Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of Income Tax Expense (Benefit)

Components of current and deferred income tax expense (benefit) are as follows ($000’s omitted): 

	2018			2017			2016
Current expense (benefit)
Federal	$	(44,462	)	$	81,101		$	9,464
State and other	7,202			(11,801		)	(13,104		)
	$	(37,260	)	$	69,300		$	(3,640	)
Deferred expense (benefit)
Federal	$	271,544		$	444,695		$	312,288
State and other	91,233			(22,388		)	22,499
	$	362,777		$	422,307		$	334,787
Income tax expense (benefit)	$	325,517		$	491,607		$	331,147

Effective Income Tax Rate Reconciliation

The following table reconciles the statutory federal income tax rate to the effective income tax rate: 

	2018		2017		2016
Income taxes at federal statutory rate	21.0	%	35.0	%	35.0	%
State and local income taxes, net of federal tax	4.0		3.1		3.3
Tax accounting method change	(2.5	)	—		—
Changes in tax laws, including the Tax Act	1.0		18.3		0.5
Deferred tax asset valuation allowance	0.9		(1.1	)	(2.2	)
Tax contingencies	0.1		(1.0	)	(1.3	)
Other	(0.3	)	(1.9	)	0.2
Effective rate	24.2	%	52.4	%	35.5	%

Deferred Tax Assets and Liabilities

Components of our net deferred tax asset are as follows ($000’s omitted): 

	At December 31,
	2018			2017
Deferred tax assets:
Accrued insurance	$	117,682		$	117,133
Inventory valuation reserves	132,495			202,791
Other reserves	60,585			78,271
NOL carryforwards:
Federal	27,122			41,282
State	228,959			248,224
Alternative minimum tax credit carryforwards	2,546			54,965
Energy and other credit carryforwards	5,146			41,763
	574,535			784,429
Deferred tax liabilities:
Capitalized items, including real estate basis differences,       deducted for tax, net	(1,038		)	(17,895		)
Deferral of profit on home sales	(188,628		)	(34,769		)
Intangibles	(16,701		)	(17,860		)
	(206,367		)	(70,524		)
Valuation allowance	(92,589		)	(68,610		)
Net deferred tax asset	$	275,579		$	645,295

Summary of Income Tax Contingencies

A reconciliation of the change in the unrecognized tax benefits is as follows ($000’s omitted): 

	2018			2017			2016
Unrecognized tax benefits, beginning of period	$	48,604		$	21,502		$	38,992
Increases related to tax positions taken during a prior period	5,389			20,555			224
Decreases related to tax positions taken during a prior period	(31,850		)	(9,665		)	(13,218		)
Increases related to tax positions taken during the current        period	8,411			18,895			114
Decreases related to settlements with taxing authorities	—			—			(707		)
Reductions as a result of a lapse of the applicable statute of        limitations	—			(2,683		)	(3,903		)
Unrecognized tax benefits, end of period	$	30,554		$	48,604		$	21,502