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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Loss Before Income Tax, Domestic and Foreign | For financial statement purposes, earnings before income taxes by source was comprised of the following:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Domestic | $ | 38,375 |  |  | $ | 43,977 |  |  | $ | 176,042 |
Foreign | 14,492 |  |  | 17,494 |  |  | 18,262 |
Earnings before income taxes | $ | 52,867 |  |  | $ | 61,471 |  |  | $ | 194,304 |
Reconciliation of Income Tax Expense | A reconciliation of the federal statutory rate of 21% to the effective rate follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Tax at statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Stock compensation | 57.1 | % |  | 53.4 | % |  | 11.6 | %
State income taxes | 16.5 | % |  | 13.4 | % |  | 7.4 | %
Effect of foreign operations | 19.5 | % |  | 6.6 | % |  | 2.0 | %
Effect of current year credits | (9.9) | % |  | (13.2) | % |  | (2.4) | %
Change in unrecognized tax benefits | (6.9) | % |  | 0.1 | % |  | (2.8) | %
Other permanent differences | 1.7 | % |  | 0.9 | % |  | 0.3 | %
Prior year return to provision adjustments | 0.3 | % |  | 1.7 | % |  | (0.2) | %
Valuation allowance | 11.4 | % |  | (3.0) | % |  | (7.1) | %
Other, net | (0.9) | % |  | (1.0) | % |  | 0.8 | %
Effective income tax rate | 109.8 | % |  | 79.9 | % |  | 30.6 | %
Components of Income Tax Expense | The components of income tax expense (benefit) are as follows:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Current expense (benefit) |  |  |  |  |
Federal | $ | 58,480 |  |  | $ | 62,878 |  |  | $ | (7,398) |
State | 9,644 |  |  | 21,473 |  |  | 15,106 |
Foreign | 4,385 |  |  | 4,570 |  |  | 3,690 |
Total current | 72,509 |  |  | 88,921 |  |  | 11,398 |
Deferred (benefit) expense |  |  |  |  |
Federal | (28,084) |  |  | (25,923) |  |  | 56,716 |
State | 1,316 |  |  | (13,321) |  |  | (1,205) |
Foreign | 12,305 |  |  | (563) |  |  | (7,545) |
Total deferred | (14,463) |  |  | (39,807) |  |  | 47,966 |
Total income tax expense | $ | 58,046 |  |  | $ | 49,114 |  |  | $ | 59,364 |
Deferred Tax Assets | Deferred tax assets (liabilities) consist of the following:
| December 31,
(in thousands) | 2023 |  | 2022
Deferred tax assets |  |  |
Net operating loss carryforwards | $ | 20,852 |  |  | $ | 27,059 |
Accrued liabilities | 64,410 |  |  | 55,527 |
Intangible assets | 143,386 |  |  | 155,238 |
Lease obligations | 79,645 |  |  | 81,412 |
Other assets | 4,082 |  |  | 8,804 |
Foreign tax credit carryforwards | 856 |  |  | 2,991 |
Total deferred tax assets | 313,231 |  |  | 331,031 |
Valuation allowance | (9,340) |  |  | (3,158) |
Deferred tax assets, net | 303,891 |  |  | 327,873 |
Deferred tax liabilities |  |  |
Rental merchandise | (212,137) |  |  | (236,381) |
Property assets | (2,089) |  |  | (16,415) |
Lease assets | (77,825) |  |  | (79,725) |
Other liabilities | (650) |  |  | (452) |
Total deferred tax liabilities | (292,701) |  |  | (332,973) |
Net deferred taxes | $ | 11,190 |  |  | $ | (5,100) |
Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits follows:
| Year Ended December 31,
(in thousands) | 2023 |  | 2022 |  | 2021
Beginning unrecognized tax benefit balance | $ | 5,100 |  |  | $ | 6,536 |  |  | $ | 22,184 |
Additions based on tax positions related to current year | 97 |  |  | 14 |  |  | 461 |
Reductions based on tax positions related to current year | — |  |  | (488) |  |  | — |
Additions for tax positions of prior years | 759 |  |  | 21 |  |  | 4,119 |
Reductions for tax positions of prior years | (4,735) |  |  | (983) |  |  | (3,006) |
Settlements | — |  |  | — |  |  | (17,222) |
Ending unrecognized tax benefit balance | $ | 1,221 |  |  | $ | 5,100 |  |  | $ | 6,536 |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 + Details
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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15 -Subparagraph (d) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Name Accounting Standards Codification -Section 50 -Paragraph 19 -SubTopic 10 -Topic 740 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-19 + Details
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