INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2024

INCOME TAXES

Schedule of significant components of the provision for income taxes

Significant components of the provision for income taxes for the years ended December 31 were as follows:

	2024		2023		2022
	(in thousands)
Current provision on continuing operations:
Federal	$	18,195	$	38,860	$	79,477
State		3,793		10,949		19,713
Foreign		928		508		869
		22,916		50,317		100,059
Deferred provision (benefit) on continuing operations:
Federal		17,532		(4,882)		(5,591)
State		5,058		(682)		(793)
Foreign		(153)		(2)		(20)
		22,437		(5,566)		(6,404)
Total provision for income taxes on continuing operations	$	45,353	$	44,751	$	93,655
Current provision on discontinued operations:
Federal	$	169	$	14,656	$	901
State		36		3,599		236
		205		18,255		1,137
Deferred provision on discontinued operations:
Federal		—		—		114
State		—		—		40
		—		—		154
Total provision for income taxes on discontinued operations	$	205	$	18,255	$	1,291
Total provision for income taxes	$	45,558	$	63,006	$	94,946

Schedule of significant components of deferred tax assets and liabilities of continuing operations

	2024		2023
	(in thousands)
Deferred tax assets:
Accrued expenses	$	66,211	$	60,842
Operating lease right-of-use liabilities		56,119		53,589
Multiemployer pension fund withdrawal		4,688		4,871
Postretirement liabilities other than pensions		3,428		3,389
Share-based compensation		2,239		5,249
Federal and state net operating loss carryovers		4,383		1,511
Receivable allowances		2,666		1,951
Other(1)		2,580		794
Total deferred tax assets		142,314		132,196
Valuation allowance		(1,731)		(1,751)
Total deferred tax assets, net of valuation allowance		140,583		130,445
Deferred tax liabilities:
Amortization, depreciation, and basis differences for property, plant and equipment, and other long-lived assets		121,400		118,211
Operating lease right-of-use assets		48,271		43,938
Intangibles		33,680		10,256
Prepaid expenses		6,345		5,685
Total deferred tax liabilities		209,696		178,090
Net deferred tax liabilities	$	(69,113)	$	(47,645)

1) For 2023, certain reclassifications have been made to conform to the current year presentation, including combining immaterial amounts in “Other.”

Reconciliation between the effective income tax rate, as computed on income from continuing operations before income taxes, and the statutory federal income tax rate

	2024			2023			2022
	(in thousands, except percentages)
Income tax provision at the statutory federal rate of 21.0%	$	45,930		$	39,252		$	81,544
Federal income tax effects of:
State income taxes		(1,859)			(2,156)			(3,973)
Settlement of share-based compensation(1)		(9,169)			(3,989)			(6,693)
Non-deductible compensation under IRC Section 162(m)(2)		3,668			3,103			5,174
Other(2)		(2,843)			(2,232)			(2,166)
Federal income tax provision		35,727			33,978			73,886
State income tax provision		8,851			10,267			18,920
Foreign income tax provision		775			506			849
Total provision for income taxes	$	45,353		$	44,751		$	93,655
Effective tax rate		20.7	%		23.9	%		24.1	%

(1) Increase in tax benefit from vested RSUs for 2024, compared to 2023 and 2022, is primarily due to the vesting of RSUs granted in 2020 and 2021 at the end of a four-year and three-year period, respectively. RSUs granted subsequent to 2021 follow a graded vesting schedule, with RSUs vesting incrementally over a specified period of time, rather than fully vesting at the end of the vesting period.

(2) For 2023 and 2022, certain reclassifications have been made to conform to the current year presentation, including combining immaterial amounts in “Other” and breaking out non-deductible compensation under IRC Section 162(m), which was previously reported in “Non-deductible expenses.”