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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Income Tax Disclosure [Abstract]

Reconciliation of Effective Tax Rate to Federal Statutory Tax Rate

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		%

Summary of Provision for Income Taxes

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

Summary of Deferred Tax Assets and Liabilities

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	)

Unrecognized Tax Benefits

	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

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure of the change in unrecognized tax benefits.

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