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 Tax Disclosure [Abstract]  
Schedule of Components of Income Tax Expense
Components of the income tax provision are as follows (in thousands):
 
  Years Ended December 31,
  2023 2022 2021
Current taxes:
Federal $ 170,306  $ 246,077  $ 180,469 
State 41,837  54,576  39,930 
212,143  300,653  220,399 
Deferred taxes:
Federal (1,888) (4,573) (4,033)
State 427  1,046  1,024 
(1,461) (3,527) (3,009)
Total $ 210,682  $ 297,126  $ 217,390 
Schedule of Income Tax Reconciliation
Income taxes for the years ended December 31, 2023, 2022 and 2021, differ from the expected amounts computed using the federal statutory income tax rate of 21% as a result of the following (in thousands):
  Years Ended December 31,
  2023 2022 2021
Expected taxes at current federal statutory income tax rate $ 199,380  $ 270,757  $ 200,515 
State income taxes, net of federal tax benefit 33,389  43,941  31,967 
Federal tax credits (25,219) (19,676) (20,872)
Non-deductible costs and other 3,132  2,104  5,780 
Income tax expense $ 210,682  $ 297,126  $ 217,390 
Schedule of Deferred Tax Assets and Liabilities Deferred tax assets and liabilities are comprised of timing differences (in thousands) as follows:
At December 31,
2023 2022
Deferred tax assets:
Real estate $ 27,049  $ 24,199 
Warranty reserve 8,902  8,489 
Wages payable 10,669  8,240 
Equity-based compensation 7,306  6,597 
Accrued expenses 36  114 
Other 7,393  8,650 
Total deferred tax assets 61,355  56,289 
Deferred tax liabilities:
Goodwill 3,331  2,473 
Prepaids 2,288  1,282 
Fixed assets 8,163  7,082 
Total deferred tax liabilities 13,782  10,837 
Deferred tax assets, net 47,573  45,452 
Other deferred tax liabilities - state franchise taxes 8,012  7,351 
Net deferred tax assets and liabilities $ 39,561  $ 38,101