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INCOME TAXES (Tables)
12 Months Ended
Dec. 31, 2019
Components of Income Tax Expense

Income tax expense is comprised of the following components (in thousands):

 

 

 

For the Years Ended December 31,

 

 

 

2019

 

 

2018

 

 

2017

 

Current income tax expense

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

5,324

 

 

$

10,481

 

 

$

10,202

 

State

 

 

3,677

 

 

 

2,308

 

 

 

2,788

 

 

 

 

9,001

 

 

 

12,789

 

 

 

12,990

 

Deferred income tax expense (benefit)

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

(489

)

 

 

(3,422

)

 

 

1,088

 

State

 

 

(673

)

 

 

(1,014

)

 

 

(167

)

 

 

 

(1,162

)

 

 

(4,436

)

 

 

921

 

Income tax expense

 

$

7,839

 

 

$

8,353

 

 

$

13,911

 

Components of Deferred Tax Assets and Liabilities

Significant components of CoreCivic's deferred tax assets and liabilities as of December 31, 2019 and 2018, are as follows (in thousands):

 

 

 

December 31,

 

 

 

2019

 

 

2018

 

Noncurrent deferred tax assets:

 

 

 

 

 

 

 

 

   Asset reserves and liabilities not yet deductible for tax

 

$

28,247

 

 

$

21,742

 

   Tax over book basis of certain assets

 

 

1,451

 

 

 

1,665

 

   Net operating loss and tax credit carryforwards

 

 

5,130

 

 

 

5,483

 

   Intangible contract value

 

 

262

 

 

 

148

 

   Other

 

 

103

 

 

 

123

 

Total noncurrent deferred tax assets

 

 

35,193

 

 

 

29,161

 

Less valuation allowance

 

 

(3,865

)

 

 

(3,986

)

Total noncurrent deferred tax assets

 

 

31,328

 

 

 

25,175

 

Noncurrent deferred tax liabilities:

 

 

 

 

 

 

 

 

   Book over tax basis of certain assets

 

 

(11,478

)

 

 

(5,707

)

   Intangible value

 

 

(2,264

)

 

 

(2,370

)

   Other

 

 

(1,528

)

 

 

(2,151

)

Total noncurrent deferred tax liabilities

 

 

(15,270

)

 

 

(10,228

)

Net total noncurrent deferred tax assets

 

$

16,058

 

 

$

14,947

 

Reconciliation of Income Tax Provision at Statutory Income Tax Rate and Effective Tax Rate

A reconciliation of the income tax provision at the statutory income tax rate and the effective tax rate as a percentage of income from continuing operations before income taxes for the years ended December 31, 2019, 2018, and 2017 is as follows:

 

 

 

2019

 

 

2018

 

 

2017

 

Statutory federal rate

 

 

21.0

%

 

 

21.0

%

 

 

35.0

%

Dividends paid deduction

 

 

(18.9

)

 

 

(18.6

)

 

 

(31.3

)

State taxes, net of federal tax benefit

 

 

1.2

 

 

 

1.0

 

 

 

1.2

 

Permanent differences

 

 

1.2

 

 

 

1.0

 

 

 

0.6

 

Charges associated with adoption of tax reform

 

 

 

 

 

0.6

 

 

 

2.4

 

Tax benefit of equity-based compensation

 

 

0.1

 

 

 

0.5

 

 

 

(0.5

)

Other items, net

 

 

(0.6

)

 

 

(0.5

)

 

 

(0.2

)

 

 

 

4.0

%

 

 

5.0

%

 

 

7.2

%