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Income Taxes (Tables)

12 Months Ended

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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