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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Income Tax Provision (Benefit)

Income tax provision (benefit) consists of the following (in thousands):

		Year Ended December 31,
		2020				2019				2018
Current income tax provision:
Federal		$	35,423			$	30,306			$	33,578
State			10,455				6,952				7,674
			45,878				37,258				41,252
Deferred income tax provision:
Federal			12,603				6,928				988
State			522				778				49
			13,125				7,706				1,037
Total income tax provision		$	59,003			$	44,964			$	42,289

Reconciliation of Differences between Income Tax Provision and Income Tax Determined by Applying US Federal Statutory Rate

The income tax provision differs from the amount of income tax determined by applying the U.S. Federal statutory rate to income before taxes as a result of the following (in thousands):

		Year Ended December 31,
		2020				2019				2018
U.S. Federal statutory taxes		$	49,273			$	39,838			$	37,141
State and local taxes, net of U.S. Federal benefit			10,641				8,412				7,716
Permanent items			1,198				1,266				470
Excess tax benefits from vesting or settlement of stock compensation awards			(1,635	)			(3,540	)			(2,368	)
Federal credits			(565	)			(654	)			(662	)
Other			91				(358	)			(8	)
Total income tax provision		$	59,003			$	44,964			$	42,289

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities consist of the following (in thousands):

		As of December 31,
		2020				2019
Deferred tax assets:
Net operating losses		$	43			$	88
Residential product warranty reserve			7,532				6,486
Stock-based compensation			1,071				1,055
Accruals not currently deductible and other			2,041				2,245
Inventories			5,548				5,780
Operating lease liability			9,081				10,618
State tax credit carryforwards			3,345				3,461
Gross deferred tax assets, before valuation allowance			28,661				29,733
Valuation allowance			(2,775	)			(2,988	)
Gross deferred tax assets, after valuation allowance			25,886				26,745
Deferred tax liabilities:
Depreciation			(29,792	)			(17,267	)
Operating lease right-of-use asset			(8,755	)			(10,162	)
Goodwill amortization			(5,775	)			(4,782	)
Inventories and other			(4,520	)			(4,365	)
Gross deferred tax liabilities			(48,842	)			(36,576	)
Net deferred tax liability		$	(22,956	)		$	(9,831	)

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- Definition

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

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319

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- Definition

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.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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