XML 25 R14.htm IDEA: XBRL DOCUMENT v3.19.2
Income Taxes
6 Months Ended
Jun. 30, 2019
Income Tax Disclosure [Abstract]  
Income Taxes

6. Income Taxes

The provision for income taxes consists of the following:

 

 

Three Months Ended June 30,

 

 

Six Months Ended June 30,

 

 

2019

 

 

2018

 

 

2019

 

 

2018

 

Current:

(In thousands)

 

Federal

$

9,948

 

 

$

8,792

 

 

$

16,472

 

 

$

16,762

 

State and local

 

1,957

 

 

 

2,077

 

 

 

3,350

 

 

 

3,997

 

Foreign

 

3,273

 

 

 

2,415

 

 

 

6,044

 

 

 

3,529

 

Total current provision

 

15,178

 

 

 

13,284

 

 

 

25,866

 

 

 

24,288

 

Deferred:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Federal

 

(176

)

 

 

(505

)

 

 

1,426

 

 

 

341

 

State and local

 

(31

)

 

 

(101

)

 

 

218

 

 

 

29

 

Foreign

 

(167

)

 

 

45

 

 

 

(8

)

 

 

1,138

 

Total deferred provision

 

(374

)

 

 

(561

)

 

 

1,636

 

 

 

1,508

 

Provision for income taxes

$

14,804

 

 

$

12,723

 

 

$

27,502

 

 

$

25,796

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The Company recognized excess tax benefits on share-based payments of $0.4 million and $0.1 million through the provision for income taxes, for the three months ended June 30, 2019 and 2018, respectively, and $3.5 million and $2.0 million for the six months ended June 30, 2019 and 2018, respectively.

The Company or one of its subsidiaries files U.S. federal, state and foreign income tax returns. Income tax returns for U.S. Federal (through 2013), New York City (through 2003) and state (through 2009) and Connecticut state (through 2003) have been audited. An examination of the Company’s New York State income tax returns for 2010 through 2017 is currently underway. The Company cannot estimate when the examination will conclude or the impact such examination will have on the Company’s Consolidated Financial Statements, if any.

All previously undistributed foreign earnings have now been subject to U.S. tax. Notwithstanding the U.S. taxation of these amounts, the Company considers its undistributed foreign earnings to be indefinitely reinvested outside of the U.S. and does not expect to incur any significant additional taxes related to such amounts.