INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Schedule of Components of Income Tax Expense |
Components of income tax expense are as follows (in thousands):
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Years Ended December 31, |
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|
2018 |
|
2017 |
|
2016 |
Current taxes: |
|
|
|
|
|
|
Federal |
|
$ |
37,926 |
|
|
$ |
76,988 |
|
|
$ |
55,547 |
|
State |
|
9,162 |
|
|
8,006 |
|
|
7,075 |
|
|
|
47,088 |
|
|
84,994 |
|
|
62,622 |
|
Deferred taxes: |
|
|
|
|
|
|
Federal |
|
6,687 |
|
|
18,916 |
|
|
4,064 |
|
State |
|
2,147 |
|
|
354 |
|
|
1,833 |
|
|
|
8,834 |
|
|
19,270 |
|
|
5,897 |
|
Total |
|
$ |
55,922 |
|
|
$ |
104,264 |
|
|
$ |
68,519 |
|
|
| Schedule of Income Tax Reconciliation |
Income taxes differ for the years ended December 31, 2018, 2017 and 2016, from the amounts computed using the expected federal statutory income tax rate of 21%, 35% and 35%, respectively, as a result of the following (in thousands):
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Years Ended December 31, |
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2018 |
|
2017 |
|
2016 |
Expected taxes at current federal statutory income tax rate |
|
$ |
59,483 |
|
|
$ |
86,632 |
|
|
$ |
76,321 |
|
State income taxes, net of federal tax benefit |
|
8,934 |
|
|
5,434 |
|
|
5,791 |
|
Tax Act revaluation of deferred tax balances |
|
(2,741 |
) |
|
19,687 |
|
|
— |
|
Manufacturing deduction |
|
— |
|
|
(7,580 |
) |
|
(6,708 |
) |
Federal tax credits |
|
(10,330 |
) |
|
(484 |
) |
|
(7,229 |
) |
Non-deductible costs and other |
|
576 |
|
|
575 |
|
|
344 |
|
Income tax expense |
|
$ |
55,922 |
|
|
$ |
104,264 |
|
|
$ |
68,519 |
|
|
| Schedule of Deferred Tax Assets and Liabilities |
Deferred tax assets and liabilities are comprised of timing differences (in thousands) as follows:
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At December 31, |
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|
2018 |
|
2017 |
Deferred tax assets: |
|
|
|
|
Real estate |
|
$ |
11,053 |
|
|
$ |
14,648 |
|
Goodwill |
|
862 |
|
|
2,076 |
|
Warranty reserve |
|
5,824 |
|
|
5,499 |
|
Wages payable |
|
4,908 |
|
|
5,796 |
|
Equity-based compensation |
|
5,153 |
|
|
4,486 |
|
Accrued expenses |
|
104 |
|
|
141 |
|
Net operating loss carry-forwards |
|
1,005 |
|
|
1,813 |
|
Other |
|
4,946 |
|
|
4,982 |
|
Total deferred tax assets |
|
33,855 |
|
|
39,441 |
|
|
|
|
|
|
Deferred tax liabilities: |
|
|
|
|
Deferred revenue |
|
— |
|
|
462 |
|
Prepaids |
|
1,409 |
|
|
759 |
|
Fixed assets |
|
5,981 |
|
|
3,058 |
|
Total deferred tax liabilities |
|
7,390 |
|
|
4,279 |
|
|
|
|
|
|
Deferred tax assets, net |
|
26,465 |
|
|
35,162 |
|
Other deferred tax liability - state franchise taxes |
|
4,378 |
|
|
4,240 |
|
|
|
|
|
|
Net deferred tax assets and liabilities |
|
$ |
22,087 |
|
|
$ |
30,922 |
|
|