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INCOME TAX PROVISION (Tables)
 12 Months Ended
Dec. 31, 2019
Income Tax Disclosure [Abstract]  
(Loss) income before income taxes
(Loss) income before income taxes was comprised of the following for the years ended December 31:
(in thousands)
 
2019
 
2018
 
2017
U.S.
 
$
(161,733
)
 
$
198,727

 
$
299,424

Foreign
 
(23,897
)
 
13,904

 
13,403

(Loss) income before income taxes
 
$
(185,630
)
 
$
212,631

 
$
312,827
Components of income tax provision
The components of the income tax provision were as follows for the years ended December 31:
(in thousands)
 
2019
 
2018
 
2017
Current tax provision:
 
 
 
 
 
 
Federal
 
$
36,967

 
$
57,117

 
$
104,079

State
 
7,400

 
11,319

 
12,996

Foreign
 
4,850

 
5,921

 
4,774

Total current tax provision
 
49,217

 
74,357

 
121,849

Deferred tax provision:
 
 
 
 
 
 
Federal
 
(30,095
)
 
(7,220
)
 
(37,471
)
State
 
(7,070
)
 
(1,701
)
 
(491
)
Foreign
 
2,215

 
(2,435
)
 
(1,215
)
Total deferred tax provision
 
(34,950
)
 
(11,356
)
 
(39,177
)
Income tax provision
 
$
14,267

 
$
63,001

 
$
82,672
Effective tax rate reconciliation
The effective tax rate on pre-tax (loss) income reconciles to the U.S. federal statutory tax rate for the years ended December 31 as follows:
 
 
2019
 
2018
 
2017
Income tax at federal statutory rate
 
21.0
%
 
21.0
%
 
35.0
%
Goodwill impairment charge
 
(29.3
%)
 
7.1
%
 
1.5
%
Change in valuation allowances(1)
 
(4.5
%)
 
0.1
%
 
(0.3
%)
Net tax benefit of share-based compensation
 
(1.1
%)
 
(0.8
%)
 
(1.6
%)
State income tax expense, net of federal income tax benefit
 
4.9
%
 
3.0
%
 
2.7
%
Foreign tax rate differences
 
1.3
%
 
0.4
%
 
(0.3
%)
Impact of Tax Cuts and Jobs Act
 
—

 
(0.8
%)
 
(6.6
%)
Qualified production activities deduction
 
—

 
—

 
(3.2
%)
Other
 
—

 
(0.4
%)
 
(0.8
%)
Effective tax rate
 
(7.7
%)
 
29.6
%
 
26.4
%

(1) During the quarter ended September 30, 2019, we recorded asset impairment charges related to certain intangible assets located in Australia (Note 8). As a result, we placed a full valuation allowance on the intangible-related deferred tax asset of $8,432, as we do not expect that we will realize the benefit of this deferred tax asset.
Rollforward of unrecognized tax benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits, excluding accrued interest and penalties and the federal benefit of deductible state income tax, was as follows:
(in thousands)
 
2019
 
2018
 
2017
Balance, beginning of year
 
$
4,801

 
$
3,795

 
$
7,373

Additions for tax positions of current year
 
364

 
315

 
378

Additions for tax positions of prior years
 
546

 
1,177

 
659

Reductions for tax positions of prior years
 
(887
)
 
(108
)
 
(4,389
)
Settlements
 
(341
)
 
—

 
—

Lapse of statutes of limitations
 
(314
)
 
(378
)
 
(226
)
Balance, end of year
 
$
4,169

 
$
4,801

 
$
3,795
Deferred tax assets and liabilities
Tax-effected temporary differences that gave rise to deferred tax assets and liabilities as of December 31 were as follows:
 
 
2019
 
2018
(in thousands)
 
Deferred tax assets
 
Deferred tax liabilities
 
Deferred tax assets
 
Deferred tax liabilities
Goodwill(1)
 
$
—

 
$
16,424

 
$
—

 
$
47,993

Revenue recognition
 
—

 
4,752

 
—

 
3,185

Prepaid assets
 
—

 
3,830

 
—

 
3,469

Property, plant and equipment
 
—

 
3,200

 
—

 
1,739

Employee benefit plans
 
—

 
2,747

 
1,420

 
—

Installment sales treatment of notes receivable
 
—

 
1,171

 
—

 
3,054

Intangible assets(1)
 
14,900

 
—

 
—

 
3,780

Operating leases
 
11,409

 
10,578

 
—

 
—

Net operating loss, tax credit and capital loss carryforwards
 
7,698

 
—

 
9,380

 
—

Reserves and accruals
 
6,154

 
—

 
8,893

 
—

Inventories
 
2,595

 
—

 
2,043

 
—

All other
 
2,756

 
3,452

 
3,237

 
3,858

Total deferred taxes
 
45,512

 
46,154

 
24,973

 
67,078

Valuation allowances
 
(10,349
)
 
—

 
(1,689
)
 
—

Net deferred taxes
 
$
35,163

 
$
46,154

 
$
23,284

 
$
67,078



(1) The change in these deferred income taxes in 2019, as compared to 2018, was primarily the result of asset impairment charges recorded during 2019. Further information can be found in Note 8.
Rollforward of deferred income tax valuation allowances Changes in our valuation allowances for the years ended December 31 were as follows:
(in thousands)
 
2019
 
2018
 
2017
Balance, beginning of year
 
$
(1,689
)
 
$
(1,518
)
 
$
(2,545
)
(Expense) benefit from change in allowances
 
(8,336
)
 
(290
)
 
1,015

Foreign currency translation
 
(324
)
 
119

 
12

Balance, end of year
 
$
(10,349
)
 
$
(1,689
)
 
$
(1,518
)