Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.10.0.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2018
Income Tax Disclosure [Abstract]  
Components of the Provision for Income Taxes

The components of the provision for income taxes are as follows:

 

 

 

Year Ended December 31,

 

(In thousands)

 

2018

 

 

2017

 

 

2016

 

Current:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

$

113,491

 

 

$

169,053

 

 

$

126,903

 

State

 

 

38,647

 

 

 

25,644

 

 

 

20,111

 

 

 

 

152,138

 

 

 

194,697

 

 

 

147,014

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

 

49,125

 

 

 

(81,551

)

 

 

29,354

 

State

 

 

8,582

 

 

 

(1,088

)

 

 

5,454

 

 

 

 

57,707

 

 

 

(82,639

)

 

 

34,808

 

Total provision for income taxes

 

$

209,845

 

 

$

112,058

 

 

$

181,822

 

Schedule of Effective Income Tax Reconciliation of the U.S. Statutory Federal Income Tax Rates           The following is a reconciliation of income tax expense calculated using the U.S. statutory federal income tax rate with our income tax expense for 2018, 2017 and 2016:

 

 

Year Ended December 31,

 

(In thousands)

 

2018

 

 

2017

 

 

2016

 

Tax provision at statutory rate

 

$

171,258

 

 

$

201,541

 

 

$

167,156

 

State income taxes, net of federal benefit

 

 

36,396

 

 

 

20,277

 

 

 

16,711

 

Revaluation of deferred taxes in connection with the

   Tax Act

 

 

 

 

 

(104,864

)

 

 

 

Other, net

 

 

2,191

 

 

 

(4,896

)

 

 

(2,045

)

Total provision for income taxes

 

$

209,845

 

 

$

112,058

 

 

$

181,822

 

 

Schedule of Deferred Tax Assets and Liabilities

Deferred tax assets and liabilities, which are included in “Other assets” and “Deferred income taxes” on our Balance Sheets, consist of the following:

 

 

 

December 31,

 

(In thousands)

 

2018

 

 

2017

 

Deferred tax assets:

 

 

 

 

 

 

 

 

Claims and insurance reserves

 

$

27,433

 

 

$

29,008

 

Accrued vacation

 

 

17,932

 

 

 

17,832

 

Deferred compensation

 

 

31,306

 

 

 

29,220

 

Other

 

 

20,861

 

 

 

15,157

 

Total deferred tax assets

 

 

97,532

 

 

 

91,217

 

 

 

 

 

 

 

 

 

 

Deferred tax liabilities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

(339,311

)

 

 

(266,730

)

Unrecognized revenue

 

 

 

 

 

(10,007

)

Other

 

 

(3,151

)

 

 

(1,703

)

Total deferred tax liabilities

 

 

(342,462

)

 

 

(278,440

)

Net deferred tax liability

 

$

(244,930

)

 

$

(187,223

)