Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Schedule of Income before Income Tax, Domestic and Foreign
For the years ended December 31, income (loss) from continuing operations before income taxes consisted of the following:
(in thousands) 2023 2022 2021
Income before income taxes
Domestic $ 548,428  $ 465,991  $ 449,985 
Foreign 37,829  32,926  32,500 
Total income from continuing operations before income taxes $ 586,257  $ 498,917  $ 482,485 
Schedule of company's income tax provision
For the years ended December 31, the Company’s income tax provision consisted of the following:
2023 2022 2021
(in thousands)
Current:
Federal $ 112,647  $ 92,793  $ 87,888 
State 33,516  26,786  24,131 
Foreign 12,781  9,144  10,480 
Total current tax 158,944  128,723  122,499 
Deferred:
Federal (2,349) (333) 1,735 
State (2,925) 2,011  1,795 
Foreign (2,370) (83) (109)
Total deferred tax (7,644) 1,595  3,421 
Total income tax provision $ 151,300  $ 130,318  $ 125,920 
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,:
2023 2022 2021
(in thousands)
Income tax at statutory rate $ 123,114  $ 104,773  $ 101,485 
State income tax expense (net of federal benefit) 24,167  22,750  20,482 
Foreign tax rate differential 1,948  1,907  2,837 
Tax on unremitted earnings 1,408  549  — 
Federal tax credits (1,362) (616) (548)
Permanent items 2,239  445  311 
Other reconciling items (214) 510  1,353 
Total income tax provision $ 151,300  $ 130,318  $ 125,920 
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, 2023 and 2022 are as follows:
2023 2022
(in thousands)
Deferred tax assets:
Employee compensation and benefits $ 15,451  $ 15,547 
Unearned revenues 13,998  13,060 
Insurance reserves 24,152  19,938 
Lease liabilities 90,486  78,389 
Non-amortizable intangible assets 6,883  — 
Other deferred tax assets 14,944  14,771 
Total deferred tax assets 165,914  141,705 
Valuation allowance (6,883) — 
Net deferred tax assets $ 159,031  $ 141,705 
Deferred tax liabilities:
Fixed assets and depreciation $ 12,430  $ 17,999 
Intangible assets 81,194  72,752 
Right of use assets 81,971  72,767 
Other deferred tax liabilities —  549 
Total deferred tax liabilities $ 175,595  $ 164,067 
Net deferred taxes
Deferred tax assets 2,294  1,792 
Deferred tax liabilities (18,858) (24,154)
Net deferred taxes $ (16,564) $ (22,362)
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, 2021 $ 192 
Charged to income tax expense — 
Charged to other accounts (192)
December 31, 2022 — 
Charged to income tax expense 962 
Charged to other accounts 5,921 
December 31, 2023 $ 6,883 
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, 2023 2022 2021
(in thousands)
Unrecognized tax benefits at beginning of year $ 1,394  $ 1,018  $ 844 
Additions for tax positions of prior years 653  376  174 
Reductions for tax positions of prior years (263) —  — 
Unrecognized tax benefits at end of year $ 1,784  $ 1,394  $ 1,018