Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income before income taxes and equity earnings (losses)

Income before income taxes and equity in earnings is attributable to the following jurisdictions (in thousands):

	Year Ended December 31,
	2023		2022		2021
United States	$	662,138	$	919,461	$	752,957
Foreign	25,998		65,411		71,188
Total	$	688,136	$	984,872	$	824,145

Provision for income taxes

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

	Year Ended December 31,
	2023		2022		2021
Current:
Federal	$	120,122	$	164,135	$	124,379
State and other	34,603		57,459		44,783
Total current provision for income taxes	154,725		221,594		169,162
Deferred:
Federal	9,929		13,592		2,970
State and other	430		1,577		1,680
Total deferred provision for income taxes	10,359		15,169		4,650
Provision for income taxes	$	165,084	$	236,763	$	173,812

Reconciliation of the U.S. federal statutory tax rate to effective tax rate on income before income taxes and equity earnings (losses)

A reconciliation of the U.S. federal statutory tax rate to our effective tax rate on Income before income taxes and equity in earnings is as follows:

	Year Ended December 31,
	2023		2022		2021
Federal statutory rate	21.00	%	21.00	%	21.00	%
Change in valuation allowance	0.05		(0.02)		(0.11)
Stock-based compensation	(0.97)		(1.09)		(3.67)
Other, primarily state income tax rate	3.91		4.15		3.87
Total effective tax rate	23.99	%	24.04	%	21.09	%

Components of deferred tax assets and liabilities

The table below presents the components of our deferred tax assets and liabilities (in thousands):

	December 31,
	2023		2022
Deferred tax assets:
Product inventories	$	11,764	$	10,932
Accrued expenses	4,724		2,028
Leases	73,874		65,852
Share-based compensation	9,977		8,636
Uncertain tax positions	3,753		3,253
Net operating losses	1,447		987
Other	4,716		4,139
Total non-current	110,255		95,827
Less: Valuation allowance	(1,133)		(815)
Component reclassified for net presentation	(107,733)		(94,034)
Total non-current, net	1,389		978
Total deferred tax assets	1,389		978
Deferred tax liabilities:
Trade discounts on purchases	2,112		3,995
Prepaid expenses	6,610		4,903
Leases	73,092		64,549
Intangible assets, primarily goodwill	60,902		48,836
Depreciation	26,000		21,998
Interest rate swaps	6,438		8,512
Total non-current	175,154		152,793
Component reclassified for net presentation	(107,733)		(94,034)
Total non-current, net	67,421		58,759
Total deferred tax liabilities	67,421		58,759
Net deferred tax liability	$	66,032	$	57,781

Summary of activity related to uncertain tax positions

The following table summarizes the activity related to uncertain tax positions for the past three years (in thousands):

	2023		2022		2021
Balance at beginning of year	$	15,489	$	13,297	$	15,553
Increases for tax positions taken during a prior period	—		275		—
Increases for tax positions taken during the current period	4,457		5,264		3,518
Decreases resulting from the expiration of the statute of limitations	2,075		3,347		3,185
Decreases relating to settlements	—		—		2,589
Balance at end of year	$	17,871	$	15,489	$	13,297