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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

ollowing is a summary of the Company’s income tax expense from continuing operations:

			Year Ended December 31,
(In Thousands)			2020						2019						2018
Current Income Tax Expense:
Federal			$	(15,895)					$	4,453					$	(5,435)
State			16,219						11,206						9,575
			324						15,659						4,140
Deferred Income Tax Expense:
Federal			37,132						38,353						30,314
State			493						(1,784)						(2,958)
			37,625						36,569						27,356
Income Tax Expense			$	37,949					$	52,228					$	31,496

Components of Deferred Income Tax Liabilities and Assets

Significant components of the Company’s deferred income tax liabilities and assets from continuing operations are as follows:

			December 31,
(In Thousands)			2020						2019
Deferred Tax Liabilities:
Lease Merchandise and Property, Plant and Equipment			$	179					$	336
Goodwill and Other Intangibles			—						119
Investment in Partnership			150,988						165,042
Operating Lease Right-of-Use Assets			447						681
Other, Net			—						—
Total Deferred Tax Liabilities			151,614						166,178
Deferred Tax Assets:
Accrued Liabilities			10,699						5,137
Advance Payments			—						—
Operating Lease Liabilities			472						710
Other, Net			17,539						60,039
Total Deferred Tax Assets			28,710						65,886
Less Valuation Allowance			(4,034)						—
Net Deferred Tax Liabilities			$	126,938					$	100,292

Effective Tax Rate Differs from Statutory United States Federal Income Tax Rate

The Company’s effective tax rate from continuing operations differs from the statutory United States Federal income tax rate as follows:

			Year Ended December 31,
			2020						2019						2018
Statutory Rate			21.0		%				21.0		%				21.0		%
Increases (Decreases) in United States Federal Taxes
Resulting From:
State Income Taxes, net of Federal Income Tax Benefit			4.6						26.9						3.4
Permanent difference for loss on Progressive FTC matter			—						133.1						—
NOL Carryback under CARES Act			(13.1)						—						—
Other Permanent Differences			(1.0)						(7.4)						(1.5)
Deferred Tax Adjustments			1.1						5.8						(0.4)
Current FIN 48 Expense			(0.3)						7.2						(0.1)
Other, net			1.7						2.5						(2.3)
Effective Tax Rate			14.0		%				189.1		%				20.1		%

Summary of Activity Related to Uncertain Tax Positions

The following table summarizes the activity related to the Company’s uncertain tax positions:

			Year Ended December 31,
(In Thousands)			2020						2019						2018
Balance at January 1,			$	3,699					$	1,896					$	1,701
Additions Based on Tax Positions Related to the Current Year			26						103						128
Additions for Tax Positions of Prior Years			220						1,957						595
Prior Year Reductions			(108)						(32)						(85)
Statute Expirations			(1,053)						(225)						(160)
Settlements			(36)						—						(283)
Balance at December 31,			$	2,748					$	3,699					$	1,896

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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
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-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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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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Tabular disclosure of the change in unrecognized tax benefits, excluding amounts pertaining to examined tax returns.

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