Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The amounts provided for income taxes were as follows:

	Year Ended December 31,
	2020		2019		2018
Current:
U.S. Federal	$	29,832	$	33,379	$	27,962
State	12,618		10,632		11,225
	42,450		44,011		39,187
Deferred:
U.S. Federal	(783)		(7,209)		(12,524)
State	110		(3,989)		(5,111)
	(673)		(11,198)		(17,635)
Total	$	41,777	$	32,813	$	21,552

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and liabilities is as follows:

	December 31, 2020		December 31, 2019
Deferred tax assets:
Employee benefit accruals	$	10,529	$	11,709
Impairment of investments	13,961		9,772
Impact of timing of settlement payments	20,137		19,313
Various U.S. federal and state tax loss carryforwards	8,745		4,296
Operating lease liabilities	9,885		3,679
Current expected credit losses	4,299		—
Other	2,625		2,274
	70,181		51,043
Less: Valuation allowance	(6,474)		(1,292)
Net deferred tax assets	$	63,707	$	49,751
Deferred tax liabilities:
Basis differences on non-consolidated entities	$	(22,809)	$	(7,990)
Basis differences on fixed and intangible assets	(36,055)		(35,082)
Basis differences on inventory	(10,698)		(10,645)
Basis differences on long-term investments	(14,362)		(22,424)
Impact of accounting for convertible debt	—		(813)
Basis differences on available for sale securities	(3,579)		(3,219)
Operating lease right of use assets	(8,660)		(3,273)
	$	(96,163)	$	(83,446)
Net deferred tax liabilities	$	(32,456)	$	(33,695)

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Schedule of Effective Income Tax Rate Reconciliation

Differences between the amounts provided for income taxes and amounts computed at the federal statutory tax rate are summarized as follows:

	Year Ended December 31,
	2020		2019		2018
Income before provision for income taxes	$	134,715	$	133,828	$	79,559
Federal income tax expense at statutory rate	28,289		28,104		16,707
Increases (decreases) resulting from:
State income taxes, net of federal income tax benefits	10,236		6,430		6,060
Non-deductible expenses	2,982		1,385		1,993
Impact of Tax Cuts and Jobs Act of 2017	—		—		(2,691)
Excess tax benefits on stock-based compensation	(206)		(1,488)		(778)
Other	916		907		108
Loss carryforwards from tax consolidation of subsidiary	(5,622)		—		—
Changes in valuation allowance, net of equity and tax audit adjustments	5,182		(2,525)		153
Income tax expense	$	41,777	$	32,813	$	21,552

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the unrecognized tax benefits:

Balance at January 1, 2018	$	628
Additions based on tax positions related to prior years	26
Settlements	(100)
Expirations of the statute of limitations	(163)
Balance at December 31, 2018	391
Additions based on tax positions related to prior years	1,586
Expirations of the statute of limitations	(330)
Balance at December 31, 2019	1,647
Additions based on tax positions related to prior years	458
Settlements	(402)
Expirations of the statute of limitations	(50)
Balance at December 31, 2020	$	1,653