Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Components of Income Tax Expense (Benefit), Continuing Operations [Abstract]

Provision For Income Taxes/(Benefit)

The provision for income taxes consists of the following (in thousands):

	Year Ended December 31,
	2022			2021		2020
Current taxes:
Federal	$	159,383		$	167,258	$	143,859
State		49,956			39,911		42,705
Foreign		929			2,950		(236	)
		210,268			210,119		186,328
Deferred taxes:
Federal		8,752			19,747		(31,019	)
State		4,203			5,640		(5,803	)
Foreign		(262	)		6,717		(1,818	)
		12,693			32,104		(38,640	)
Provision for income taxes	$	222,961		$	242,223	$	147,688

Reconciliation Of The Statutory Federal Income Tax With The Company's Effective Tax Rate

Reconciliation of the statutory federal income tax rate with our company’s effective income tax rate is as follows (in thousands):

	Year Ended December 31,
	2022			2021			2020
Statutory rate	$	185,874		$	224,087		$	136,744
State income taxes, net of federal income tax		42,813			37,169			27,934
Change in valuation allowance		9,802			2,248			2,125
Foreign tax rate difference		(2,846	)		125			(2,032	)
Excess tax benefit from stock-based compensation		(19,418	)		(32,004	)		(21,605	)
Non-deductible business expenses		10,944			9,732			7,957
Other, net		(4,208	)		866			(3,435	)
	$	222,961		$	242,223		$	147,688

Deferred Tax Assets And Liabilities

Tax effect of temporary differences and carryforwards that comprise significant portions of deferred tax assets and liabilities (in thousands):

	December 31,
	2022			2021
Deferred tax assets:
Lease liabilities	$	206,091		$	187,576
Deferred compensation		81,457			79,081
Unrealized loss on investments		62,318			—
Receivable reserves		47,308			38,432
Net operating loss carryforwards		28,997			24,837
Accrued expenses		25,833			46,539
Depreciation		—			1,302
Other		—			4,155
Total deferred tax assets		452,004			381,922
Valuation allowance		(24,779	)		(14,515	)
		427,225			367,407
Deferred tax liabilities:
Lease right-of-use assets		(199,085	)		(186,168	)
Goodwill and other intangibles		(61,225	)		(54,887	)
Prepaid expenses		(4,427	)		(7,228	)
Depreciation		(1,180	)		—
Unrealized gain on investments		—			(7,841	)
Other		(2,101	)		—
		(268,018	)		(256,124	)
Net deferred tax asset	$	159,207		$	111,283

Unrecognized Tax Benefits

The following table summarizes the activity related to our company’s unrecognized tax benefits from January 1, 2020 to December 31, 2022 (in thousands):

	Year Ended December 31,
	2022			2021			2020
Beginning balance	$	4,924		$	3,962		$	3,387
Increase related to prior year tax positions		195			2,719			977
Decrease related to prior year tax positions		(635	)		(119	)		(11	)
Increase related to current year tax positions		978			745			790
Decrease related to settlements with taxing authorities		—			(2,370	)		(1,181	)
Decrease related to lapsing of statute of limitations		(191	)		(13	)		—
Ending balance	$	5,271		$	4,924		$	3,962