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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Income Tax Provision

Income Tax Provision consisted of the following expense/(benefit) components for the years ended December 31: 

(in thousands)		2019				2018				2017
Current:
Federal		$	67,745			$	54,447			$	106,710
State		10,158				7,359				9,446
Foreign		2,791				(188		)		217
Total Current		80,694				61,618				116,373
Deferred:
Federal		6,395				7,616				(59,517		)
State		1,427				1,750				638
Foreign		(370		)		2,891				(393		)
Total Deferred		7,452				12,257				(59,272		)
Total		$	88,146			$	73,875			$	57,101

Effective Income Tax Rate Reconciliation

The reconciliation between the statutory income tax rate and the effective tax rate consisted of the following for the years ended December 31: 

		2019			2018			2017
Expected Federal Statutory Income Tax Rate		21.0	%		21.0	%		35.0	%
Increase/(Decrease):
State and Local Income Taxes, net of Federal Benefit		2.4			2.4			1.9
Non-Deductible Executive Compensation		0.9			1.1			0.0
Federal Rate Adjustment to Deferred Taxes1		0.0			0.0			(20.2	)
Other		(0.2	)		0.4			(0.5	)
Effective Tax Rate		24.1	%		24.9	%		16.2	%

1

Represents the impact of revaluing the net deferred tax liability due to the enactment of the Tax Act, and includes the federal tax benefit of any state and local deferred taxes.

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that gave rise to significant portions of deferred tax assets and liabilities consisted of the following at December 31:

(in thousands)		2019				2018
Deferred Tax Assets
Tax Net Operating Loss Carryforwards		$	71,724			$	74,213
Compensation Related		15,994				12,514
Other		2,897				2,553
Total Deferred Tax Assets		90,615				89,280
Valuation Allowance		(57,790		)		(56,925		)
Total Deferred Tax Asset, net of Valuation Allowance		$	32,825			$	32,355
Deferred Tax Liabilities
Intangible Assets		$	191,595			$	174,812
Property and Equipment		5,493				4,646
Other		1,119				1,061
Total Gross Deferred Tax Liability		$	198,207			$	180,519
Net Deferred Tax Liability		$	165,382			$	148,164

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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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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-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
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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

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 12
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