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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
INCOME TAXES | INCOME TAXES Income tax expense consisted of the following (in thousands):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Current: |  |  |  |  |
Federal | $ | 53,521 |  |  | $ | 17,624 |  |  | $ | 23,741 |
State | 3,496 |  |  | 7,661 |  |  | 12,423 |
Foreign | 2,095 |  |  | 2,053 |  |  | 489 |
| 59,112 |  |  | 27,338 |  |  | 36,653 |
Deferred: |  |  |  |  |
Federal | (47,094) |  |  | 10,019 |  |  | 38,521 |
State | (3,106) |  |  | (1,866) |  |  | 4,032 |
| (50,200) |  |  | 8,153 |  |  | 42,553 |
Total income tax expense | $ | 8,912 |  |  | $ | 35,491 |  |  | $ | 79,206 |
The effective income tax rate differs from the federal corporate tax rate of 21% in 2024, 2023, and 2022 as follows (in thousands):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Tax at statutory rate | $ | 8,921 |  |  | $ | 31,034 |  |  | $ | 68,205 |
State income taxes, net of federal tax benefits | 308 |  |  | 4,578 |  |  | 12,999 |
Other, net | (317) |  |  | (121) |  |  | (1,998) |
Total income tax expense | $ | 8,912 |  |  | $ | 35,491 |  |  | $ | 79,206 |
The following table presents our deferred income tax assets and liabilities (in thousands):
| December 31,
| 2024 |  | 2023
Deferred income tax assets: |  |  |
Insurance and claims accruals | $ | 57,666 |  |  | $ | 57,168 |
Compensation-related accruals | 10,146 |  |  | 9,931 |
Allowance for uncollectible accounts | 1,918 |  |  | 2,797 |
Operating lease liabilities | 12,484 |  |  | 8,733 |
Other | 3,589 |  |  | 2,235 |
Gross deferred income tax assets | 85,803 |  |  | 80,864 |
Deferred income tax liabilities: |  |  |
Property and equipment | 305,089 |  |  | 351,352 |
Investments in equity securities | 14,109 |  |  | 12,240 |
Prepaid expenses | 6,391 |  |  | 7,118 |
Operating lease right-of-use assets | 12,028 |  |  | 8,327 |
Investment in partnership | 14,805 |  |  | 18,790 |
Other | 2,897 |  |  | 3,217 |
Gross deferred income tax liabilities | 355,319 |  |  | 401,044 |
Net deferred income tax liability | $ | 269,516 |  |  | $ | 320,180 |
Deferred income tax assets are more likely than not to be realized as a result of the reversal of deferred income tax liabilities. We recognized a $14 thousand decrease, a $201 thousand decrease, and a $54 thousand increase in the net liability for unrecognized tax benefits for the years ended December 31, 2024, 2023, and 2022, respectively. We recognized net interest expense of $129 thousand, $70 thousand, and $42 thousand during 2024, 2023, and 2022, respectively. If recognized, $1.5 million, $1.7 million, and $2.0 million of unrecognized tax benefits as of December 31, 2024, 2023 and 2022, respectively, would impact our effective tax rate. Interest of $0.7 million as of December 31, 2024 and $0.5 million as of December 31, 2023 has been reflected as a component of the total liability. We expect no other significant increases or decreases for uncertain tax positions during the next 12 months. The reconciliations of beginning and ending gross balances of unrecognized tax benefits are shown below (in thousands).
| December 31,
| 2024 |  | 2023 |  | 2022
Unrecognized tax benefits, beginning balance | $ | 2,245 |  |  | $ | 2,495 |  |  | $ | 2,425 |
Gross increases – tax positions in prior period | 179 |  |  | 161 |  |  | 99 |
Gross increases – current period tax positions | 80 |  |  | 120 |  |  | 320 |
Reductions due to lapsed statute of limitations | (269) |  |  | (531) |  |  | (349) |
Unrecognized tax benefits, ending balance | $ | 2,235 |  |  | $ | 2,245 |  |  | $ | 2,495 |
We file U.S. federal income tax returns, as well as income tax returns in various states and several foreign jurisdictions. The years 2021 and forward are open for examination by the U.S. Internal Revenue Service (“IRS”), and various years are open for examination by state and foreign tax authorities. State and foreign jurisdictional statutes of limitations generally range from three to four years.

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