Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Components of Earnings Before Income Taxes

The following table summarizes the components of earnings before income taxes for the years ended December 31 (in thousands):

	2015		2014		2013
Domestic	$	511,025	$	390,874	$	(404,910	)
International		437,580		322,754		741,172
Earnings before income taxes	$	948,605	$	713,628	$	336,262

Components of Provision for Income Tax

The following table summarizes the components of the provision for income taxes for the years ended December 31 (in thousands):

	2015			2014			2013
Current income tax expense (benefit):
United States federal	$	(11,633	)	$	(6,585	)	$	20,009
International		27,494			52,155			99,478
State and local		12,286			16,014			8,501
Total current tax expense		28,147			61,584			127,988

Deferred income tax expense (benefit):
United States federal		(810	)		(27,374	)		(1,133	)
International		(4,247	)		(59,866	)		(18,934	)
Total deferred tax benefit		(5,057	)		(87,240	)		(20,067	)
Total income tax expense (benefit), included in continuing and discontinued operations	$	23,090		$	(25,656	)	$	107,921

Deferred Income Tax Assets and Liabilities

The following table summarizes the deferred income tax assets and liabilities at December 31 (in thousands):

	2015			2014
Gross deferred income tax assets:
Net operating loss carryforwards (1)	$	321,144		$	346,978
Basis difference – real estate properties		89,856			105,205
Basis difference – equity investments		11,242			12,401
Basis difference – intangibles		4,351			5,952
Section 163(j) interest limitation		32,684			32,703
Capital loss carryforward		25,282			25,282
Other – temporary differences		8,993			10,701
Total gross deferred income tax assets		493,552			539,222
Valuation allowance		(467,440	)		(518,241	)
Gross deferred income tax assets, net of valuation allowance		26,112			20,981
Gross deferred income tax liabilities:
Basis difference – real estate properties		82,160			89,998
Basis difference – intangibles		6,170			7,324
Other – temporary differences		993			716
Total gross deferred income tax liabilities		89,323			98,038
Net deferred income tax liabilities	$	63,211		$	77,057

Summary of Operating Loss Carryforwards

	United States			Europe			Mexico			Japan			Other
Gross NOL carryforward	$	97,295		$	635,970		$	266,600		$	132,672		$	55,351
Tax-effected NOL carryforward		36,515			163,974			83,612			23,511			13,532
Valuation allowance		(36,515	)		(151,811	)		(83,612	)		(23,511	)		(13,532	)
Net deferred tax asset – NOL carryforward	$	-		$	12,163		$	-		$	-		$	-
Expiration periods	2022 – 2035			2016 – indefinite			2016 – 2026			2016 – 2024			2016 – indefinite

Summary of Income Tax Contingencies

The liability for uncertain tax positions principally consisted of estimated federal income tax liabilities and included accrued interest and penalties of $0.3 million at December 31, 2015 and 2014 and $0.9 million at December 31, 2013. A reconciliation of the liability for uncertain tax positions for the years ended December 31 was as follows (in thousands):

	2015		2014			2013
Balance at January 1	$	256	$	1,318		$	7,943
Additions for tax positions taken during current year		3,000		-			-
Additions for tax positions taken during a prior year		8		256			405
Settlements with taxing authorities		-		-			(7,030	)
Reductions due to lapse of applicable statute of limitations		-		(1,318	)		-
Balance at December 31	$	3,264	$	256		$	1,318