Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

The components of earnings (loss) before income taxes consisted of the following for the years ended December 31:

(In thousands)	2020		2019		2018
United States	$	216,234	$	189,834	$	191,095
Foreign	(6,753)		1,580		1,257
Total earnings before income taxes	$	209,481	$	191,414	$	192,352

Schedule of Provisions of Income Taxes

The provision for income taxes in the Consolidated Statements of Income was as follows for the years ended December 31:

(In thousands)	2020		2019		2018
Current:
Federal	$	42,541	$	33,655	$	22,297
State and local	9,165		6,764		6,416
Foreign	839		1,070		1,214
Total current provision	52,545		41,489		29,927
Deferred:
Federal	2,342		5,923		12,478
State and local	(671)		(969)		1,639
Foreign	(3,175)		(1,538)		(243)
Total deferred provision	(1,504)		3,416		13,874
Provision for income taxes	$	51,041	$	44,905	$	43,801

Schedule of Income Tax Reconciliation

The provision for income taxes differs from the amount computed by applying the federal statutory rate of 21 percent for 2020, 2019, and 2018 to income before income taxes for the following reasons for the years ended December 31:

(In thousands)	2020		2019		2018
Income tax at federal statutory rate	$	43,991	$	40,197	$	40,394
State income tax, net of federal income tax impact	6,710		4,578		6,261
Section 162(m) permanent addback	3,015		587		894
Federal tax credits	(1,307)		(1,435)		(1,876)
Share-based payment compensation excess tax benefit	(190)		(1,579)		(2,914)
Changes in tax law (TCJA)	—		—		612
Other	(1,178)		2,557		430
Provision for income taxes	$	51,041	$	44,905	$	43,801

Schedule of Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to significant portions of the deferred tax assets and deferred tax liabilities were as follows at December 31:

(In thousands)	2020		2019
Deferred tax assets:
Stock-based compensation	$	2,084	$	2,290
Pension	8,694		—
Deferred compensation	13,325		5,976
Warranty	10,848		11,246
Inventory	7,443		8,001
Other	6,390		2,585
Lease obligation asset	22,488		25,055
Net operating loss and interest carryforwards	4,857		7,352
Total deferred tax assets before valuation allowance	76,129		62,505
Less: Valuation allowance	(2,809)		(1,662)
Total deferred tax assets net of valuation allowance	73,320		60,843
Deferred tax liabilities:
Lease obligation liability	(21,523)		(24,368)
Fixed assets	(35,637)		(27,898)
Intangible assets	(69,992)		(44,317)
Total deferred tax liabilities	(127,152)		(96,583)
Net deferred tax liabilities	$	(53,832)	$	(35,740)

Schedule of Unrecognized Tax Benefits

The following table reconciles the total amounts of unrecognized tax benefits, at December 31:

(In thousands)	2020		2019		2018
Balance at beginning of period	$	8,214	$	4,325	$	4,145
Changes in tax positions of prior years	—		480		114
Additions based on tax positions related to the current year	1,720		4,288		802
Closure of tax years	(1,013)		(879)		(736)
Balance at end of period	$	8,921	$	8,214	$	4,325