Income Taxes (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Expense (Benefit), Continuing Operations [Abstract] |
|
| Components Of Provision For Income Taxes |
The components of the provision for income taxes are as follows (in thousands):
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Year Ended December 31, |
|
|
2016 |
|
2015 |
|
2014 |
Current income tax (provision) benefit: |
|
|
|
|
|
|
Federal |
|
$ |
(51,616 |
) |
|
$ |
(98,496 |
) |
|
$ |
(96,269 |
) |
State |
|
(5,552 |
) |
|
(11,829 |
) |
|
(10,289 |
) |
Current income tax (provision) benefit |
|
(57,168 |
) |
|
(110,325 |
) |
|
(106,558 |
) |
Deferred income tax benefit (provision): |
|
|
|
|
|
|
Federal |
|
(12,195 |
) |
|
9,188 |
|
|
1,468 |
|
State |
|
(1,657 |
) |
|
1,522 |
|
|
547 |
|
Deferred income tax benefit (provision) |
|
(13,852 |
) |
|
10,710 |
|
|
2,015 |
|
Income tax (provision) benefit |
|
$ |
(71,020 |
) |
|
$ |
(99,615 |
) |
|
$ |
(104,543 |
) |
|
| Schedule of Deferred Tax Assets and Liabilities |
The tax effects of cumulative temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities at December 31, 2016 and 2015 are presented below (in thousands). The valuation allowance is related to items for which it is more likely than not that the tax benefit will not be realized.
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December 31, |
|
|
2016 |
|
2015 |
Deferred tax assets: |
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|
|
|
Provision for accrued expenses |
|
$ |
31,659 |
|
|
$ |
38,472 |
|
Inventories |
|
15,166 |
|
|
14,996 |
|
Stock-based compensation |
|
15,667 |
|
|
14,132 |
|
Net operating losses |
|
556 |
|
|
652 |
|
Other |
|
3,556 |
|
|
4,160 |
|
Total deferred tax assets |
|
66,604 |
|
|
72,412 |
|
Less valuation allowance |
|
(533 |
) |
|
(528 |
) |
Net deferred tax assets |
|
66,071 |
|
|
71,884 |
|
Deferred tax liabilities: |
|
|
|
|
Intangible assets |
|
(96,627 |
) |
|
(91,051 |
) |
Prepaid expenses |
|
(10,682 |
) |
|
(11,170 |
) |
Property and equipment |
|
(18,522 |
) |
|
(14,161 |
) |
Total deferred tax liabilities |
|
(125,831 |
) |
|
(116,382 |
) |
Net deferred tax liability |
|
$ |
(59,760 |
) |
|
$ |
(44,498 |
) |
|
| Reconciliation Of Income Tax Provision |
A reconciliation of the income tax provision to the amounts computed by applying the statutory federal income tax rate to earnings before income taxes is shown as follows (in thousands):
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Year Ended December 31, |
|
|
2016 |
|
2015 |
|
2014 |
Income tax provision at the federal statutory rate of 35% |
|
$ |
(66,405 |
) |
|
$ |
(94,099 |
) |
|
$ |
(97,135 |
) |
State income taxes, net of effect of federal tax benefit |
|
(4,686 |
) |
|
(6,730 |
) |
|
(6,306 |
) |
Other, net |
|
71 |
|
|
1,214 |
|
|
(1,102 |
) |
Income tax provision |
|
$ |
(71,020 |
) |
|
$ |
(99,615 |
) |
|
$ |
(104,543 |
) |
|
| Reconciliation Of Beginning And Ending Amount Of Unrecognized Tax Benefits |
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding interest, is as follows (in thousands):
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|
|
|
2016 |
|
2015 |
|
2014 |
Balance at beginning of year |
|
$ |
3,418 |
|
|
$ |
2,011 |
|
|
$ |
910 |
|
Additions based on tax positions related to the current year |
|
648 |
|
|
630 |
|
|
525 |
|
Additions for tax positions of prior years |
|
536 |
|
|
777 |
|
|
576 |
|
Reductions for tax positions of prior years |
|
(34 |
) |
|
— |
|
|
— |
|
Balance at end of year |
|
$ |
4,568 |
|
|
$ |
3,418 |
|
|
$ |
2,011 |
|
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