Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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,
	2024		2023		2022
United States	$	553,533	$	662,138	$	919,461
Foreign	13,421		25,998		65,411
Total	$	566,954	$	688,136	$	984,872

Provision for income taxes

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

	Year Ended December 31,
	2024		2023		2022
Current:
Federal	$	97,251	$	120,122	$	164,135
State and other	19,846		34,603		57,459
Total current provision for income taxes	117,097		154,725		221,594
Deferred:
Federal	9,199		9,929		13,592
State and other	6,540		430		1,577
Total deferred provision for income taxes	15,739		10,359		15,169
Provision for income taxes	$	132,836	$	165,084	$	236,763

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,
	2024		2023		2022
Federal statutory rate	21.00	%	21.00	%	21.00	%
Change in valuation allowance	0.20		0.05		(0.02)
Stock-based compensation	(1.55)		(0.97)		(1.09)
Other, primarily state income tax rate	3.78		3.91		4.15
Total effective tax rate	23.43	%	23.99	%	24.04	%

Components of deferred tax assets and liabilities

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

	December 31,
	2024		2023
Deferred tax assets:
Product inventories	$	13,625	$	11,764
Trade discounts on purchases	1,044		—
Accrued expenses	824		4,724
Leases	74,108		73,874
Share-based compensation	10,844		9,977
Uncertain tax positions	4,133		3,753
Net operating losses	2,336		1,447
Other	4,843		4,716
Total non-current	111,757		110,255
Less: Valuation allowance	(2,255)		(1,133)
Component reclassified for net presentation	(108,583)		(107,733)
Total non-current, net	919		1,389
Total deferred tax assets	919		1,389
Deferred tax liabilities:
Trade discounts on purchases	—		2,112
Prepaid expenses	9,380		6,610
Leases	73,583		73,092
Intangible assets, primarily goodwill	73,334		60,902
Depreciation	28,541		26,000
Interest rate swaps	5,153		6,438
Total non-current	189,991		175,154
Component reclassified for net presentation	(108,583)		(107,733)
Total non-current, net	81,408		67,421
Total deferred tax liabilities	81,408		67,421
Net deferred tax liability	$	80,489	$	66,032

Schedule of Unrecognized Tax Benefits Roll Forward

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

	2024		2023		2022
Balance at beginning of year	$	17,871	$	15,489	$	13,297
Increases for tax positions taken during a prior period	—		—		275
Increases for tax positions taken during the current period	4,517		4,457		5,264
Decreases resulting from the expiration of the statute of limitations	2,709		2,075		3,347
Balance at end of year	$	19,679	$	17,871	$	15,489