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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

Components of the provision for income taxes and the income to which it relates for the years ended December 31, 2018, 2017 and 2016 consist of the following (in thousands):

	Year Ended December 31,
	2018				2017				2016
Income before income taxes (1):
Domestic	$	125,056			$	93,365			$	30,804
Foreign	80,253				78,947				62,643
Income before income taxes	$	205,309			$	172,312			$	93,447
Current income taxes:
Federal (2)	$	18,751			$	15,995			$	1,419
Foreign	23,231				23,340				18,787
State and local	2,506				968				1,139
Current provision for income taxes	44,488				40,303				21,345
Deferred provision (benefit) for income taxes:
Federal  (3)	7,621				(11,509		)		11,826
Foreign	(566		)		(1,079		)		(528		)
State and local	560				705				677
Total deferred provision (benefit) for income taxes	7,615				(11,883		)		11,975
Provision for income taxes	$	52,103			$	28,420			$	33,320

⁽¹⁾  Includes the allocation of certain administrative expenses and the payment of royalties between domestic and foreign subsidiaries.

⁽²⁾  The year ended December 31, 2017 includes a provisional $1.9 million income tax expense relating to the one-time mandatory tax on previously deferred earnings of the Company’s foreign subsidiaries as a result of the Tax Act. The year ended December 31, 2018 includes a $1.5 million income tax benefit as a result of the Company’s finalization of certain estimates and tax positions used to record the 2017 provisional tax expense and $0.8 million of income tax expense relating to the global intangible low-taxed income (GILTI) inclusion.

⁽³⁾  The year ended December 31, 2017 includes a provisional $29.2 million income tax benefit resulting from the remeasurement of the Company’s domestic net deferred tax liabilities based on the new lower corporate income tax rate as a result of the Tax Act. During fiscal 2018, the Company finalized certain estimates and tax positions used in the analysis of the 2017 provisional tax benefit resulting in no adjustments.

Schedule of Deferred Tax Assets and Liabilities

The principal deferred tax assets and liabilities consist of the following (in thousands):

	As of December 31,
	2018				2017
Deferred tax assets:
Property and equipment in foreign jurisdictions	$	8,073			$	6,752
Accrued fees on forfeited pawn loans	7,489				7,002
Deferred cost of goods sold deduction	3,494				2,058
Accrued compensation and employee benefits	1,912				1,749
State net operating losses	6,430				6,219
Other	6,027				5,459
Total deferred tax assets	33,425				29,239
Deferred tax liabilities:
Intangible assets	66,734				55,121
Property and equipment in domestic jurisdictions	1,668				1,054
Other	1,807				2,645
Total deferred tax liabilities	70,209				58,820
Net deferred tax liabilities before valuation allowance	(36,784		)		(29,581		)
Valuation allowance	(6,430		)		(6,219		)
Net deferred tax liabilities	$	(43,214	)		$	(35,800	)
Reported as:
Deferred tax assets	$	11,640			$	11,237
Deferred tax liabilities	(54,854		)		(47,037		)
Net deferred tax liabilities	$	(43,214	)		$	(35,800	)

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of income taxes calculated at the U.S. federal statutory rate to the provision for income taxes (dollars in thousands):

	Year Ended December 31,
	2018				2017				2016
U.S. federal statutory rate	21		%		35		%		35		%
Tax at the U.S. federal statutory rate	$	43,115			$	60,309			$	32,706
State income tax, net of federal tax benefit of $644, $586 and $636, respectively	2,422				1,087				1,181
Net incremental income tax expense (benefit) from foreign earnings (1)	6,031				(5,442		)		(3,642		)
Net tax benefit resulting from the enactment of the Tax Act	(1,494		)		(27,269		)		—
Nondeductible compensation expense	1,827				—				—
Nondeductible transaction related costs	—				—				2,659
Other taxes and adjustments, net	202				(265		)		416
Provision for income taxes	$	52,103			$	28,420			$	33,320
Effective tax rate	25.4		%		16.5		%		35.7		%

⁽¹⁾  Includes a $3.3 million, $4.0 million and $1.5 million foreign permanent tax benefit related to an inflation index adjustment allowed under Mexico tax law for the years ended December 31, 2018, 2017 and 2016, respectively.

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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-Name Accounting Standards Codification
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-SubTopic 10
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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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