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INCOME TAXES (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Company’s income tax provision | The Company’s income tax provision consisted of the following:
INCOME TAXES |
For the years ended December 31, |  | 2020 |  |  | 2019 |  |  | 2018 |
(in thousands) |  |  |  |  |  |  |  |  |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 67,861 |  |  | $ | 43,593 |  |  | $ | 49,911 |
State |  |  | 18,381 |  |  |  | 15,337 |  |  |  | 13,602 |
Foreign |  |  | 8,869 |  |  |  | 6,111 |  |  |  | 7,929 |
Total current tax |  |  | 95,111 |  |  |  | 65,041 |  |  |  | 71,442 |
Deferred: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  |  | (2,076 | ) |  |  | (5,217 | ) |  |  | 6,091 |
State |  |  | 312 |  |  |  | (1,518 | ) |  |  | 1,957 |
Foreign |  |  | 549 |  |  |  | (493 | ) |  |  | (420 | )
Total deferred tax |  |  | (1,215 | ) |  |  | (7,228 | ) |  |  | 7,628 |
Total income tax provision |  | $ | 93,896 |  |  | $ | 57,813 |  |  | $ | 79,070 |
primary factors causing income tax expense to be different than the federal statutory rate | The primary factors causing income tax expense to be different than the federal statutory rate for 2020, 2019 and 2018 are as follows:
For the years ended December 31, |  | 2020 |  |  | 2019 |  |  | 2018 |
(in thousands) |  |  |  |  |  |  |  |  |
Income tax at statutory rate |  | $ | 74,491 |  |  | $ | 54,845 |  |  | $ | 65,254 |
State income tax expense (net of federal benefit) |  |  | 14,393 |  |  |  | 10,182 |  |  |  | 12,984 |
Foreign tax expense |  |  | 2,341 |  |  |  | 933 |  |  |  | 1,186 |
Foreign tax credit |  |  | (240 | ) |  |  | (242 | ) |  |  | (234 | )
Repatriation tax under TCJA |  |  | — |  |  |  | (844 | ) |  |  | 1,233 |
Pension settlement |  |  | — |  |  |  | (10,537 | ) |  |  | — |
Executive compensation |  |  | 5,557 |  |  |  | 2,445 |  |  |  | 2,165 |
Restricted stock adjustments |  |  | (3,927 | ) |  |  | (2,973 | ) |  |  | (4,420 | )
Other |  |  | 1,281 |  |  |  | 4,004 |  |  |  | 902 |
Total income tax provision |  | $ | 93,896 |  |  | $ | 57,813 |  |  | $ | 79,070 |
Significant components of the Company’s deferred tax assets and liabilities | Deferred income taxes reflect the net tax effects of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income tax purposes. Significant components of the Company’s deferred tax assets and liabilities at December 31, 2020 and 2019 are as follows:
INCOME TAXES (Details 3) |
December 31, |  | 2020 |  |  | 2019 |
(in thousands) |  |  |  |  |  |
Deferred tax assets: |  |  |  |  |  |  |  |
Termite accrual |  | $ | 721 |  |  | $ | 786 |
Insurance and contingencies |  |  | 19,531 |  |  |  | 18,464 |
Unearned revenues |  |  | 11,825 |  |  |  | 11,506 |
Compensation and benefits |  |  | 12,304 |  |  |  | 11,983 |
State and foreign operating loss carryforwards |  |  | 2,768 |  |  |  | 3,939 |
Bad debt reserve |  |  | 4,214 |  |  |  | 4,312 |
Foreign tax credit |  |  | 3,804 |  |  |  | 3,972 |
Other |  |  | 2,519 |  |  |  | 2,439 |
Valuation allowance |  |  | (144 | ) |  |  | (83 | )
Total deferred tax assets |  |  | 57,542 |  |  |  | 57,318 |
Deferred tax liabilities: |  |  |  |  |  |  |  |
Depreciation and amortization |  |  | (25,730 | ) |  |  | (24,981 | )
Net pension liability |  |  | (727 | ) |  |  | (5,279 | )
Intangibles and other |  |  | (39,475 | ) |  |  | (34,805 | )
Total deferred tax liabilities |  | $ | (65,932 | ) |  | $ | (65,065 | )
Net deferred taxes |  |  |  |  |  |  |  |
Deferred tax assets |  | $ | 2,222 |  |  | $ | 2,180 |
Deferred tax liabilities |  | $ | (10,612 | ) |  | $ | (9,927 | )
Analysis of the valuation allowance | Analysis of the valuation allowance:
INCOME TAXES (Details 4) |
December 31, |  | 2020 |  |  | 2019 |
(in thousands) |  |  |  |  |  |
Valuation allowance at beginning of year |  | $ | 83 |  |  | $ | 76 |
Increase in valuation allowance |  |  | 61 |  |  |  | 7 |
Valuation allowance at end of year |  | $ | 144 |  |  | $ | 83 |
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:
INCOME TAXES (Details 5) |
December 31, |  | 2020 |  |  | 2019 |
(in thousands) |  |  |  |  |  |
Unrecognized tax benefits at beginning of year |  | $ | 844 |  |  | $ | 2,554 |
Additions for tax positions of prior years |  |  | — |  |  |  | 844 |
Reductions for tax positions of prior years |  |  | — |  |  |  | (2,554 | )
Unrecognized tax benefits at end of year |  | $ | 844 |  |  | $ | 844 |

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