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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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, 2019, 2018 and 2017 consist of the following (in thousands):

	Year Ended December 31,
	2019				2018				2017
Income before income taxes (1):
Domestic	$	145,570			$	125,056			$	93,365
Foreign	79,041				80,253				78,947
Income before income taxes	$	224,611			$	205,309			$	172,312
Current income taxes:
Federal (2)	$	26,624			$	18,751			$	15,995
Foreign	21,904				23,231				23,340
State and local	2,553				2,506				968
Current provision for income taxes	51,081				44,488				40,303
Deferred provision (benefit) for income taxes:
Federal  (3)	7,498				7,621				(11,509		)
Foreign	863				(566		)		(1,079		)
State and local	551				560				705
Total deferred provision (benefit) for income taxes	8,912				7,615				(11,883		)
Provision for income taxes	$	59,993			$	52,103			$	28,420

⁽¹⁾  Includes the allocation of certain administrative expenses and intercompany payments, such as royalties and interest, 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 Cuts and Jobs Act (“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. The years ended December 31, 2019 and 2018 include $1.1 million and $0.8 million of income tax expense, respectively, 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 lower corporate income tax rate as a result of the Tax Act. During 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,
	2019				2018
Deferred tax assets:
Property and equipment	$	10,407			$	8,073
Accrued fees on forfeited pawn loans	8,006				7,489
Deferred cost of goods sold deduction	5,721				3,494
Accrued compensation and employee benefits	2,163				1,912
State net operating losses	6,012				6,430
Other	4,428				6,027
Total deferred tax assets	36,737				33,425
Deferred tax liabilities:
Intangible assets	71,814				66,734
Net operating lease asset	5,819				—
Property and equipment	—				1,668
Other	2,812				1,807
Total deferred tax liabilities	80,445				70,209
Net deferred tax liabilities before valuation allowance	(43,708		)		(36,784		)
Valuation allowance	(6,012		)		(6,430		)
Net deferred tax liabilities	$	(49,720	)		$	(43,214	)
Reported as:
Deferred tax assets	$	11,711			$	11,640
Deferred tax liabilities	(61,431		)		(54,854		)
Net deferred tax liabilities	$	(49,720	)		$	(43,214	)

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,
	2019				2018				2017
U.S. federal statutory rate	21		%		21		%		35		%
Tax at the U.S. federal statutory rate	$	47,168			$	43,115			$	60,309
State income tax, net of federal tax benefit of $652, $644 and $586, respectively	2,452				2,422				1,087
Net incremental income tax expense (benefit) from foreign earnings (1)	6,314				6,031				(5,442		)
Net tax benefit resulting from the enactment of the Tax Act	—				(1,494		)		(27,269		)
Non-deductible compensation expense	2,074				1,827				—
Other taxes and adjustments, net	1,985				202				(265		)
Provision for income taxes	$	59,993			$	52,103			$	28,420
Effective tax rate	26.7		%		25.4		%		16.5		%

⁽¹⁾ 

Includes a $2.3 million, $3.3 million and $4.0 million foreign permanent tax benefit related to an inflation index adjustment allowed under Mexico tax law for the years ended December 31, 2019, 2018 and 2017, 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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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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-SubTopic 10
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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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