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Income Tax | 12 Months Ended
--- | ---
Dec. 31, 2015
Income Tax Disclosure [Abstract] |
Income Tax |
(7) | INCOME TAX
The income tax provision (benefit) on income from operations consists of the following:
|  | Years ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Current: |  |  |  |  |  |  |  |  |  |  |  |
Federal |  | $ | 44,841 |  |  | $ | 34,504 |  |  | $ | 25,625 |
State |  |  | 6,670 |  |  |  | 4,827 |  |  |  | 2,590 |
|  |  | 51,511 |  |  |  | 39,331 |  |  |  | 28,215 |
Deferred |  |  | (7,956 | ) |  |  | (3,804 | ) |  |  | (1,497 | )
|  | $ | 43,555 |  |  | $ | 35,527 |  |  | $ | 26,718 |
Reconciliation of the U.S. statutory income tax rate to our effective income tax expense rate for operations follows:
|  | Years ended December 31, |
|  | 2015 |  |  | 2014 |  |  | 2013 |
Federal income tax expense at statutory rate |  | $ | 37,949 |  |  | $ | 33,064 |  |  | $ | 23,037 |
State income tax, net of federal income tax benefit |  |  | 3,715 |  |  |  | 2,867 |  |  |  | 2,371 |
Non-deductible business expenses |  |  | 2,414 |  |  |  | 1,485 |  |  |  | 1,110 |
Qualified manufacturing activities |  |  | (466 | ) |  |  | (1,720 | ) |  |  | — |
Other, net |  |  | (57 | ) |  |  | (169 | ) |  |  | 200 |
|  | $ | 43,555 |  |  | $ | 35,527 |  |  | $ | 26,718 |
The tax effects of the major items recorded as deferred tax assets and liabilities as of December 31 are:
|  | 2015 |  |  | 2014 |
Deferred income tax assets: |  |  |  |  |  |  |  |
Operating expenses not currently deductible |  | $ | 9,953 |  |  | $ | 9,093 |
Stock option and other employee benefit plans |  |  | 13,504 |  |  |  | 9,815 |
Capital loss and credit carryforward |  |  | 179 |  |  |  | 177 |
Property and equipment |  |  | — |  |  |  | 46 |
Total deferred income tax assets |  |  | 23,636 |  |  |  | 19,131 |
Deferred income tax liabilities: |  |  |  |  |  |  |  |
Intangible assets |  |  | (111,653 | ) |  |  | (13,424 | )
Property and equipment |  |  | (2,781 | ) |  |  | — |
Other |  |  | (228 | ) |  |  | (203 | )
Total deferred income tax liabilities |  |  | (114,662 | ) |  |  | (13,627 | )
Net deferred income tax (liability) asset |  | $ | (91,026 | ) |  | $ | 5,504 |
In 2014, we utilized approximately $650,000 of net operating loss carryforwards for federal income tax reporting purposes. The full amount of the net operating loss utilized was attributable to excess tax benefits related to share-based arrangements for which authoritative guidance prohibited the recognition of a deferred tax asset in 2013. In 2014, this tax benefit was accounted for as an increase to shareholders’ equity and a reduction in income tax payable. In total, we recognized approximately $45.3 million and $19.4 million of excess tax benefits related to share-based arrangements in 2015 and 2014, respectively, as a credit to shareholders’ equity and a reduction in income taxes payable. Although realization is not assured, we believe it is more likely than not that all the deferred tax assets at December 31, 2015 and 2014 will be realized. Accordingly, we believe no valuation allowance is required for the deferred tax assets. However, the amount of the deferred tax asset considered realizable could be adjusted in the future if estimates of reversing taxable temporary differences are revised. The Internal Revenue Service (“IRS”) is examining our U.S. income tax return for the year 2012. In addition, there is one open state audit for the year 2011. As of February 22, 2016, no significant adjustments have been proposed by the IRS. We are unable to make a reasonable estimate as to when cash settlements, if any, will occur. We are subject to U.S. federal tax as well as income tax of multiple state and local jurisdictions. We are no longer subject to United States federal income tax examinations for years before 2012. We are no longer subject to state and local income tax examinations by tax authorities for the years before 2011. We paid income taxes, net of refunds received, of $27.3 million in 2015, $10.2 million in 2014, and $9.3 million in 2013.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -SubTopic 10 -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08.(h)) -URI http://asc.fasb.org/extlink&oid=26873400&loc=d3e23780-122690 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 3 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32559-109319 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32718-109319 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32639-109319 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=6907707&loc=d3e32537-109319 + Details
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