Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

The income tax provision consists of the following:



(In millions)	For the Years Ended December 31,
	2018		2017			2016
Income before provision for income taxes:	$	755.1	$	583.8		$	531.2
Current provision for income taxes:
Federal	110.9		184.6			157.2
State	19.5		13.5			15.8
	130.4		198.1			173.0
Deferred provision for income taxes:
Federal	35.0		(88.4		)	22.4
State	14.3		2.7			1.8
	49.3		(85.7		)	24.2
Interest and penalties expense:
Interest	1.4		1.2			1.2
Penalties	—		—			—
	1.4		1.2			1.2
Provision for income taxes	$	181.1	$	113.6		$	198.4

Schedule Of Deferred Tax Assets And Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities consist of the following:



(In millions)	As of December 31,
	2018		2017
Deferred tax assets:
Allowance for credit losses	$	110.1	$	100.4
Stock-based compensation	16.5		14.3
Deferred state net operating loss	4.3		8.1
Other, net	7.0		4.0
Deferred tax assets before valuation allowance	137.9		126.8
Less: valuation allowance	—		(5.5		)
Total deferred tax assets	137.9		121.3
Deferred tax liabilities:
Valuation of Loans receivable	363.9		300.4
Deferred Loan origination costs	1.5		1.5
Other, net	9.2		6.8
Total deferred tax liabilities	374.6		308.7
Net deferred tax liability	$	236.7	$	187.4

Schedule Of Reconciliation Of The U.S. Federal Statutory Rate To Effective Tax Rate

A reconciliation of the U.S. federal statutory income tax rate to our effective income tax rate is as follows:



	For the Years Ended December 31,
	2018		2017		2016
U.S. federal statutory income tax rate	21.0	%	35.0	%	35.0	%
Effect of the 2017 Tax Act	-0.7	%	-17.1	%	—	%
State income taxes	3.5	%	1.7	%	2.0	%
Excess tax benefits from stock-based compensation plans	-0.1	%	-0.4	%	—	%
Other	0.3	%	0.3	%	0.3	%
Effective income tax rate	24.0	%	19.5	%	37.3	%

Schedule Of Unrecognized Tax Benefits

The following table is a summary of changes in gross unrecognized tax benefits:



(In millions)	For the Years Ended December 31,
	2018			2017			2016
Unrecognized tax benefits at January 1,	$	31.9		$	27.7		$	21.8
Additions for tax positions of the current year	10.2			6.7			8.2
Additions for tax positions of prior years	—			0.3			—
Reductions for tax positions of prior years	—			(0.4		)	—
Reductions as a result of a lapse of the statute of limitations	(3.4		)	(2.4		)	(2.3		)
Unrecognized tax benefits at December 31,	$	38.7		$	31.9		$	27.7