Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
For the years ended December 31, income from continuing operations before income taxes consisted of the following:
(in thousands) 2024 2023 2022
Income before income taxes
Domestic $ 592,704  $ 548,428  $ 465,991 
Foreign 37,526  37,829  32,926 
Total income from continuing operations before income taxes $ 630,230  $ 586,257  $ 498,917 
Schedule of Company's Income Tax Provision
For the years ended December 31, the Company’s income tax provision consisted of the following:
2024 2023 2022
(in thousands)
Current:
Federal $ 126,246  $ 112,647  $ 92,793 
State 36,328  33,516  26,786 
Foreign 11,613  12,781  9,144 
Total current tax expense 174,187  158,944  128,723 
Deferred:
Federal (6,848) (2,349) (333)
State (2,336) (2,925) 2,011 
Foreign (1,152) (2,370) (83)
Total deferred tax (benefit) expense (10,336) (7,644) 1,595 
Total income tax provision $ 163,851  $ 151,300  $ 130,318 
Schedule of Primary Factors Causing Income Tax Expense to be Different than the Federal Statutory Rate
The following table presents the principal components of the difference between the effective tax rate and the U.S. federal statutory income tax rate for the years ended December 31:
2024 2023 2022
(in thousands)
Income tax at statutory rate $ 132,348  $ 123,114  $ 104,773 
State income tax expense (net of federal benefit) 26,854  24,167  22,750 
Foreign tax rate differential 2,071  1,948  1,907 
Tax on unremitted earnings 355  1,408  549 
Federal tax credits (1,296) (1,362) (616)
Permanent items 2,773  2,239  445 
Other reconciling items 746  (214) 510 
Total income tax provision $ 163,851  $ 151,300  $ 130,318 
Schedule of Significant Components of the Company's Deferred Tax Assets and Liabilities The Company’s deferred tax assets and liabilities as of December 31, 2024 and 2023 are as follows:
2024 2023
(in thousands)
Deferred tax assets:
Employee compensation and benefits $ 15,146  $ 15,451 
Unearned revenues 15,243  13,998 
Insurance reserves 29,773  24,152 
Lease liabilities 118,382  90,486 
Non-amortizable intangible assets 7,792  6,883 
Other deferred tax assets 16,415  14,944 
Total deferred tax assets 202,751  165,914 
Valuation allowance (7,792) (6,883)
Net deferred tax assets $ 194,959  $ 159,031 
Deferred tax liabilities:
Fixed assets and depreciation $ 9,599  $ 12,430 
Intangible assets 93,872  81,194 
Right of use assets 102,299  81,971 
Other deferred tax liabilities —  — 
Total deferred tax liabilities $ 205,770  $ 175,595 
Net deferred taxes
Deferred tax assets 4,841  2,294 
Deferred tax liabilities (15,652) (18,858)
Net deferred taxes $ (10,811) $ (16,564)
Schedule of Analysis of the Valuation Allowance
The changes in the Company’s valuation allowance for deferred tax assets are as follows:
(in thousands)
December 31, 2022 $ — 
Charged to income tax expense 962 
Charged to other accounts 5,921 
December 31, 2023 6,883 
Charged to income tax expense 909 
Charged to other accounts — 
December 31, 2024 $ 7,792 
Schedule of Reconciliation of the Beginning and Ending Amount of Unrecognized Tax Benefits A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
December 31, 2024 2023 2022
(in thousands)
Unrecognized tax benefits at beginning of year $ 1,784  $ 1,394  $ 1,018 
Additions for tax positions of prior years —  653  376 
Reductions for tax positions of prior years (39) (263) — 
Settlements with taxing authorities (161) —  — 
Unrecognized tax benefits at end of year $ 1,584  $ 1,784  $ 1,394