Components of Income Tax Provision |
Components of
the income tax provision applicable to federal, state and foreign
income taxes for the years ended December 31, 2013, 2012 and
2011 are as follows (in thousands):
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2013 |
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2012 |
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2011 |
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Federal income tax expense
(benefit):
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Current
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$ |
41,558 |
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$ |
(512 |
) |
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$ |
16,336 |
|
Deferred
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|
47,136 |
|
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|
156,003 |
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|
146,842 |
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88,694 |
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155,491 |
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163,178 |
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State income tax
expense:
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Current
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11,733 |
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12,455 |
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6,056 |
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Deferred
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4,229 |
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5,483 |
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13,196 |
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15,962 |
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17,938 |
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19,252 |
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Foreign income tax expense
(benefit):
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Current
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4,572 |
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3,817 |
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6,579 |
|
Deferred
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(796 |
) |
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|
(1,050 |
) |
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(1,071 |
) |
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3,776 |
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2,767 |
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5,508 |
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Total income tax
expense:
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Current
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57,863 |
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15,760 |
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|
28,971 |
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Deferred
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|
50,569 |
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|
160,436 |
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|
158,967 |
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|
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|
|
|
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Total income tax
expense:
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$ |
108,432 |
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$ |
176,196 |
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$ |
187,938 |
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Tax Effect of Significant Temporary Differences Representing Deferred Tax Assets and Liabilities |
The tax effect
of significant temporary differences representing deferred tax
assets and liabilities and changes therein were as follows (in
thousands):
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December
31,
2013 |
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Net
Change |
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December
31,
2012 |
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Net
Change |
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December
31,
2011 |
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Net
Change |
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December
31,
2010 |
|
Deferred tax
assets:
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Current:
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Net operating loss
carryforwards
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$ |
— |
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$ |
(18,914 |
) |
|
$ |
18,914 |
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$ |
(95,662 |
) |
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$ |
114,576 |
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$ |
114,576 |
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$ |
— |
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Workers’ compensation
allowance
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27,612 |
|
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|
2,534 |
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25,078 |
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|
1,074 |
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24,004 |
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|
714 |
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23,290 |
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Other
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19,647 |
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(804 |
) |
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20,451 |
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1,651 |
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18,800 |
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|
146 |
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18,654 |
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47,259 |
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(17,184 |
) |
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64,443 |
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(92,937 |
) |
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157,380 |
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|
115,436 |
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|
41,944 |
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Non-current:
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|
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Net operating loss
carryforwards
|
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|
13,452 |
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|
1,690 |
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|
11,762 |
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(6,672 |
) |
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18,434 |
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11,969 |
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|
6,465 |
|
Expense associated with
employee stock options
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16,208 |
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1,536 |
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14,672 |
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1,944 |
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12,728 |
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|
1,476 |
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|
11,252 |
|
Federal benefit of state
deferred tax liabilities
|
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|
22,838 |
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|
816 |
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|
22,022 |
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|
1,762 |
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20,260 |
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7,105 |
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13,155 |
|
Other
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14,703 |
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(421 |
) |
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15,124 |
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4,454 |
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10,670 |
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(5,361 |
) |
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16,031 |
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67,201 |
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3,621 |
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63,580 |
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1,488 |
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62,092 |
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15,189 |
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46,903 |
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Total deferred tax
assets
|
|
|
114,460 |
|
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|
(13,563 |
) |
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|
128,023 |
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|
(91,449 |
) |
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219,472 |
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|
130,625 |
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|
88,847 |
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Deferred tax
liabilities:
|
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Current:
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|
|
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Other
|
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|
(14,307 |
) |
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(2,823 |
) |
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(11,484 |
) |
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3,171 |
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(14,655 |
) |
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|
474 |
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(15,129 |
) |
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Non-current:
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Property and equipment
basis difference
|
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|
(939,594 |
) |
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(33,997 |
) |
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|
(905,597 |
) |
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|
(69,774 |
) |
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|
(835,823 |
) |
|
|
(289,168 |
) |
|
|
(546,655 |
) |
Other
|
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|
(15,471 |
) |
|
|
(186 |
) |
|
|
(15,285 |
) |
|
|
(2,384 |
) |
|
|
(12,901 |
) |
|
|
(1,231 |
) |
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|
(11,670 |
) |
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|
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|
|
|
(955,065 |
) |
|
|
(34,183 |
) |
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|
(920,882 |
) |
|
|
(72,158 |
) |
|
|
(848,724 |
) |
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|
(290,399 |
) |
|
|
(558,325 |
) |
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Total deferred tax
liabilities
|
|
|
(969,372 |
) |
|
|
(37,006 |
) |
|
|
(932,366 |
) |
|
|
(68,987 |
) |
|
|
(863,379 |
) |
|
|
(289,925 |
) |
|
|
(573,454 |
) |
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
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|
Net deferred tax
liability
|
|
$ |
(854,912 |
) |
|
$ |
(50,569 |
) |
|
$ |
(804,343 |
) |
|
$ |
(160,436 |
) |
|
$ |
(643,907 |
) |
|
$ |
(159,300 |
) |
|
$ |
(484,607 |
) |
|
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|
|
|
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