Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2015 |
Income Tax Disclosure [Abstract] |
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Schedule of Components of Provision for Income Taxes |
Components of the provision for income taxes are as follows: | | | | | | | | | | | | | | Years Ended December 31, | (in thousands) | 2015 | | 2014 | | 2013 | Current provision: | | | | | | Federal | $ | 46,138 |
| | $ | 13,236 |
| | $ | 22,727 |
| State and local | 3,822 |
| | 2,008 |
| | 2,462 |
| Foreign | 376 |
| | 78 |
| | — |
| | 50,336 |
| | 15,322 |
| | 25,189 |
| Deferred: | | | | | | Federal | (1,797 | ) | | 19,672 |
| | 5,788 |
| State and local | 9 |
| | 81 |
| | (504 | ) | Foreign | (1,656 | ) | | (4,914 | ) | | — |
| | (3,444 | ) | | 14,839 |
| | 5,284 |
| | $ | 46,892 |
| | $ | 30,161 |
| | $ | 30,473 |
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Schedule of Income before Provision for Income Tax, Domestic and Foreign |
Income from continuing operations before provision for income taxes were as follows: | | | | | | | | | | | | | | Years Ended December 31, | (in thousands) | 2015 | | 2014 | | 2013 | Domestic | $ | 114,380 |
| | $ | 76,023 |
| | $ | 84,742 |
| Foreign | (2,291 | ) | | 495 |
| | 764 |
| | $ | 112,089 |
| | $ | 76,518 |
| | $ | 85,506 |
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Reconciliation of Amount Computed by Applying the Federal Statutory Income Tax Rate |
Our income tax expense is different from the amount computed by applying the federal statutory income tax rate to income before taxes as follows: | | | | | | | | | | | | | | Years Ended December 31, | (in thousands) | 2015 | | 2014 | | 2013 | Federal statutory tax on earnings before income taxes | $ | 39,231 |
| | $ | 26,782 |
| | $ | 29,928 |
| State income taxes, net of federal income tax benefit | 1,772 |
| | 1,388 |
| | 1,514 |
| Non-deductible expense | 2,629 |
| | 999 |
| | 723 |
| Non-deductible acquisition-related charges | 6,567 |
| | 1,339 |
| | — |
| Accruals and settlements related to tax audits | 181 |
| | 529 |
| | (395 | ) | Change in effective state tax rates | 93 |
| | (401 | ) | | (383 | ) | Manufacturing deduction | (1,960 | ) | | — |
| | — |
| Tax credits and incentives | (999 | ) | | (1,209 | ) | | (663 | ) | Other | (622 | ) | | 734 |
| | (251 | ) | | $ | 46,892 |
| | $ | 30,161 |
| | $ | 30,473 |
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Schedule of Deferred Tax Assets and Liabilities |
Components of our deferred tax assets and liabilities are as follows: | | | | | | | | | (in thousands) | 2015 | | 2014 | Deferred tax assets: | | | | Deferred compensation plans | $ | 34,080 |
| | $ | 31,520 |
| Deferred income | 14,336 |
| | 752 |
| Allowance for uncollectible receivables | 1,251 |
| | 1,323 |
| Deferred liabilities | 1,869 |
| | 4,625 |
| Net operating losses and credit carryforward | 11,680 |
| | 32,573 |
| Deferred tax assets | 63,216 |
| | 70,793 |
| Valuation allowance | (1,052 | ) | | (1,274 | ) | Net deferred tax asset | 62,164 |
| | 69,519 |
| Deferred tax liabilities: | | | | Intangible assets in excess of tax basis | 142,970 |
| | 151,210 |
| Property and equipment in excess of tax basis | 31,216 |
| | 37,827 |
| Other | 15,861 |
| | 11,485 |
| Deferred tax liabilities | 190,047 |
| | 200,522 |
| Net deferred tax liability | $ | (127,883 | ) | | $ | (131,003 | ) | Income taxes are classified in the balance sheet as follows: | | | | Net current deferred tax asset | $ | — |
| | $ | 18,519 |
| Net non-current deferred tax liability | (127,883 | ) | | (149,522 | ) | | $ | (127,883 | ) | | $ | (131,003 | ) |
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Schedule of Valuation Allowance for Deferred Tax Assets |
The changes in the valuation allowance for deferred tax assets are as follows: | | | | | | | | | (in thousands) | 2015 | | 2014 | Balance at beginning of the year | $ | 1,274 |
| | $ | 1,213 |
| Charged to costs and expense | (313 | ) | | 158 |
| Charged to other accounts | 91 |
| | (83 | ) | Deductions | — |
| | (14 | ) | Balance at end of the year | $ | 1,052 |
| | $ | 1,274 |
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Reconciliation of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | | | | | | | | | | | | | (in thousands) | 2015 | | 2014 | | 2013 | Balance as of January 1 | $ | 2,926 |
| | $ | 582 |
| | $ | 8,565 |
| Additions for tax positions related to the current year | 310 |
| | 573 |
| | 190 |
| Additions for tax positions of prior years | 302 |
| | 2,097 |
| | 207 |
| Reductions for tax positions of prior years | (1,018 | ) | | (326 | ) | | (8,380 | ) | Balance as of December 31 | $ | 2,520 |
| | $ | 2,926 |
| | $ | 582 |
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