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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Taxes  
Schedule of provision for income taxes

                                                                                                                                                                                    

 

 

2014

 

2013

 

2012

 

 

(in thousands)

Currently payable:

 

 

 

 

 

 

 

 

 

Federal

 

$

161,863 

 

 

131,000 

 

 

104,922 

State

 

 

14,206 

 

 

12,197 

 

 

9,335 

Foreign

 

 

35 

 

 

37 

 

 

—  

​  

​  

​  

​  

​  

​  

 

 

 

176,104 

 

 

143,234 

 

 

114,257 

Deferred taxes

 

 

728 

 

 

(3,001)

 

 

(5,782)

​  

​  

​  

​  

​  

​  

Provision for income taxes

 

$

176,832 

 

 

140,233 

 

 

108,475 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of reconciliation of statutory federal income tax rate with effective income tax rate

                                                                                                                                                                                    

 

 

2014

 

2013

 

2012

Statutory federal income tax rate

 

 

35.0% 

 

 

35.0% 

 

 

35.0% 

State income taxes, net of federal tax benefits

 

 

2.1 

 

 

2.2 

 

 

2.2 

State tax incentives

 

 

(0.2)

 

 

(0.1)

 

 

(0.2)

Valuation allowance on losses capital in nature

 

 

(1.0)

 

 

(1.8)

 

 

(0.8)

Other items

 

 

0.2 

 

 

0.4 

 

 

(0.2)

​  

​  

​  

​  

​  

​  

Effective income tax rate

 

 

36.1% 

 

 

35.7% 

 

 

36.0% 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

 

Schedule of deferred tax liabilities and deferred tax assets

                                                                                                                                                                                    

 

 

2014

 

2013

 

 

(in thousands)

Deferred tax liabilities:

 

 

 

 

 

 

Deferred sales commissions

 

$

(4,285)

 

 

(6,928)

Property and equipment

 

 

(10,335)

 

 

(6,706)

Benefit plans

 

 

(11,452)

 

 

(10,620)

Identifiable intangible assets

 

 

(12,562)

 

 

(16,697)

Unrealized gains on investment securities

 

 

 

 

(1,853)

Prepaid expenses

 

 

(2,150)

 

 

(2,100)

​  

​  

​  

​  

Total gross deferred liabilities

 

 

(40,784)

 

 

(44,904)

​  

​  

​  

​  

Deferred tax assets:

 

 

 

 

 

 

Accrued compensation

 

 

9,098 

 

 

10,893 

Additional pension and postretirement liability

 

 

28,389 

 

 

11,663 

Other accrued expenses

 

 

5,789 

 

 

5,151 

Unrealized losses on investment securities

 

 

673 

 

 

962 

Unrealized losses on investment in partnerships

 

 

370 

 

 

2,031 

Capital loss carryforwards

 

 

6,849 

 

 

9,474 

Nonvested stock

 

 

20,300 

 

 

21,860 

Unused state tax credits

 

 

992 

 

 

866 

State net operating loss carryforwards

 

 

5,718 

 

 

6,521 

Other

 

 

3,572 

 

 

3,962 

​  

​  

​  

​  

Total gross deferred assets

 

 

81,750 

 

 

73,383 

Valuation allowance

 

 

(13,476)

 

 

(16,986)

​  

​  

​  

​  

Net deferred tax asset

 

$

27,490 

 

 

11,493 

​  

​  

​  

​  

​  

​  

​  

​  

 

Summary of the Company's reconciliation of unrecognized tax benefits, excluding penalties and interest

                                                                                                                                                                                    

 

 

2014

 

2013

 

2012

 

 

(in thousands)

Balance at January 1

 

$

9,013 

 

 

8,322 

 

 

7,467 

Increases during the year:

 

 

 

 

 

 

 

 

 

Gross increases—tax positions in prior period

 

 

433 

 

 

644 

 

 

275 

Gross increases—current-period tax positions

 

 

656 

 

 

1,355 

 

 

2,215 

Decreases during the year:

 

 

 

 

 

 

 

 

 

Gross decreases—tax positions in prior period

 

 

(192)

 

 

(71)

 

 

(429)

Decreases due to settlements with taxing authorities

 

 

(877)

 

 

(154)

 

 

Decreases due to lapse of statute of limitations

 

 

(928)

 

 

(1,083)

 

 

(1,206)

​  

​  

​  

​  

​  

​  

Balance at December 31

 

$

8,105 

 

 

9,013 

 

 

8,322 

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​  

​