Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Components of Income Tax Expense (Benefit)

The amounts provided for income taxes were as follows:



	Year Ended December 31,
	2019			2018			2017
Current:
U.S. Federal	$	33,379		$	27,962		$	28,271
State	10,632			11,225			3,458
	$	44,011		$	39,187		$	31,729
Deferred:
U.S. Federal	$	(7,209	)	$	(12,524	)	$	(31,049	)
State	(3,989		)	(5,111		)	(2,262		)
	(11,198		)	(17,635		)	(33,311		)
Total	$	32,813		$	21,552		$	(1,582	)

Schedule of Deferred Tax Assets and Liabilities

The tax effect of temporary differences which give rise to a significant portion of deferred tax assets and liabilities is as follows:



	December 31, 2019			December 31, 2018
Deferred tax assets:
Employee benefit accruals	$	11,709		$	12,801
Impairment of investments	9,772			4,131
Impact of timing of settlement payments	19,313			20,551
Disallowed interest expense carryforward	—			1,619
Various U.S. state tax loss carryforwards	4,296			5,137
Operating lease liabilities	3,679			—
Other	2,274			1,966
	51,043			46,205
Less: Valuation allowance	(1,292		)	(3,817		)
Net deferred tax assets	$	49,751		$	42,388

Deferred tax liabilities:
Basis differences on non-consolidated entities ⁽¹⁾	$	(7,990	)	$	(7,752	)
Basis differences on fixed and intangible assets	(35,082		)	(35,854		)
Capitalized interest expense ⁽¹⁾	—			(6,532		)
Basis differences on inventory	(10,645		)	(11,497		)
Basis differences on long-term investments	(22,424		)	(16,496		)
Impact of accounting for convertible debt	(813		)	(385		)
Basis differences on available for sale securities	(3,219		)	(1,283		)
Operating lease right of use assets	(3,273		)	—
	$	(83,446	)	$	(79,799	)

Net deferred tax liabilities	$	(33,695	)	$	(37,411	)

_____________________________

⁽¹⁾

The Company reclassified its capitalized interest expense to its basis differences on non-consolidated entities during the year ended December 31, 2019.

Schedule of Effective Income Tax Rate Reconciliation

Differences between the amounts provided for income taxes and amounts computed at the federal statutory tax rate are summarized as follows:



	Year Ended December 31,
	2019			2018			2017
Income before provision for income taxes	$	133,828		$	79,559		$	89,168
Federal income tax expense at statutory rate	28,104			16,707			31,209
Increases (decreases) resulting from:
State income taxes, net of federal income tax benefits	6,430			6,060			3,833
Impact of non-controlling interest	(9		)	21			(2,162		)
Non-deductible expenses	1,385			1,993			2,146
Impact of domestic production deduction	—			359			(2,960		)
Impact of Tax Cuts and Jobs Act of 2017	—			(2,691		)	(28,845		)
Excess tax benefits on stock-based compensation	(1,488		)	(778		)	(1,143		)
Tax credits	(166		)	(127		)	(2,683		)
Other	791			(545		)	(155		)
Inclusion of tax liabilities from unincorporated entities	291			400			(47		)
Changes in valuation allowance, net of equity and tax audit adjustments	(2,525		)	153			(775		)
Income tax expense (benefit)	$	32,813		$	21,552		$	(1,582	)

Schedule of Unrecognized Tax Benefits

The following table summarizes the activity related to the unrecognized tax benefits:



Balance at January 1, 2017	$	515
Additions based on tax positions related to prior years	208
Settlements	—
Expirations of the statute of limitations	(95		)
Balance at December 31, 2017	628
Additions based on tax positions related to prior years	26
Settlements	(100		)
Expirations of the statute of limitations	(163		)
Balance at December 31, 2018	391
Additions based on tax positions related to prior years	1,586
Settlements	—
Expirations of the statute of limitations	(330		)
Balance at December 31, 2019	$	1,647