v3.25.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign Income before income taxes includes the following components:
Year Ended December 31
202420232022
(thousands)
Domestic$500,270 $643,060 $1,144,790 
Foreign1,489 1,989 1,591 
Income before income taxes$501,759 $645,049 $1,146,381 
Schedule of Income Tax Provision The income tax provision shown in the Consolidated Statements of Operations includes the following:
Year Ended December 31
202420232022
(thousands)
Current income tax provision
Federal$101,542 $133,323 $177,023 
State26,279 28,250 52,046 
Foreign— — (12)
Total current127,821 161,573 229,057 
Deferred income tax provision (benefit)
Federal(2,915)(629)54,852 
State(269)(68)3,921 
Foreign768 517 893 
Total deferred(2,416)(180)59,666 
Income tax provision$125,405 $161,393 $288,723 
Schedule of Income Tax Rate Reconciliation The effective tax rate varies from the U.S. Federal statutory income tax rate principally due to the following:
Year Ended December 31
202420232022
(thousands, except percentages)
Income before income taxes$501,759 $645,049 $1,146,381 
Statutory U.S. income tax rate21.0 %21.0 %21.0 %
Statutory tax provision$105,369 $135,460 $240,740 
State taxes20,491 22,249 45,037 
Unrecognized tax benefits55 (154)6 
Tax credits(805)(226)(570)
Foreign rate differential393 111 370 
Stock-based compensation(3,882)(1,113)(1,529)
Nondeductible executive compensation4,672 3,174 2,433 
Meals and entertainment940 1,239 911 
Other(1,828)653 1,325 
Total$125,405 $161,393 $288,723 
Effective income tax rate25.0 %25.0 %25.2 %
Schedule of Net Deferred Tax Assets and Liabilities The components of our net deferred tax assets and liabilities at December 31, 2024 and 2023, are summarized as follows:
December 31, 2024December 31, 2023
(thousands)
Deferred tax assets
Employee benefits$29,141 $35,445 
Lease liabilities21,136 24,576 
Inventories8,142 5,849 
Foreign net operating loss carryforward274 130 
Other12,152 10,276 
Deferred tax assets$70,845 $76,276 
Deferred tax liabilities
Property and equipment$(105,735)$(108,832)
Right-of-use assets(18,556)(22,256)
Intangible assets and other(19,480)(19,523)
Other(2,218)(2,825)
Deferred tax liabilities$(145,989)$(153,436)
Total deferred tax assets (liabilities), net$(75,144)$(77,160)
Schedule of Unrecognized Tax Benefits Roll Forward The following table summarizes the changes related to our gross unrecognized tax benefits excluding interest and penalties:
202420232022
(thousands)
Balance as of January 1$1,559 $1,734 $1,782 
Increases related to prior years' tax positions— 4 — 
Increases related to current years' tax positions103 — 13 
Decreases related to prior years' tax positions— — (14)
Lapse of statute of limitations(106)(179)(47)
Balance as of December 31$1,556 $1,559 $1,734