XML 29 R18.htm IDEA: XBRL DOCUMENT
v3.10.0.1

Income Taxes | 6 Months Ended
--- | ---
Jun. 30, 2018
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes The provision (benefit) for income taxes consists of the following:
| Three months ended |  | Six months ended
| June 30, 2018 |  | June 30, 2017 |  | June 30, 2018 |  | June 30, 2017
| (in thousands)
Current | $ | 2,873 |  |  | $ | 6,326 |  |  | $ | 3,433 |  |  | $ | 9,917 |
Deferred | 18 |  |  | (356 | ) |  | 438 |  |  | 364 |
| $ | 2,891 |  |  | $ | 5,970 |  |  | $ | 3,871 |  |  | $ | 10,281 |
The reconciliation of the Federal statutory income tax rate to the effective income tax rate is as follows:
| Three months ended |  | Six months ended
| June 30, 2018 |  | June 30, 2017 |  | June 30, 2018 |  | June 30, 2017
Federal statutory rate | 21.0 | % |  | 35.0 | % |  | 21.0 | % |  | 35.0 | %
State income taxes, net of Federal benefit | 6.8 |  |  | 4.5 |  |  | 6.8 |  |  | 4.0 |
Domestic manufacturing deduction | — |  |  | (3.1 | ) |  | — |  |  | (3.0 | )
Excess tax benefits | (2.4 | ) |  | (4.8 | ) |  | (4.1 | ) |  | (5.8 | )
Indian Depreciation | (4.4 | ) |  | — |  |  | (3.2 | ) |  | — |
Other | (1.2 | ) |  | (1.4 | ) |  | (1.0 | ) |  | (0.2 | )
Effective tax rate | 19.8 | % |  | 30.2 | % |  | 19.5 | % |  | 30.0 | %
The Tax Cuts and Jobs Act (the "Act") was enacted on December 22, 2017. Major changes under the Act include the following:
• | Reducing the corporate rate to 21 percent
• | Doubling bonus depreciation to 100 percent for five years
• | Further limitations on executive compensation deductions
• | Eliminating the domestic manufacturing deduction
As a result of these changes, the Company adjusted its deferred tax assets and liabilities in the forth quarter of 2017 using the newly enacted rates for the periods when they are expected to be realized. In February 2018, the Bipartisan Budget Act of 2018 extended accelerated depreciation for business property on an Indian reservation. As a result, the Company has approximately $5.0 million in additional depreciation it can take as a tax deduction in 2017. Because the Company had remeasured its deferred tax liability related to property, plant and equipment to the new lower tax rate at December 31, 2017 and because this additional depreciation became a current tax expense with the passing of this bill in 2018, the Company received a benefit of approximately $0.6 million as the deduction will be taken in 2017 at the higher federal tax rate of 35.0%. The Company's estimated annual 2018 effective tax rate, excluding discrete events, is approximately 27%. We file income tax returns in the U.S., state and foreign income tax returns jurisdictions. We are subject to U.S. examinations for tax years 2014 to present, and to non-U.S. income tax examinations for the tax years of 2013 to present. In addition, we are subject to state and local income tax examinations for the tax years 2013 to present. The Company continues to evaluate its need to file returns in various state jurisdictions. Any interest or penalties would be recognized as a component of income tax expense.

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -URI http://asc.fasb.org/topic&trid=2144680 + Details
Name: | us-gaap_IncomeTaxDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration