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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income before Income Tax, Domestic and Foreign | 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 |
Income Tax Provision | 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 |
Income Tax Rate Reconciliation | 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 | %
Net Deferred Tax Assets and Liabilities | 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) |
Unrecognized Tax Benefits Roll Forward | 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 |

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