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INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The consolidated income (loss) before income taxes for 2017, 2016 and 2015 consists of the following (in thousands):

		2017			2016			2015
Domestic		$	121,897		$	185,042		$	163,325
Foreign			641			375			(14)
Total income before income taxes		$	122,538		$	185,417		$	163,311

Schedule of Components of Income Tax Expense (Benefit)

The consolidated income tax expense for 2017, 2016 and 2015 consists of the following components (in thousands):

		2017			2016			2015
Current
Federal		$	21,316		$	51,489		$	58,090
State			4,327			10,307			8,627
Foreign			155			144			54
		$	25,798		$	61,940		$	66,771
Deferred
Federal		$	(16,065)		$	3,448		$	(7,930)
State			1,459			686			288
Foreign			(76)			(90)			(107)
		$	(14,682)		$	4,044		$	(7,749)
Total consolidated expense		$	11,116		$	65,984		$	59,022

Schedule of Effective Income Tax Rate Reconciliation

The following table provides a reconciliation of differences from the U.S. Federal statutory rate of 35% as follows (in thousands):

		2017			2016			2015
Pretax book income		$	122,538		$	185,417		$	163,311
Federal tax expense at 35% statutory rate			42,888			64,896			57,159
State and local income taxes (net of federal benefit)			5,047			7,145			6,190
Benefit of domestic production deduction			(3,450)			(5,065)			(5,255)
Change in income tax reserves			(11,925)			862			641
Remeasurement of deferred taxes			(19,796)			-			-
Other			(1,648)			(1,854)			287
Total income tax expense		$	11,116		$	65,984		$	59,022

Schedule of Deferred Tax Assets and Liabilities

The components of deferred tax assets and deferred tax liabilities as of December 31, 2017 and 2016 were as follows (in thousands):

		2017			2016
Deferred tax assets
Tax credits and loss carryforwards		$	1,710		$	260
Accrued liabilities			6,629			9,852
Incentive compensation			13,867			21,206
Other			2,852			4,084
		$	25,058		$	35,402
Deferred tax liabilities
Property, plant and equipment		$	(12,813)		$	(5,823)
Intangibles			(45,960)			(5,299)
Other			(2,003)			(3,264)
		$	(60,776)		$	(14,386)
Net deferred tax asset before valuation allowances and reserves		$	(35,718)		$	21,016
Valuation allowances			(1,237)			(1,172)
Net deferred tax asset or liability		$	(36,955)		$	19,844

Schedule of Unrecognized Tax Benefits Roll Forward

A reconciliation of the beginning and ending amount of unrecognized tax benefits was as follows (in thousands) and all balances as of December 31, 2017 were included in Deferred Income Taxes in the Company’s Consolidated Balance Sheet:

Balance at January 1, 2016		$	10,625
Decrease in prior year tax positions			-
Balance at December 31, 2016		$	10,625
Decrease in prior year tax positions			(10,130)
Balance at December 31, 2017		$	495

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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
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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 income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of the change in unrecognized tax benefits.

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