Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.24.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2023
Income Taxes  
Schedule of income tax expense (benefit) and deferred tax

(In thousands)

2023

2022

2021

Income before income taxes:

U.S.

$

808,217

$

724,231

$

429,731

Foreign

17,266

17,904

3,712

Total

$

825,483

$

742,135

$

433,443

Income tax expense (benefit):

Current:

U.S. Federal

$

166,175

$

136,013

$

88,930

State and local

46,631

39,978

22,006

Foreign

7,193

3,406

1,039

Deferred:

U.S. Federal

(5,307)

7,016

(4,123)

State and local

(1,253)

(510)

1,769

Foreign

(2,210)

243

(194)

$

211,229

$

186,146

$

109,427

Deferred tax assets at December 31:

Receivables, net

$

6,089

$

5,114

Inventories

6,558

6,989

Other assets, principally share-based compensation

2,362

3,409

Accrued liabilities

21,073

18,980

Lease liability

16,887

13,212

Long-term liabilities

11,925

10,934

Long-term lease liability

37,515

35,451

Net operating loss carryforward

1,254

6,655

103,663

100,744

Deferred tax liabilities at December 31:

Right of use assets

52,441

49,120

Property and equipment, net

46,350

46,031

Intangibles, net

246,343

254,101

Other

2,459

2,973

347,593

352,225

Net deferred tax liability at December 31

$

243,930

$

251,481

Schedule of reconciliation of the U.S. Federal statutory tax rate to the income tax expense (benefit)

2023

2022

2021

U.S. Federal statutory tax rate

21.0

%

21.0

%

21.0

%

State and local taxes, net of U.S. Federal tax benefit

4.3

4.2

4.3

Share based compensation

(0.1)

(0.2)

(0.5)

Effect of rates different than statutory

0.1

0.1

Non-deductible/non-taxable items (a)

0.2

0.1

0.1

Other, net (a)

0.1

(0.1)

0.3

Effective tax rate

25.6

%

25.1

%

25.2

%

(a) Certain prior year amounts have been reclassified to conform to current year presentation.