Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2018
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,
2018 2017 2016
(In thousands)
Current:
Federal $ (37,028) $ (34,877) $ (43,655)
State (7,411) (7,292) (3,766)
Total current (44,439) (42,169) (47,421)
Deferred 21,517  28,198  (13,275)
Total provision for income taxes for continuing operations - benefit (expense) $ (22,922) $ (13,971) $ (60,696)
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,
2018 2017 2016
U.S. statutory federal income tax rate 21.00  % 35.00  % 35.00  %
Effective state income tax rate 4.60  % 4.58  % 2.04  %
Valuation allowance adjustments 0.20  % (0.59) % 0.85  %
Uncertain tax positions 0.17  % 0.71  % 0.17  %
Effect of change in future U.S. statutory federal income tax rate 0.00  % (26.27) % 0.00  %
Non-deductible compensation 3.06  % 0.23  % 0.15  %
Other 1.41  % (0.74) % 0.90  %
Effective income tax rate 30.44  % 12.92  % 39.11  %
Components of Deferred Tax Assets and Liabilities Significant components of our deferred tax assets and liabilities are as follows:
December 31, 2018 December 31, 2017
(In thousands) 
Deferred tax assets:
Accruals and reserves $ 24,948  $ 24,320 
State net operating loss carryforwards 12,687  12,689 
Basis difference in property and equipment 11,515  — 
Interest and state taxes associated with the liability for uncertain income tax positions 1,175  1,126 
Other 1,778  712 
Total deferred tax assets 52,103  38,847 
Deferred tax liabilities:
Fair value of interest rate swaps and caps (462) (696)
Basis difference in inventories (838) (965)
Basis difference in property and equipment —  (2,467)
Basis difference in goodwill (69,646) (73,803)
Other (2,544) (1,636)
Total deferred tax liabilities (73,490) (79,567)
Valuation allowance (8,138) (7,985)
Net deferred tax asset (liability) $ (29,525) $ (48,705)
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.
2018 2017 2016
(In thousands) 
Unrecognized tax benefit liability, January 1 (1) $ 4,645  $ 4,357  $ 4,755 
New positions —  653  — 
Prior period positions:
Increases 7  491  939 
Decreases (199) (539) (415)
Increases from current period positions 714  692  615 
Settlements
Lapse of statute of limitations (69) (781) (1,290)
Other (197) (228) (247)
Unrecognized tax benefit liability, December 31 (2) $ 4,901  $ 4,645  $ 4,357 
(1) Excludes accrued interest and penalties of $0.6 million, $0.8 million and $1.1 million at January 1, 2018, 2017 and 2016, respectively.
(2) Excludes accrued interest and penalties of $0.6 million, $0.6 million and $0.8 million at December 31, 2018, 2017 and 2016, respectively. Amount presented is net of state net operating losses of $0.0 million, $0.1 million and $0.3 million at December 31, 2018, 2017 and 2016, respectively.