Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

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,
	2023		2022			2021
Current taxes:
Federal	$	127,771	$	159,383		$	167,258
State		39,361		49,956			39,911
Foreign		1,056		929			2,950
		168,188		210,268			210,119
Deferred taxes:
Federal		9,067		8,752			19,747
State		2,917		4,203			5,640
Foreign		3,984		(262	)		6,717
		15,968		12,693			32,104
Provision for income taxes	$	184,156	$	222,961		$	242,223

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,
	2023			2022			2021
Statutory rate	$	148,405		$	185,874		$	224,087
State income taxes, net of federal income tax		34,012			42,813			37,169
Non-deductible business expenses		25,177			10,944			9,732
Change in valuation allowance		21,931			9,802			2,248
Foreign tax rate difference		(2,471	)		(2,846	)		125
Federal tax credits		(7,002	)		(2,793	)		(2,126	)
Excess tax benefit from stock-based compensation		(31,109	)		(19,418	)		(32,004	)
Other, net		(4,787	)		(1,415	)		2,992
	$	184,156		$	222,961		$	242,223

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,
	2023			2022
Deferred tax assets:
Lease liabilities	$	205,487		$	206,091
Deferred compensation		82,593			81,457
Receivable reserves		52,342			47,308
Unrealized loss on investments		51,549			62,318
Net operating loss carryforwards		45,879			28,997
Accrued expenses		15,457			25,833
Total deferred tax assets		453,307			452,004
Valuation allowance		(46,843	)		(24,779	)
		406,464			427,225
Deferred tax liabilities:
Lease right-of-use assets		(195,962	)		(199,085	)
Goodwill and other intangibles		(72,927	)		(61,225	)
Prepaid expenses		(6,966	)		(4,427	)
Depreciation		(3,620	)		(1,180	)
Other		(5,467	)		(2,101	)
		(284,942	)		(268,018	)
Net deferred tax asset	$	121,522		$	159,207

Unrecognized Tax Benefits

The following table summarizes the activity related to our company’s unrecognized tax benefits from January 1, 2021 to December 31, 2023 (in thousands):

	Year Ended December 31,
	2023			2022			2021
Beginning balance	$	5,271		$	4,924		$	3,962
Increase related to prior year tax positions		112			195			2,719
Decrease related to prior year tax positions		(63	)		(635	)		(119	)
Increase related to current year tax positions		1,083			978			745
Decrease related to settlements with taxing authorities		—			—			(2,370	)
Decrease related to lapsing of statute of limitations		(973	)		(191	)		(13	)
Ending balance	$	5,430		$	5,271		$	4,924