|
INCOME TAXES (Tables)
|
12 Months Ended |
|
Dec. 31, 2013
|
| Income Tax Disclosure [Abstract] |
|
| Schedule of income tax provision |
The Companys income tax provision consisted of the following:
| For the years ended December 31, |
|
2013 |
|
2012 |
|
2011 |
| (in thousands) |
|
|
|
|
|
|
| Current: |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
$ |
54,778 |
|
|
$ |
54,815 |
|
|
$ |
48,505 |
|
| State |
|
|
9,259 |
|
|
|
8,717 |
|
|
|
7,723 |
|
| Foreign |
|
|
3,883 |
|
|
|
3,648 |
|
|
|
3,373 |
|
| Deferred: |
|
|
|
|
|
|
|
|
|
|
|
|
| Federal |
|
|
(468 |
) |
|
|
(2,326 |
) |
|
|
191 |
|
| State |
|
|
730 |
|
|
|
484 |
|
|
|
528 |
|
| Foreign |
|
|
94 |
|
|
|
(28 |
) |
|
|
65 |
|
| Total income tax provision |
|
$ |
68,276 |
|
|
$ |
65,310 |
|
|
$ |
60,385 |
|
|
| Schedule of primary factors causing income tax expense to be different than the federal statutory rate |
The primary factors causing income tax expense
to be different than the federal statutory rate for 2013, 2012 and 2011 are as follows:
| For the years ended December 31, |
|
2013 |
|
2012 |
|
2011 |
| (in thousands) |
|
|
|
|
|
|
| Income tax at statutory rate |
|
$ |
67,063 |
|
|
$ |
61,825 |
|
|
$ |
56,384 |
|
| State income tax expense (net of federal benefit) |
|
|
6,498 |
|
|
|
5,835 |
|
|
|
5,477 |
|
| Foreign tax benefit |
|
|
(2,661 |
) |
|
|
(2,560 |
) |
|
|
(2,109 |
) |
| Other |
|
|
(2,624 |
) |
|
|
210 |
|
|
|
633 |
|
| Total income tax provision |
|
$ |
68,276 |
|
|
$ |
65,310 |
|
|
$ |
60,385 |
|
|
| Schedule of significant components of the deferred tax assets and liabilities |
Deferred income taxes reflect the net tax effects
of the temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and income
tax purposes. Significant components of the Companys deferred tax assets and liabilities are as follows:
| December 31, |
|
2013 |
|
2012 |
| (in thousands) |
|
|
|
|
| Deferred tax assets: |
|
|
|
|
|
|
|
|
| Termite accrual |
|
$ |
2,738 |
|
|
$ |
2,288 |
|
| Insurance and contingencies |
|
|
26,171 |
|
|
|
25,841 |
|
| Unearned revenues |
|
|
14,692 |
|
|
|
14,413 |
|
| Compensation and benefits |
|
|
14,100 |
|
|
|
11,984 |
|
| Pension liability |
|
|
|
|
|
|
16,703 |
|
| State and foreign operating loss carryforwards |
|
|
9,637 |
|
|
|
9,838 |
|
| Bad debt reserve |
|
|
4,032 |
|
|
|
3,703 |
|
| Other |
|
|
1,275 |
|
|
|
1,384 |
|
| Valuation allowance |
|
|
(2,245 |
) |
|
|
(2,096 |
) |
| Total deferred tax assets |
|
|
70,400 |
|
|
|
84,058 |
|
| Deferred tax liabilities: |
|
|
|
|
|
|
|
|
| Depreciation and amortization |
|
|
(4,605 |
) |
|
|
(6,554 |
) |
| Foreign currency translation |
|
|
(1,792 |
) |
|
|
(3,606 |
) |
| Prepaid pension |
|
|
(2,485 |
) |
|
|
|
|
| Intangibles and other |
|
|
(17,456 |
) |
|
|
(13,719 |
) |
| Total deferred tax liabilities |
|
|
(26,338 |
) |
|
|
(23,879 |
) |
| Net deferred tax assets |
|
$ |
44,062 |
|
|
$ |
60,179 |
|
|
| Schedule of valuation allowance |
Analysis of the valuation allowance:
| December 31, |
|
2013 |
|
2012 |
| (in thousands) |
|
|
|
|
| Valuation allowance at beginning of year |
|
$ |
2,096 |
|
|
$ |
1,646 |
|
| Increase in valuation allowance |
|
|
149 |
|
|
|
450 |
|
| Valuation allowance at end of year |
|
$ |
2,245 |
|
|
$ |
2,096 |
|
|
| Reconciliation of the beginning and ending amount of unrecognized tax benefits |
A reconciliation of the beginning and ending
amount of unrecognized tax benefits is as follows:
| December 31, |
|
2013 |
|
2012 |
| (in thousands) |
|
|
|
|
| Balance at Beginning of Year |
|
$ |
1,581 |
|
|
$ |
2,009 |
|
| Additions based on tax positions related to current year |
|
|
0 |
|
|
|
45 |
|
| Additions for tax positions of prior years |
|
|
387 |
|
|
|
332 |
|
| Reductions for tax positions of prior years |
|
|
|
|
|
|
(344 |
) |
| Settlements |
|
|
(1,968 |
) |
|
|
(322 |
) |
| Expiration of statute of limitation |
|
|
|
|
|
|
(139 |
) |
| Balance at End of Year |
|
$ |
0 |
|
|
$ |
1,581 |
|
|