| Components of Income Tax Expense |
The components of income tax expense were as follows for the years ended December 31:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
2022 |
|
|
|
(in thousands) |
|
Current: |
|
|
|
|
|
|
|
|
|
Federal |
|
$ |
287,131 |
|
|
$ |
468,635 |
|
|
$ |
789,465 |
|
State |
|
|
41,528 |
|
|
|
77,475 |
|
|
|
125,460 |
|
|
|
|
328,659 |
|
|
|
546,110 |
|
|
|
914,925 |
|
Deferred: |
|
|
|
|
|
|
|
|
|
Federal |
|
|
(16,453 |
) |
|
|
(82,150 |
) |
|
|
(73,016 |
) |
State |
|
|
(2,579 |
) |
|
|
(20,311 |
) |
|
|
(19,445 |
) |
|
|
|
(19,032 |
) |
|
|
(102,461 |
) |
|
|
(92,461 |
) |
Income tax expense |
|
$ |
309,627 |
|
|
$ |
443,649 |
|
|
$ |
822,464 |
|
|
| Reconciliation of Deferred Tax Assets and Liabilities |
Temporary differences, which give rise to deferred tax assets and liabilities, were as follows as of December 31:
|
|
|
|
|
|
|
|
|
|
|
2024 |
|
|
2023 |
|
|
|
(in thousands) |
|
Deferred tax assets related to: |
|
|
|
|
|
|
Operating lease liabilities |
|
$ |
148,376 |
|
|
$ |
125,622 |
|
Insurance reserves |
|
|
37,840 |
|
|
|
34,556 |
|
Accrued expenses |
|
|
17,703 |
|
|
|
36,719 |
|
Operating loss and credit carryforwards |
|
|
12,308 |
|
|
|
13,408 |
|
Stock-based compensation expense |
|
|
10,931 |
|
|
|
8,643 |
|
Inventories |
|
|
10,435 |
|
|
|
13,132 |
|
Accounts receivable |
|
|
10,006 |
|
|
|
10,338 |
|
Other |
|
|
312 |
|
|
|
7,813 |
|
Total deferred tax assets |
|
|
247,911 |
|
|
|
250,231 |
|
Deferred tax liabilities related to: |
|
|
|
|
|
|
Property, plant and equipment |
|
|
(179,862 |
) |
|
|
(166,799 |
) |
Operating lease right-of-use assets |
|
|
(140,255 |
) |
|
|
(118,515 |
) |
Goodwill and other intangible assets |
|
|
(66,263 |
) |
|
|
(121,052 |
) |
Prepaid expenses |
|
|
(9,698 |
) |
|
|
(11,064 |
) |
Total deferred tax liabilities |
|
|
(396,078 |
) |
|
|
(417,430 |
) |
Net deferred tax liability |
|
$ |
(148,167 |
) |
|
$ |
(167,199 |
) |
|