Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024			2023		2022
Current taxes:
Federal	$	177,076		$	127,771	$	159,383
State		51,192			39,361		49,956
Foreign		(565	)		1,056		929
		227,703			168,188		210,268
Deferred taxes:
Federal		(26,804	)		9,067		8,752
State		(4,456	)		2,917		4,203
Foreign		622			3,984		(262	)
		(30,638	)		15,968		12,693
Provision for income taxes	$	197,065		$	184,156	$	222,961

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,
	2024			2023			2022
Statutory rate	$	194,973		$	148,405		$	185,874
State income taxes, net of federal income tax		35,986			34,012			42,813
Non-deductible business expenses		16,857			25,177			10,944
Change in valuation allowance		10,565			21,931			9,802
Foreign tax rate difference		(3,104	)		(2,471	)		(2,846	)
Federal tax credits		(14,396	)		(7,002	)		(2,793	)
Excess tax benefit from stock-based compensation		(44,717	)		(31,109	)		(19,418	)
Other, net		901			(4,787	)		(1,415	)
	$	197,065		$	184,156		$	222,961

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,
	2024			2023
Deferred tax assets:
Lease liabilities	$	222,808		$	205,487
Deferred compensation		90,083			82,593
Receivable reserves		55,467			52,342
Unrealized loss on investments		54,706			51,549
Net operating loss carryforwards		56,882			45,879
Accrued expenses		35,782			15,457
Total deferred tax assets		515,728			453,307
Valuation allowance		(57,250	)		(46,843	)
		458,478			406,464
Deferred tax liabilities:
Lease right-of-use assets		(207,821	)		(195,962	)
Goodwill and other intangibles		(81,569	)		(72,927	)
Prepaid expenses		(8,031	)		(6,966	)
Depreciation		(5,069	)		(3,620	)
Other		(3,610	)		(5,467	)
		(306,100	)		(284,942	)
Net deferred tax asset	$	152,378		$	121,522

Unrecognized Tax Benefits

The following table summarizes the activity related to our company’s unrecognized tax benefits from January 1, 2022 to December 31, 2024 (in thousands):

	Year Ended December 31,
	2024			2023			2022
Beginning balance	$	5,430		$	5,271		$	4,924
Increase related to prior year tax positions		428			112			195
Decrease related to prior year tax positions		(324	)		(63	)		(635	)
Increase related to current year tax positions		1,072			1,083			978
Decrease related to settlements with taxing authorities		(499	)		—			—
Decrease related to lapsing of statute of limitations		(602	)		(973	)		(191	)
Ending balance	$	5,505		$	5,430		$	5,271