Schedule of income tax expense (benefit) and deferred tax |
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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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Income before income taxes:
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U.S.
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$
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180,824
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$
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128,040
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$
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116,273
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Income tax expense (benefit):
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Currently payable:
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U.S. Federal
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$
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25,980
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$
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25,003
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$
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24,594
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State and local
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7,156
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4,438
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3,646
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Deferred:
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U.S. Federal
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9,939
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(61,024)
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10,966
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State and local
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2,997
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1,490
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4,461
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$
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46,072
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$
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(30,093)
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$
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43,667
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Deferred tax assets at December 31:
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Receivables, net
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$
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1,313
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$
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1,280
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Inventories, net
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1,247
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1,307
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Other assets, principally share-based compensation
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3,645
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2,317
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Accrued liabilities
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6,141
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5,286
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Long-term liabilities
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10,109
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9,020
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Net operating loss carryforward
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17,317
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21,381
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39,772
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40,591
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Valuation allowance
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—
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—
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39,772
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40,591
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Deferred tax liabilities at December 31:
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Property and equipment, net
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28,203
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13,008
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Intangibles, net
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172,996
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142,118
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Other
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1,609
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176
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202,808
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155,302
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Net deferred tax liability at December 31
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$
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163,036
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$
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114,711
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