Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2020 |
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| Income Tax Disclosure [Abstract] |
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| Provision for Income Taxes for Continuing Operations - Benefit (Expense) |
The provision for income taxes for continuing operations - benefit (expense) consists of the following:
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Year Ended December 31, |
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2020 |
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2019 |
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2018 |
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(In thousands) |
| Current: |
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| Federal |
$ |
(33,819) |
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$ |
(62,016) |
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$ |
(37,028) |
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| State |
(16,549) |
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(12,563) |
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(7,411) |
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| Total current |
(50,368) |
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(74,579) |
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(44,439) |
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| Deferred |
34,468 |
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|
19,471 |
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|
21,517 |
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| Total provision for income taxes for continuing operations - benefit (expense) |
$ |
(15,900) |
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$ |
(55,108) |
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$ |
(22,922) |
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| Reconciliation of Statutory Federal Income Tax Rate with Federal and State Overall Effective Income Tax Rate from Continuing Operations |
The reconciliation of the U.S. statutory federal income tax rate with our federal and state overall effective income tax rate from continuing operations is as follows:
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Year Ended December 31, |
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2020 |
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2019 |
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2018 |
| U.S. statutory federal income tax rate |
21.00 |
% |
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21.00 |
% |
|
21.00 |
% |
| Effective state income tax rate |
(8.44) |
% |
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4.10 |
% |
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4.60 |
% |
| Valuation allowance adjustments |
7.45 |
% |
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(0.18) |
% |
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0.20 |
% |
| Uncertain tax positions |
(0.63) |
% |
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(0.45) |
% |
|
0.17 |
% |
| Effect of goodwill impairment |
(60.22) |
% |
|
0.00 |
% |
|
0.00 |
% |
| Non-deductible compensation |
(7.13) |
% |
|
1.48 |
% |
|
3.06 |
% |
| Tax credits |
7.37 |
% |
|
0.00 |
% |
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0.00 |
% |
| Other |
(5.13) |
% |
|
1.65 |
% |
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1.41 |
% |
| Effective income tax rate |
(45.73) |
% |
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27.60 |
% |
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30.44 |
% |
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| Components of Deferred Tax Assets and Liabilities |
Significant components of our deferred tax assets and liabilities are as follows:
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December 31, 2020 |
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December 31, 2019 |
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(In thousands) |
| Deferred tax assets: |
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| Accruals and reserves |
$ |
32,920 |
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$ |
27,271 |
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| State net operating loss carryforwards |
8,965 |
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10,771 |
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| Basis difference in property and equipment |
9,941 |
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20,923 |
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| Interest and state taxes associated with the liability for uncertain income tax positions |
987 |
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|
938 |
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| Fair value of interest rate swaps and interest rate caps |
1,354 |
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1,153 |
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| Basis difference in liabilities related to right-of-use assets |
98,447 |
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|
93,808 |
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| Basis difference in inventories |
427 |
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— |
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| Other |
1,904 |
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|
2,146 |
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| Total deferred tax assets |
154,945 |
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|
157,010 |
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| Deferred tax liabilities: |
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| Basis difference in inventories |
— |
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(804) |
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| Basis difference in goodwill |
(24,497) |
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(61,397) |
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| Basis difference in right-of-use assets |
(95,078) |
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(90,679) |
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| Other |
(1,603) |
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(2,316) |
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| Total deferred tax liabilities |
(121,178) |
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|
(155,196) |
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| Valuation allowance |
(5,184) |
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(7,775) |
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| Net deferred tax asset (liability) |
$ |
28,583 |
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$ |
(5,961) |
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| Summary of Changes in Liability Related to Unrecognized Tax Benefits |
A summary of the changes in the liability related to our unrecognized tax benefits is presented below.
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2020 |
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2019 |
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2018 |
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(In thousands) |
| Unrecognized tax benefit liability, January 1 (1) |
$ |
3,839 |
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$ |
4,901 |
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$ |
4,645 |
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| New positions |
— |
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— |
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— |
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| Prior period positions: |
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| Increases |
1,749 |
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1,795 |
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|
7 |
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| Decreases |
(2,230) |
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(2,697) |
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(199) |
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| Increases from current period positions |
774 |
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|
582 |
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|
714 |
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| Settlements |
— |
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(653) |
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— |
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| Lapse of statute of limitations |
(8) |
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(8) |
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(69) |
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| Other |
(89) |
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(81) |
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(197) |
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| Unrecognized tax benefit liability, December 31 (2) |
$ |
4,035 |
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$ |
3,839 |
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$ |
4,901 |
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(1)Excludes accrued interest and penalties of $0.5 million, $0.6 million and $0.6 million at January 1, 2020, 2019 and 2018, respectively.
(2)Excludes accrued interest and penalties of $0.5 million, $0.5 million and $0.6 million at December 31, 2020, 2019 and 2018, respectively.
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