Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2018 |
Income Taxes [Abstract] |
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Summary of Income Before Taxes |
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Year Ended December 31,
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(in thousands)
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2018
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2017
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2016
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United States operations
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$
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106,222
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$
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135,177
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$
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128,072
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Foreign and U.S. territory operations
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26,391
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18,798
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21,043
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Total
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$
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132,613
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$
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153,975
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$
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149,115
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Provision for Income Taxes |
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Year Ended December 31,
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(in thousands)
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2018
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2017
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2016
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Current expense:
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Federal
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$
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21,055
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$
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12,329
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$
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43,850
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State
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8,676
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6,763
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13,039
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Foreign and U.S. territories
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5,550
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3,435
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6,573
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Total current expense
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35,281
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22,527
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63,462
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Deferred expense (benefit):
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Federal
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(1,773)
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(30,021)
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(3,054)
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State
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1,278
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5,560
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(5,302)
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Foreign and U.S. territories
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46
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1,365
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(1,813)
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Total deferred expense (benefit)
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(449)
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(23,096)
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(10,169)
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Total expense (benefit)
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$
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34,832
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$
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(569)
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$
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53,293
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Reconciliation of Provision for Income Taxes |
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Year Ended December 31,
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2018
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2017
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2016
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(dollars in thousands)
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Amount
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Rate
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Amount
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Rate
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Amount
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Rate
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Federal income tax expense at statutory tax rate
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$
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27,849
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21.0
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%
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$
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53,892
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35.0
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%
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$
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52,190
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35.0
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%
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State income taxes, net of federal tax benefit
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9,011
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6.8
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7,753
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5.0
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4,614
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3.1
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Impact of federal tax law change
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211
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0.2
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(53,348)
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(34.6)
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—
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—
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Officers' compensation
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3,078
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2.3
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2,622
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1.7
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3,807
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2.6
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Domestic production activities deduction
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—
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—
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(2,668)
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(1.7)
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(4,018)
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(2.7)
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Noncontrolling interest
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(3,232)
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(2.4)
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(2,137)
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(1.4)
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—
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—
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Federal R&D credits
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(2,658)
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(2.0)
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(470)
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(0.4)
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(669)
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(0.5)
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Reversal of reserve for uncertain tax positions and taxes payable due to statute expirations
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(1,958)
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(1.5)
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(4,337)
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(2.8)
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—
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—
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Other
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2,531
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1.9
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(1,876)
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(1.2)
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(2,631)
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(1.8)
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Income tax expense (benefit)
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$
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34,832
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26.3
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%
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$
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(569)
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(0.4)
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%
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$
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53,293
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35.7
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%
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Significant Components of Deferred Tax Assets and Liabilities |
The following is a summary of the significant components of the deferred tax assets and liabilities:
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As of December 31,
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(in thousands)
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2018
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2017
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Deferred tax assets:
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Timing of expense recognition
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$
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20,832
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$
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22,730
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Net operating losses
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8,611
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8,590
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Other, net
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18,828
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15,618
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Deferred tax assets
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48,271
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46,938
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Valuation allowance
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(1,150)
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(381)
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Net deferred tax assets
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47,121
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46,557
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Deferred tax liabilities:
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Intangible assets, due primarily to purchase accounting
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(36,862)
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(30,019)
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Fixed assets, due primarily to purchase accounting
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(75,998)
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(73,833)
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Construction contract accounting
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(9,435)
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(17,539)
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Joint ventures
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(9,853)
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(11,343)
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Other
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(20,411)
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(22,263)
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Deferred tax liabilities
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(152,559)
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(154,997)
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Net deferred tax liabilities
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$
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(105,438)
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$
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(108,440)
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The Company had net operating loss carryforwards in various state tax jurisdictions totaling approximately $93.9 million as of December 31, 2018, with expiration dates ranging from 2020 to 2035.
The net deferred tax liabilities are presented in the Consolidated Balance Sheets as follows:
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As of December 31,
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(in thousands)
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2018
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2017
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Deferred tax assets
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$
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83
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$
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64
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Deferred tax liabilities
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(105,521)
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(108,504)
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Net deferred tax liabilities
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$
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(105,438)
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$
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(108,440)
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Reconciliation of Gross Unrecognized Tax Benefit |
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As of December 31,
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(in thousands)
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2018
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2017
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2016
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Beginning balance
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$
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6,495
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$
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7,574
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$
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3,612
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Change in tax positions of prior years
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(302)
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(1,207)
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3,543
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Change in tax positions of current year
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763
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128
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419
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Reduction in tax positions for statute expirations
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(1,958)
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—
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—
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Ending Balance
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$
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4,998
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$
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6,495
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$
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7,574
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