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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Components of (Benefit from) Provision for Income Taxes | rovision for (benefit from) income taxes consists of the following for the periods presented (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Current: |  |  |  |  |  |  |  |  |
Federal |  | $ | 6,133 |  |  | $ | 68,939 |  |  | $ | 63,041 |
State |  |  | 2,932 |  |  |  | 14,413 |  |  |  | 13,769 |
Foreign |  |  | 622 |  |  |  | 933 |  |  |  | 755 |
Total current provision |  |  | 9,687 |  |  |  | 84,285 |  |  |  | 77,565 |
Deferred: |  |  |  |  |  |  |  |  |
Federal |  |  | 63,534 |  |  |  | (72,046 | ) |  |  | 9,808 |
State |  |  | 3,806 |  |  |  | (22,495 | ) |  |  | 6,377 |
Foreign |  |  | 368 |  |  |  | 557 |  |  |  | 360 |
Total deferred provision |  |  | 67,708 |  |  |  | (93,984 | ) |  |  | 16,545 |
Provision for (benefit from) income taxes |  | $ | 77,395 |  |  | $ | (9,699 | ) |  | $ | 94,110 |
Effective Income Tax Rate | A reconciliation of the U.S. federal statutory rate to the effective tax rate is as follows for the periods presented:
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
U.S. federal statutory rate on income before income taxed |  |  | 21.0 | % |  |  | 21.0 | % |  |  | 21.0 | %
Impact of foreign operations |  |  | 0.1 |  |  |  | (2.2 | ) |  |  | (0.1 | )
State income taxes, net of federal tax effect |  |  | 2.0 |  |  |  | 45.6 |  |  |  | 4.7 |
Nondeductible expenses and permanent differences |  |  | 1.3 |  |  |  | (30.7 | ) |  |  | 0.4 |
Change in valuation allowance |  |  | (0.3 | ) |  |  | (0.1 | ) |  |  | 0.2 |
Unrecognized tax benefit |  |  | 0.2 |  |  |  | (14.8 | ) |  |  | — |
Federal tax credits |  |  | (1.6 | ) |  |  | 9.8 |  |  |  | (0.6 | )
Noncontrolling interest |  |  | (0.6 | ) |  |  | 7.4 |  |  |  | (0.4 | )
Other |  |  | 0.5 |  |  |  | 2.2 |  |  |  | — |
Effective income tax rate |  |  | 22.6 | % |  |  | 38.2 | % |  |  | 25.2 | %
Summary of Domestic and Foreign Components of (Loss) Income before Income Taxes | The domestic and foreign components of income (loss) before income taxes are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Foreign |  | $ | 3,472 |  |  | $ | 5,889 |  |  | $ | 5,420 |
Domestic |  |  | 338,407 |  |  |  | (31,249 | ) |  |  | 368,723 |
Income (loss) before income taxes |  | $ | 341,879 |  |  | $ | (25,360 | ) |  | $ | 374,143 |
Deferred Tax Assets and Liabilities | The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and liabilities of the Company at December 31, 2024 and December 31, 2023 were as follows (in thousands):
|  | December 31, |
|  | 2024 |  |  | 2023 |
Deferred tax assets: |  |  |  |  |  |
Net operating losses and tax credit carryforwards – federal and state |  | $ | 19,853 |  |  | $ | 5,729 |
Capital loss carryovers |  |  | 217,100 |  |  |  | 215,175 |
Bad debt allowance |  |  | 1,830 |  |  |  | 1,780 |
Accrued compensation and severance |  |  | 18,534 |  |  |  | 18,250 |
Insurance reserves |  |  | 22,706 |  |  |  | 17,343 |
Leases |  |  | 1,039 |  |  |  | 948 |
Accrued expenses |  |  | — |  |  |  | 1,091 |
Accrued Desert Hills settlement |  |  | — |  |  |  | 104,636 |
Interest carryforward |  |  | 25,131 |  |  |  | 2,430 |
Lease right-of-use liabilities |  |  | 28,697 |  |  |  | 29,781 |
Fixed asset basis difference |  |  | 14,374 |  |  |  | 10,480 |
Other assets |  |  | 3,660 |  |  |  | 1,564 |
Total gross deferred tax assets |  |  | 352,924 |  |  |  | 409,207 |
Less: valuation allowance |  |  | (218,129 | ) |  |  | (217,137 | )
Deferred tax assets |  |  | 134,795 |  |  |  | 192,070 |
Deferred tax liabilities: |  |  |  |  |  |
Prepaid items |  |  | (5,321 | ) |  |  | (4,609 | )
Accrued expenses |  |  | (1,813 | ) |  |  | — |
Intangible assets |  |  | (161,934 | ) |  |  | (152,284 | )
Lease right-of-use assets |  |  | (26,819 | ) |  |  | (27,800 | )
Investment in foreign subsidiary |  |  | (1,890 | ) |  |  | (2,650 | )
Total deferred tax liabilities |  |  | (197,777 | ) |  |  | (187,343 | )
Total net deferred tax asset (liability) |  | $ | (62,982 | ) |  | $ | 4,727 |
Unrecognized Income Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized income tax benefits, exclusive of any interest and penalties, is as follows (in thousands):
| 2024 |  | 2023 |  | 2022 |
Balance at January 1 | $ | 3,089 |  | $ | — |  | $ | — |
Additions based on tax positions related to the current year |  | — |  |  | — |  |  | — |
Additions for tax positions of prior years |  | 1,918 |  |  | 3,089 |  |  | — |
Reductions as a result of the lapse of applicable statutes of limitations |  | — |  |  | — |  |  | — |
Balance at December 31 | $ | 5,007 |  | $ | 3,089 |  | $ | — |

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