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Income Taxes | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Taxes | NOTE 7. Income Taxes The following is a reconciliation of our effective tax rate to the federal statutory tax rate:
| Years Ended December 31, |  |
| 2024 |  |  | 2023 |  |  | 2022 |  |
U.S. federal statutory rate |  | 21.0 |  | % |  | 21.0 |  | % |  | 21.0 |  | %
State taxes, net of federal benefit |  | 1.9 |  |  |  | 0.3 |  |  |  | 3.4 |  |
Federal and state incentives |  | (1.1 | ) |  |  | (1.7 | ) |  |  | (0.8 | ) |
Unrecognized tax benefits |  | (1.2 | ) |  |  | (0.2 | ) |  |  | 0.8 |  |
Valuation allowance for deferred taxes |  | 1.3 |  |  |  | (0.1 | ) |  |  | (0.7 | ) |
State law changes |  | 0.1 |  |  |  | 0.1 |  |  |  | (0.2 | ) |
Benefit of stock-based compensation |  | (1.3 | ) |  |  | (0.6 | ) |  |  | (0.4 | ) |
Nondeductible executive compensation |  | 1.6 |  |  |  | 1.2 |  |  |  | 0.7 |  |
Other |  | (0.8 | ) |  |  | (0.1 | ) |  |  | (0.1 | ) |
Net effective rate |  | 21.5 |  | % |  | 19.9 |  | % |  | 23.7 |  | %
The following is a summary of our provision for income taxes (in thousands):
| Years Ended December 31, |
| 2024 |  |  | 2023 |  |  | 2022 |
Current |  |  |  |  |  |  |  |
Federal | $ | 39,685 |  |  | $ | 34,951 |  |  | $ | 85,831 |
State and local |  | (749 | ) |  |  | (1,191 | ) |  |  | 25,162 |
Foreign |  | 46 |  |  |  | 55 |  |  |  | 32 |
|  | 38,982 |  |  |  | 33,815 |  |  |  | 111,025 |
Deferred |  |  |  |  |  |  |  |
Federal |  | (13,385 | ) |  |  | 8,305 |  |  |  | 7,366 |
State and local |  | 3,041 |  |  |  | (432 | ) |  |  | (7,388 | )
Foreign |  | (135 | ) |  |  | (12 | ) |  |  | 7 |
|  | (10,479 | ) |  |  | 7,861 |  |  |  | (15 | )
Total provision | $ | 28,503 |  |  | $ | 41,676 |  |  | $ | 111,010 |
The following is a summary of our deferred tax assets and liabilities (in thousands):
| December 31, |
| 2024 |  |  | 2023 |
Accrued compensation |  | 11,860 |  |  |  | 9,884 |
Claims reserves |  | 10,671 |  |  |  | 10,875 |
Capitalized research and development expenses |  | 8,517 |  |  |  | 4,823 |
Other reserves |  | 12,489 |  |  |  | 16,362 |
Tax credit carryforwards |  | 4,461 |  |  |  | 6,533 |
Operating loss carryforwards |  | 139 |  |  |  | 151 |
Lease accounting liability |  | 63,639 |  |  |  | 44,440 |
Total gross deferred income taxes |  | 111,776 |  |  |  | 93,068 |
Valuation allowances |  | (2,921 | ) |  |  | (1,174 | )
Total deferred tax assets |  | 108,855 |  |  |  | 91,894 |
Prepaids |  | (5,901 | ) |  |  | (6,444 | )
Property and equipment |  | (139,077 | ) |  |  | (153,790 | )
Intangibles |  | (55,386 | ) |  |  | (53,759 | )
Lease right-of-use asset |  | (61,404 | ) |  |  | (41,668 | )
Total deferred tax liabilities |  | (261,768 | ) |  |  | (255,661 | )
Net deferred tax liability | $ | (152,913 | ) |  | $ | (163,767 | )
We are subject to income taxation in the United States, numerous state jurisdictions, Mexico, Canada, and India. Because income tax return formats vary among the states, we file both unitary and separate company state income tax returns. We do not permanently reinvest our foreign earnings, all amounts are accrued and accounted for, though not material. Our state tax net operating losses total $0.1 million. Some of those state losses have no expiration date while others will expire between December 31, 2028, and December 31, 2044. Management believes it is more likely than not that the loss carryforward deferred tax assets will be fully realized. Our federal incentive tax credit carryforward of $0.1 million expires between December 31, 2025 and December 31, 2028. Our state incentive tax credit carryforwards of $5.5 million expire between December 31, 2025 and December 31, 2027. Management believes it is more likely than not that approximately $1.9 million of the incentive carryforward deferred tax assets will be realized and a valuation allowance of $3.7 million has been established for the remainder which are not expected to be realized. As of December 31, 2024 and December 31, 2023, the amount of unrecognized tax benefits was $9.1 million and $12.9 million, respectively. If recognized, these benefits would decrease our income tax provision by $7.2 million and $10.2 million, respectively. A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (in thousands):
| 2024 |  |  | 2023 |
Gross unrecognized tax benefits - beginning of the year | $ | 12,859 |  |  | $ | 11,116 |
Gross decreases related to prior year tax positions |  | (4,232 | ) |  |  | - |
Gross increases related to prior year tax positions |  | - |  |  |  | 761 |
Gross increases related to current year tax positions |  | 1,378 |  |  |  | 1,460 |
Decreases related to settlements with tax authorities |  | (788 | ) |  |  | - |
Lapse of applicable statute of limitations |  | (123 | ) |  |  | (478 | )
Gross unrecognized tax benefits - end of year | $ | 9,094 |  |  | $ | 12,859 |
We recognize interest and penalties related to income tax liabilities in our provision for income taxes. In 2024, we included $0.1 million in our provision for income taxes. The Inflation Reduction Act of 2022 (IRA) was signed into law on August 16, 2022, and the CHIPS and Science Act of 2022 (CHIPS Act) was signed into law on August 9, 2022. These laws implemented new tax provisions, primarily a 15% corporate alternative minimum tax and a nondeductible 1% excise tax on the fair market value of stock repurchased by publicly traded corporations. In 2024, we paid approximately $1.6 million in excise taxes related to stock repurchases. The two acts also provide various tax credits, several of which are transferable or refundable, for the investment in or production of clean-energy effective January 1, 2023.

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