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INCOME TAXES | 12 Months Ended
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Dec. 31, 2024
INCOME TAXES |
INCOME TAXES | NOTE F – INCOME TAXES ​ Significant components of the provision for income taxes for the years ended December 31 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2024 |  | 2023 |  | 2022 |
​ | ​ | (in thousands) |
Current provision on continuing operations: |  | ​ |  |  | ​ |  |  | ​ |  | ​
Federal | ​ | $ | 18,195 | ​ | $ | 38,860 | ​ | $ | 79,477 | ​
State | ​ |  | 3,793 | ​ |  | 10,949 | ​ |  | 19,713 | ​
Foreign | ​ |  | 928 | ​ |  | 508 | ​ |  | 869 | ​
​ | ​ |  | 22,916 | ​ |  | 50,317 | ​ |  | 100,059 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred provision (benefit) on continuing operations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | 17,532 | ​ |  | (4,882) | ​ |  | (5,591) | ​
State | ​ |  | 5,058 | ​ |  | (682) | ​ |  | (793) | ​
Foreign | ​ |  | (153) | ​ |  | (2) | ​ |  | (20) | ​
​ | ​ |  | 22,437 | ​ |  | (5,566) | ​ |  | (6,404) | ​
Total provision for income taxes on continuing operations | ​ | $ | 45,353 | ​ | $ | 44,751 | ​ | $ | 93,655 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Current provision on discontinued operations: |  | ​ |  |  | ​ |  |  | ​ |  | ​
Federal | ​ | $ | 169 | ​ | $ | 14,656 | ​ | $ | 901 | ​
State | ​ |  | 36 | ​ |  | 3,599 | ​ |  | 236 | ​
​ | ​ |  | 205 | ​ |  | 18,255 | ​ |  | 1,137 | ​
Deferred provision on discontinued operations: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Federal | ​ |  | — | ​ |  | — | ​ |  | 114 | ​
State | ​ |  | — | ​ |  | — | ​ |  | 40 | ​
​ | ​ |  | — | ​ |  | — | ​ |  | 154 | ​
Total provision for income taxes on discontinued operations | ​ | $ | 205 | ​ | $ | 18,255 | ​ | $ | 1,291 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Total provision for income taxes | ​ | $ | 45,558 | ​ | $ | 63,006 | ​ | $ | 94,946 | ​
​ Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the deferred tax assets and liabilities of continuing operations at December 31 were as follows: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 |
​ | ​ | (in thousands) |
Deferred tax assets: |  | ​ |  |  | ​ |  | ​
Accrued expenses | ​ | $ | 66,211 | ​ | $ | 60,842 | ​
Operating lease right-of-use liabilities | ​ | ​ | 56,119 | ​ | ​ | 53,589 | ​
Multiemployer pension fund withdrawal | ​ | ​ | 4,688 | ​ | ​ | 4,871 | ​
Postretirement liabilities other than pensions | ​ |  | 3,428 | ​ |  | 3,389 | ​
Share-based compensation | ​ |  | 2,239 | ​ |  | 5,249 | ​
Federal and state net operating loss carryovers | ​ |  | 4,383 | ​ |  | 1,511 | ​
Receivable allowances | ​ | ​ | 2,666 | ​ | ​ | 1,951 | ​
Other(1) | ​ |  | 2,580 | ​ |  | 794 | ​
Total deferred tax assets | ​ |  | 142,314 | ​ |  | 132,196 | ​
Valuation allowance | ​ |  | (1,731) | ​ |  | (1,751) | ​
Total deferred tax assets, net of valuation allowance | ​ |  | 140,583 | ​ |  | 130,445 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Deferred tax liabilities: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Amortization, depreciation, and basis differences for property, plant and equipment, and other long-lived assets | ​ |  | 121,400 | ​ |  | 118,211 | ​
Operating lease right-of-use assets | ​ | ​ | 48,271 | ​ | ​ | 43,938 | ​
Intangibles | ​ |  | 33,680 | ​ |  | 10,256 | ​
Prepaid expenses | ​ |  | 6,345 | ​ |  | 5,685 | ​
Total deferred tax liabilities | ​ |  | 209,696 | ​ |  | 178,090 | ​
Net deferred tax liabilities | ​ | $ | (69,113) | ​ | $ | (47,645) | ​
1) | For 2023, certain reclassifications have been made to conform to the current year presentation, including combining immaterial amounts in “Other.”
Reconciliation between the effective income tax rate, as computed on income from continuing operations before income taxes, and the statutory federal income tax rate for the years ended December 31 is presented in the following table: ​ ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | 2024 | ​ | 2023 | ​ | 2022 |
​ | ​ | (in thousands, except percentages) |
Income tax provision at the statutory federal rate of 21.0% |  | $ | 45,930 |  | $ | 39,252 |  | $ | 81,544 | ​
Federal income tax effects of: | ​ |  | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
State income taxes | ​ |  | (1,859) | ​ |  | (2,156) | ​ |  | (3,973) | ​
Settlement of share-based compensation(1) | ​ | ​ | (9,169) | ​ | ​ | (3,989) | ​ | ​ | (6,693) | ​
Non-deductible compensation under IRC Section 162(m)(2) | ​ | ​ | 3,668 | ​ | ​ | 3,103 | ​ | ​ | 5,174 | ​
Other(2) | ​ |  | (2,843) | ​ |  | (2,232) | ​ |  | (2,166) | ​
Federal income tax provision | ​ |  | 35,727 | ​ |  | 33,978 | ​ |  | 73,886 | ​
State income tax provision | ​ |  | 8,851 | ​ |  | 10,267 | ​ |  | 18,920 | ​
Foreign income tax provision | ​ |  | 775 | ​ |  | 506 | ​ |  | 849 | ​
Total provision for income taxes | ​ | $ | 45,353 | ​ | $ | 44,751 | ​ | $ | 93,655 | ​
Effective tax rate | ​ |  | 20.7 | % |  | 23.9 | % |  | 24.1 | %
(1) | Increase in tax benefit from vested RSUs for 2024, compared to 2023 and 2022, is primarily due to the vesting of RSUs granted in 2020 and 2021 at the end of a four-year and three-year period, respectively. RSUs granted subsequent to 2021 follow a graded vesting schedule, with RSUs vesting incrementally over a specified period of time, rather than fully vesting at the end of the vesting period.
(2) | For 2023 and 2022, certain reclassifications have been made to conform to the current year presentation, including combining immaterial amounts in “Other” and breaking out non-deductible compensation under IRC Section 162(m), which was previously reported in “Non-deductible expenses.”
​ The Company's total effective tax rate was 20.8%, 24.4% and 24.1% for 2024, 2023 and 2022, respectively, including discontinued operations which are further discussed in Note D. The effective tax rate from discontinued operations was 25.5%, 25.5% and 26.6% for 2024, 2023 and 2022, respectively. State tax rates vary among states and average approximately 6.0%, although some state rates are higher, and a small number of states do not impose an income tax. ​ Income taxes paid, excluding income tax refunds, totaled $71.1 million, $115.7 million, and $148.7 million in 2024, 2023, and 2022, respectively. Income tax refunds totaled $33.1 million, $36.4 million, and $42.3 million in 2024, 2023, and 2022, respectively. ​ Under Accounting Standards Codification Topic 718, Compensation – Stock Compensation, the Company may experience volatility in its income tax provision as a result of recording all excess tax benefits and tax deficiencies in the income statement upon settlement of awards, which occurs primarily during the second quarter of each year. The 2024, 2023, and 2022 tax rates reflect a tax benefit of 5.2%, 2.8%, and 2.1%, respectively. ​ At December 31, 2024, the Company had gross federal net operating loss carryforwards of $0.5 million, with a valuation allowance of less than $0.1 million that could not be used. At December 31, 2024, the Company had total gross state net operating losses of $101.4 million. Gross state net operating losses of $9.8 million are for subsidiaries that have had taxable losses for three or more prior tax years or have other nexus issues that reduce the likelihood of the utilization of the losses. These net operating loss carryforwards have been fully reserved with valuation allowances of $0.7 million and $0.8 million at December 31, 2024 and 2023, respectively. ​ As the Canadian tax rate is higher than the U.S. tax rate, it is unlikely that foreign tax credit carryforwards will be useable, as U.S. taxes will be paid at a lower rate than the tax rates in Canada. Thus, the foreign tax credit carryover is fully reserved, resulting in valuation allowances of $1.0 million at December 31, 2024 and 2023. ​ Consolidated federal income tax returns filed for tax years through 2020 are closed by the applicable statute of limitations. The Company is currently under examination by one state and one foreign taxing authority at December 31, 2024. No federal examination is in process at December 31, 2024.

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