificant amount of interest and penalties related to taxes. We recognize tax liabilities and adjust these liabilities when our judgment changes as a result of the evaluation of new information not previously available or as new uncertainties occur. We do not expect the unrecognized tax benefits to change significantly over the next twelve months. We file income tax returns in the U.S. and various state and foreign jurisdictions. Tax years 2020 to present remain open to examination in the U.S. and tax years 2019 to present remain open to examination in Canada and various states. We recorded net operating losses in Canada beginning in 2006 that are subject to examinations and adjustments up to four years following the year in which they are utilized.

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