Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.19.3.a.u2
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
Provision for Income Taxes for Continuing Operations - Benefit (Expense)
The provision for income taxes for continuing operations - benefit (expense) consists of the following:
Year Ended December 31,
2019 2018 2017
(In thousands)
Current:
Federal $ (62,016)   $ (37,028)   $ (34,877)  
State (12,563)   (7,411)   (7,292)  
Total current (74,579)   (44,439)   (42,169)  
Deferred 19,471    21,517    28,198   
Total provision for income taxes for continuing operations - benefit (expense) $ (55,108)   $ (22,922)   $ (13,971)  
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:
Year Ended December 31,
2019 2018 2017
U.S. statutory federal income tax rate 21.00  % 21.00  % 35.00  %
Effective state income tax rate 4.10  % 4.60  % 4.58  %
Valuation allowance adjustments (0.18) % 0.20  % (0.59) %
Uncertain tax positions (0.45) % 0.17  % 0.71  %
Effect of change in future U.S. statutory federal income tax rate 0.00  % 0.00  % (26.27) %
Non-deductible compensation 1.48  % 3.06  % 0.23  %
Other 1.65  % 1.41  % (0.74) %
Effective income tax rate 27.60  % 30.44  % 12.92  %
Components of Deferred Tax Assets and Liabilities Significant components of our deferred tax assets and liabilities are as follows:
December 31, 2019 December 31, 2018
(In thousands)  
Deferred tax assets:
Accruals and reserves $ 27,271    $ 24,948   
State net operating loss carryforwards 10,771    12,687   
Basis difference in property and equipment 20,923    11,515   
Interest and state taxes associated with the liability for uncertain income tax positions 938    1,175   
Fair value of interest rate swaps and interest rate caps 1,153    —   
Basis difference in liabilities related to right-of-use assets 93,808    —   
Other 2,146    1,778   
Total deferred tax assets 157,010    52,103   
Deferred tax liabilities:
Fair value of interest rate swaps and caps —    (462)  
Basis difference in inventories (804)   (838)  
Basis difference in goodwill (61,397)   (69,646)  
Basis difference in right-of-use assets (90,679)   —   
Other (2,316)   (2,544)  
Total deferred tax liabilities (155,196)   (73,490)  
Valuation allowance (7,775)   (8,138)  
Net deferred tax asset (liability) $ (5,961)   $ (29,525)  
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.
2019 2018 2017
(In thousands)  
Unrecognized tax benefit liability, January 1 (1) $ 4,901    $ 4,645    $ 4,357   
New positions —    —    653   
Prior period positions:
Increases 1,795    7    491   
Decreases (2,697)   (199)   (539)  
Increases from current period positions 582    714    692   
Settlements (653)   —    —   
Lapse of statute of limitations (8)   (69)   (781)  
Other (81)   (197)   (228)  
Unrecognized tax benefit liability, December 31 (2) $ 3,839    $ 4,901    $ 4,645   
(1) Excludes accrued interest and penalties of $0.6 million, $0.6 million and $0.8 million at January 1, 2019, 2018 and 2017, respectively.
(2) Excludes accrued interest and penalties of $0.5 million, $0.6 million and $0.6 million at December 31, 2019, 2018 and 2017, respectively. Amount presented is net of state net operating losses of $0.0 million, $0.0 million and $0.1 million at December 31, 2019, 2018 and 2017, respectively.