Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets (liabilities) are as follows (in thousands):


	Years Ended December 31,
	2024		2023
Deferred tax assets:
Patient accounts receivable, net	$	19,430	$	20,404
Accrued liabilities	5,253		5,880
Deferred compensation	17,751		17,976
Self-insurance reserves	31,252		32,791
Financing costs	16,082		19,345
Lease liability	278,369		284,826
Other	4,697		6,177
Federal tax credits	89		113
Federal net operating loss carryforward	2,369		7,500
State net operating loss carryforward	8,560		8,688
Total deferred tax assets	383,852		403,700
Deferred tax liabilities:
Prepaid expenses	(7,971)		(5,300)
Right of use assets	(278,369)		(284,826)
Depreciation and amortization	(61,423)		(64,696)
Partnership basis differences	(13,897)		(3,461)
Change in value of derivatives	(3,440)		(6,558)
Total deferred tax liabilities	(365,100)		(364,841)
Valuation allowance for deferred tax assets	(6,431)		(6,368)
Net deferred tax assets	$	12,321	$	32,491

Schedule of Income before Income Tax, Domestic and Foreign

Significant components of the provision for income taxes are as follows (in thousands):


	Years Ended December 31,
	2024		2023		2022
Current:
Federal	$	30,560	$	11,190	$	(3,209)
State	9,511		6,693		3,201
Total current	40,071		17,883		(8)
Deferred:
Federal	21,965		5,814		43,394
State	1,316		(1,060)		2,721
Total deferred	23,281		4,754		46,115
Total provision	$	63,352	$	22,637	$	46,107

Schedule of Effective Income Tax Rate Reconciliation

The Company’s consolidated effective tax rate from continuing operations differed from the amounts computed using the federal statutory rate as set forth below (amounts in thousands):


	Years Ended December 31,
	2024				2023				2022
	Amount		Percent		Amount		Percent		Amount		Percent
Tax at federal statutory rate	$	76,243	21.0	%	$	31,839	21.0	%	$	65,410	21.0	%
State taxes, net of federal benefits	9,671		2.7		3,832		2.5		5,806		1.9
Permanent differences	1,534		0.4		2,116		1.4		2,127		0.7
Equity-based and employee compensation limitations	3,545		1.0		—		—		—		—
Noncontrolling Interests	(18,120)		(5.0)		(15,253)		(10.1)		(13,913)		(4.5)
Change in valuation allowance	62		—		386		0.3		(13,197)		(4.2)
Change in unrecognized tax benefit	(9,210)		(2.5)		—		—		—		—
Other, net	(373)		(0.1)		(283)		(0.2)		(126)		(0.1)
	$	63,352	17.5	%	$	22,637	14.9	%	$	46,107	14.8	%