XML 56 R41.htm IDEA: XBRL DOCUMENT v3.10.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Provision (Benefit) for Income Tax Attributable to Income (Loss) from Continuing Operations before Income Taxes

The provision for income tax attributable to income before income taxes consisted of (in thousands):

	Year Ended December 31,
	2018				2017				2016
Current:
Federal	$	70,098			$	95,814			$	90,387
State	10,941				8,961				8,744
Total current taxes	81,039				104,775				99,131
Deferred:
Federal	(350		)		37,151				5,749
State	9,863				10,341				1,214
Total deferred taxes	9,513				47,492				6,963
Total income tax expense	$	90,552			$	152,267			$	106,094

Effective Tax Rate Differs from Federal Statutory Rate

The Company’s provision for income taxes was different from the amount computed by applying the statutory federal income tax rate of 21% to the underlying income before income taxes as a result of the following (in thousands):

	Year Ended December 31,
	2018				2017				2016
Taxes at the U.S. federal statutory rate	$	76,009			$	118,936			$	105,779
State income taxes, net of federal tax impact	13,603				10,712				9,539
Domestic production activities deduction	—				(7,108		)		(5,037		)
Non-deductible transaction costs	234				541				305
Change in valuation allowance	—				3,256				(4,038		)
Tax Cuts and Jobs Act	(740		)		21,961				—
Other, net	1,446				3,969				(454		)
Total income tax expense	$	90,552			$	152,267			$	106,094
Effective income tax rate	25.0		%		44.8		%		35.1		%

Components of Deferred Income Tax Assets

Deferred taxes consisted of the following at December 31, 2018 and 2017 (in thousands):

	Year Ended December 31,
	2018				2017
Deferred tax assets:
Impairment and other valuation reserves	$	37,573			$	40,438
Incentive compensation	5,946				5,851
Indirect costs capitalized	20,348				19,574
Net operating loss carryforwards (state)	18,702				25,172
State taxes	2,275				2,181
Other costs and expenses	10,848				11,354
Gross deferred tax assets	95,692				104,570
Valuation allowance	(3,449		)		(3,478		)
Deferred tax assets, net of valuation allowance	92,243				101,092
Deferred tax liabilities:
Interest capitalized	(7,355		)		(7,144		)
Basis difference in inventory	(8,170		)		(9,207		)
Fixed assets	(2,473		)		(1,710		)
Intangibles	(5,187		)		(5,360		)
Deferred financing costs	(802		)		(898		)
Other	(488		)		(360		)
Deferred tax liabilities	(24,475		)		(24,679		)
Net deferred tax assets	$	67,768			$	76,413

Schedule of Gross Unrecognized Tax Benefits

The following table summarizes the activity related to the Company’s gross unrecognized tax benefits (in thousands):

	Year Ended December 31,
	2018				2017
Balance at beginning of year	$	1,521			$	—
Increase (decrease) related to prior year tax positions	(507		)		1,521
Balance at end of year	$	1,014			$	1,521

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

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
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319

+ Details

Name:	us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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

+ Details

Name:	us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- 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
-URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32687-109319

+ Details

Name:	us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration

X

- Definition

Tabular disclosure of the change in unrecognized tax benefits.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 55
-Paragraph 217
-URI http://asc.fasb.org/extlink&oid=109238393&loc=d3e36027-109320

Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 15A
-URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319

+ Details

Name:	us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix:	us-gaap_
Data Type:	nonnum:textBlockItemType
Balance Type:	na
Period Type:	duration