v3.10.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Summary of Income Tax Expense

Following is a summary of the Company’s income tax expense (benefit):

	Year Ended December 31,
(In Thousands)	2018				2017				2016
Current Income Tax Expense:
Federal	$	(5,380	)		$	(3,530	)		$	103,993
State	13,015				9,772				10,308
	7,635				6,242				114,301
Deferred Income Tax Expense (Benefit):
Federal	48,287				(60,547		)		(33,470		)
State	72				1,346				(1,692		)
	48,359				(59,201		)		(35,162		)
Income Tax Expense (Benefit)	$	55,994			$	(52,959	)		$	79,139

Components of Deferred Income Tax Liabilities and Assets

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

	December 31,
(In Thousands)	2018				2017
Deferred Tax Liabilities:
Lease Merchandise and Property, Plant and Equipment	$	174,171			$	122,155
Goodwill and Other Intangibles	41,183				37,080
Investment in Partnership	159,070				107,173
Other, Net	1,804				2,074
Total Deferred Tax Liabilities	376,228				268,482
Deferred Tax Assets:
Accrued Liabilities	21,918				25,509
Advance Payments	9,232				8,199
Other, Net	86,339				23,771
Total Deferred Tax Assets	117,489				57,479
Less Valuation Allowance	—				—
Net Deferred Tax Liabilities	$	258,739			$	211,003

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

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

	Year Ended December 31,
	2018			2017			2016
Statutory Rate	21.0	%		35.0	%		35.0	%
Increases (Decreases) in United States Federal Taxes
Resulting From:
State Income Taxes, net of Federal Income Tax Benefit	4.0			2.7			2.6
Other Permanent Differences	(1.2	)		—			—
Federal Tax Credits	(0.5	)		(0.8	)		(1.1	)
Change in Valuation Allowance	—			(0.4	)		—
Remeasurement of net Deferred Tax Liabilities	(0.2	)		(58.2	)		—
Other, net	(0.9	)		(0.4	)		(0.3	)
Effective Tax Rate	22.2	%		(22.1	)%		36.2	%

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)	2018				2017				2016
Balance at January 1,	$	2,269			$	2,594			$	3,561
Additions Based on Tax Positions Related to the Current Year	269				456				258
Additions for Tax Positions of Prior Years	615				232				293
Prior Year Reductions	(85		)		(236		)		(776		)
Statute Expirations	(257		)		(346		)		(609		)
Settlements	(282		)		(431		)		(133		)
Balance at December 31,	$	2,529			$	2,269			$	2,594

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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
-Topic 740
-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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