Annual report pursuant to Section 13 and 15(d)

Income Taxes (Tables)

v3.20.1
Income Taxes (Tables)
12 Months Ended
Dec. 31, 2019
Income Taxes [Abstract]  
Provision For Income Taxes

Year Ended December 31,

2019

2018

2017

Federal:

Current

$

8,170

$

21,594

$

35,466

Deferred

2,081

927

(42,637)

$

10,251

$

22,521

$

(7,171)

State and Other:

Current

$

2,522

$

4,857

$

4,209

Deferred

(633)

1,163

617

1,889

6,020

4,826

Total

$

12,140

$

28,541

$

(2,345)

Reasons For The Difference Between Provision For Income Taxes

For the Year Ended December 31,

2019

2018

2017

Income tax expense at statutory rate

$

9,868

$

24,466

$

43,484

Effect of state taxes, net of federal tax benefit

1,992

3,837

2,735

Effect of federal rate change, net of federal tax benefit

(1,005)

(47,722)

Effect of state rate changes on net deferred

liabilities

(755)

833

156

Change in valuation allowance

255

(283)

275

Non-deductible items

1,258

1,182

460

Tax credits

(478)

(489)

(1,733)

Total

$

12,140

$

28,541

$

(2,345)

Deferred Income Taxes

As of December 31,

2019

2018

Deferred federal and state tax liabilities (assets):

Installment sales treatment of VOI notes receivable

$

105,396

$

103,226

Deferred federal and state loss carryforwards/AMT

credits (net of valuation allowance of $2.4 million and $2.2 million

as of December 31, 2019 and 2018, respectively)

(7,915)

(7,871)

Book reserves for loan losses and inventory

(30,013)

(29,565)

Tax over book depreciation

4,786

2,343

Deferral of VOI sales and costs under timeshare accounting rules

10,398

8,654

Real estate valuation

(5,492)

(5,792)

Intangible assets

14,185

14,279

Junior subordinated debentures

9,124

9,378

Other

(7,965)

(3,596)

Deferred income taxes

$

92,504

$

91,056

Total deferred federal and state tax liabilities

$

143,889

$

137,880

Total deferred federal and state tax assets

(51,385)

(46,824)

Deferred income taxes

$

92,504

$

91,056