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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The Company or one of its subsidiaries files income tax returns in the U.S. federal jurisdiction, various states and Canada. With a few exceptions, the Company is no longer subject to U.S. federal, state and local, or Canadian examinations by tax authorities for years before 2016. The provision for income taxes by location of the taxing jurisdiction for the years ended December 31, 2023, 2022 and 2021 consisted of the following:
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 18,444 |  |  | $ | 43,327 |  |  | $ | 27,201 |
State | 4,285 |  |  | 12,026 |  |  | 7,186 |
| 22,729 |  |  | 55,353 |  |  | 34,387 |
Deferred: |  |  |  |  |
Federal | (6,268) |  |  | 6,317 |  |  | 209 |
State | (2,625) |  |  | 1,369 |  |  | 1,212 |
| (8,893) |  |  | 7,686 |  |  | 1,421 |
| $ | 13,836 |  |  | $ | 63,039 |  |  | $ | 35,808 |
A reconciliation of income taxes computed at the U.S. federal statutory income tax r ate (21.0% for 2023, 2022 and 2021) to the provision for income taxes reflected in the Company’s Consolidated Statements of Co mprehensive Income for the years ended December 31, 2023, 2022 and 2021 is as follows:
| 2023 |  | 2022 |  | 2021
Tax expense at the statutory rate | $ | 11,894 |  |  | $ | 50,915 |  |  | $ | 29,964 |
State income taxes, net of federal income tax benefit | 1,561 |  |  | 10,189 |  |  | 6,910 |
Share-based compensation | (537) |  |  | (840) |  |  | (933) |
Other permanent differences | (36) |  |  | (30) |  |  | 31 |
Non-deductible compensation | 1,190 |  |  | 1,435 |  |  | 293 |
Change in income tax contingency reserves | — |  |  | — |  |  | (260) |
Federal income tax credits | (34) |  |  | (107) |  |  | (76) |
Other | (202) |  |  | 1,477 |  |  | (121) |
| $ | 13,836 |  |  | $ | 63,039 |  |  | $ | 35,808 |
The significant components of the deferred tax assets and liabilities at December 31, 2023 and 2022 were as follows:
| December 31, 2023 |  | December 31, 2022 |  |
Deferred tax assets: |  |  |  |  |
Accrued expenses | $ | 12,006 |  |  | $ | 13,743 |  |  |
Allowance for doubtful accounts | 565 |  |  | 822 |  |  |
Operating lease liabilities | 29,658 |  |  | 37,599 |  |  |
Due diligence and transaction costs | 13,953 |  |  | — |  |  |
Share-based compensation | 4,995 |  |  | 4,458 |  |  |
Accruals for income tax contingencies | 129 |  |  | 141 |  |  |
Capital loss carryforwards | — |  |  | 4,253 |  |  |
Net operating loss carryforwards | 634 |  |  | 645 |  |  |
Total gross deferred tax assets | 61,940 |  |  | 61,661 |  |  |
Valuation allowance | (395) |  |  | (4,648) |  |  |
Total net deferred tax assets | 61,545 |  |  | 57,013 |  |  |
Deferred tax liabilities: |  |  |  |  |
Tax over book depreciation | 33,373 |  |  | 32,888 |  |  |
Prepaid expenses | 10,807 |  |  | 6,600 |  |  |
Operating lease right-of-use assets | 28,559 |  |  | 36,600 |  |  |
Goodwill | 23,744 |  |  | 23,681 |  |  |
Intangible assets | 7,262 |  |  | 8,337 |  |  |
Total deferred tax liabilities | 103,745 |  |  | 108,106 |  |  |
Net deferred tax liabilities | $ | (42,200) |  |  | $ | (51,093) |  |  |
The Company paid income taxes, net of refund s, of $20,842, $65,388 and $35,766 for the years ended December 31, 2023, 2022 and 2021, respectively. In 2021, the sale of Pool resulted in a capital loss in the amount of $4,253, which expires in 2026. A valuation allowance of $4,253 was recorded against the capital loss carryforward as of both December 31, 2022 and 2021. As of each reporting date, the Company considers new evidence, both positive and negative, that could affect the future realization of its deferred tax assets. As of December 31, 2023, the Company determined that there is sufficient evidence based on the capital gain realized from the sale of Final Mile to conclude that it is more likely than not that the capital loss carryforward of $4,253 is realizable. As a result, the Company realized a valuation allowance benefit in 2023, which was allocated to “Income from discontinued operations, net of tax.” Therefore, the change in the valuation allowance recorded against the capital loss carryforward for the years ended December 31 2023, 2022 and 2021 was ($4,253), $23 and $4,230, respectively. As of December 31, 2023, 2022 and 2021 the Company had state net operating loss carryforw ards of $13,240, $13,574 and $13,819, respectively, that expire between 2023 and 2034. The state net operating loss carryforwards are limited to the future taxable income of separate legal entities. The Company maintains a valuation allowance to reserve against its state net operating loss carryforwards of $395 as of both December 31, 2023 and 2022. There was no change in the valuation allowance for the state net operating loss carryforwards in 2023, 2022 and 2021. A valuation allowance is established when it is more likely than not that some portion or all of the deferred tax assets will not be realized. The Company assessed the likelihood that its deferred tax assets would be recovered from estimated future taxable income and available tax planning strategies. In making this assessment, all available evidence was considered including economic climate, as well as reasonable tax planning strategies. The Company believes it is more likely than not that it will realize its remaining net deferred tax assets, net of the valuation allowance, in future years. A reconciliation of the beginning and ending amount of unrecognized tax benefits as of and during the years ended December 31, 2023 and 2022 is as follows:
Balance at December 31, 2021 | $ | 241 |
Reductions for settlement with state taxing authorities | (66) |
Additions for tax positions of current year | 23 |
Balance at December 31, 2022 | 198 |
Reductions for settlement with state taxing authorities | (66) |
Additions for tax positions of current year | 21 |
Balance at December 31, 2023 | $ | 153 |
The Company recognizes income tax benefits from uncertain tax positions where the realization of the ultimate benefit is uncertain. As of December 31, 2023 and 2022, the Company had $153 and $198, respectively, of unrecognized income tax benefits, all of which would affect the Company’s effective tax rate if recognized. At December 31, 2023 and 2022, the Company had accrued interest and penalties related to unrecognized tax benefits of $82 and $85, respectively. The Company recognizes interest and penalties, if any, related to unrecognized tax benefits in “Interest expense, net” and “Other operating expenses”, respectively.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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