INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2017 |
Income Tax Disclosure [Abstract] |
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Schedule of income tax provision |
The Company’s income tax provision consisted of the following: | | | | | | | | | | | | | For the years ended December 31, | 2017 | | 2016 | | 2015 | (in thousands) | | | | | | Current: | |
| | |
| | |
| Federal | $ | 76,178 |
| | $ | 69,102 |
| | $ | 68,667 |
| State | 13,406 |
| | 12,949 |
| | 11,335 |
| Foreign | 7,158 |
| | 14,464 |
| | 7,534 |
| Total current tax | 96,742 |
| | 96,515 |
| | 87,536 |
| Deferred: | |
| | |
| | |
| Federal | 17,249 |
| | (5,991 | ) | | 1,286 |
| State | 1,610 |
| | 2,892 |
| | 2,078 |
| Foreign | (223 | ) | | (149 | ) | | 129 |
| Total deferred tax | 18,636 |
| | (3,248 | ) | | 3,493 |
| Total income tax provision | $ | 115,378 |
| | $ | 93,267 |
| | $ | 91,029 |
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Schedule of primary factors causing income tax expense to be different than the federal statutory rate |
The primary factors causing income tax expense to be different than the federal statutory rate for 2017, 2016, and 2015 are as follows: | | | | | | | | | | | | | For the years ended December 31, | 2017 | | 2016 | | 2015 | (in thousands) | | | | | | Income tax at statutory rate | $ | 103,075 |
| | $ | 91,222 |
| | $ | 85,112 |
| State income tax expense (net of federal benefit) | 9,979 |
| | 8,876 |
| | 8,377 |
| Foreign tax expense/(benefit) | (1,613 | ) | | 9,857 |
| | (1,729 | ) | Foreign tax | (221 | ) | | (19,155 | ) | | (2,816 | ) | Repatriation tax under TCJA | 7,956 |
| | — |
| | — |
| Other | (3,798 | ) | | 2,467 |
| | 2,085 |
| Total income tax provision | $ | 115,378 |
| | $ | 93,267 |
| | $ | 91,029 |
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Schedule of significant components of the deferred tax assets and liabilities |
Significant components of the Company’s deferred tax assets and liabilities at December 31, 2017 and 2016 are as follows: | | | | | | | | | December 31, | 2017 | | 2016 | (in thousands) | | | | Deferred tax assets: | |
| | |
| Termite accrual | $ | 1,241 |
| | $ | 1,848 |
| Insurance and contingencies | 18,374 |
| | 26,560 |
| Unearned revenues | 11,152 |
| | 14,610 |
| Compensation and benefits | 11,157 |
| | 15,798 |
| State and foreign operating loss carryforwards | 7,035 |
| | 12,817 |
| Bad debt reserve | 3,203 |
| | 4,842 |
| Foreign tax credit | 7,842 |
| | 18,213 |
| Other | 1,861 |
| | 1,804 |
| Net Pension liability | — |
| | 1,109 |
| Valuation allowance | (24 | ) | | (6,507 | ) | Total deferred tax assets | 61,841 |
| | 91,094 |
| Deferred tax liabilities: | |
| | |
| Depreciation and amortization | (18,453 | ) | | (21,217 | ) | Net Pension liability | (3,709 | ) | | — |
| Intangibles and other | (21,259 | ) | | (28,000 | ) | Total deferred tax liabilities | (43,421 | ) | | (49,217 | ) | Net deferred tax assets | 18,420 |
| | 41,877 |
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Schedule of valuation allowance |
Analysis of the valuation allowance: | | | | | | | | | December 31, | 2017 | | 2016 | (in thousands) | | | | Valuation allowance at beginning of year | $ | 6,507 |
| | $ | 3,969 |
| Change in valuation allowance | (6,483 | ) | | 2,538 |
| Valuation allowance at end of year | $ | 24 |
| | $ | 6,507 |
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Reconciliation of the beginning and ending amount of unrecognized tax benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: | | | | | | | | | December 31, | 2017 | | 2016 | (in thousands) | | | | Balance at Beginning of Year | $ | 2,554 |
| | $ | 2,554 |
| Additions for tax positions of prior years | 594 |
| | — |
| Balance at End of Year | $ | 3,148 |
| | $ | 2,554 |
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