Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

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):

	2017		2016		2015
Domestic	$	1,207,503	$	719,018	$	511,025
International		608,065		628,086		437,580
Earnings before income taxes	$	1,815,568	$	1,347,104	$	948,605

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):

	2017			2016			2015
Current income tax expense (benefit):
U.S. federal	$	214		$	7,153		$	(11,633	)
International		45,185			38,493			27,494
State and local		14,215			14,443			12,286
Total current income tax expense		59,614			60,089			28,147
Deferred income tax expense (benefit):
U.S. federal		2,533			(3,306	)		(810	)
International		(7,538	)		(2,219	)		(4,247	)
Total deferred income tax benefit		(5,005	)		(5,525	)		(5,057	)
Total income tax expense	$	54,609		$	54,564		$	23,090

Deferred Income Tax Assets and Liabilities

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

	2017			2016
Gross deferred income tax assets:
NOL carryforwards	$	334,358		$	350,909
Basis difference – real estate properties		53,902			56,827
Basis difference – equity investments and intangibles		4,740			4,666
Section 163(j) interest limitation		26,280			40,766
Capital loss carryforward		10,566			25,145
Other – temporary differences		5,724			5,578
Total gross deferred income tax assets		435,570			483,891
Valuation allowance		(410,896	)		(456,699	)
Gross deferred income tax assets, net of valuation allowance		24,674			27,192
Gross deferred income tax liabilities:
Basis difference – real estate properties		63,246			70,914
Basis difference – equity investments and intangibles		1,114			6,864
Other – temporary differences		769			1,028
Total gross deferred income tax liabilities		65,129			78,806
Net deferred income tax liabilities	$	40,455		$	51,614

Summary of Operating Loss Carryforwards

At December 31, 2017, we had NOL carryforwards as follows (in thousands):

	U.S.			Europe			Mexico			Japan			Other
Gross NOL carryforward	$	106,594		$	721,225		$	334,290		$	130,679		$	44,084
Tax-effected NOL carryforward		26,040			168,588			103,671			25,419			10,640
Valuation allowance		(26,040	)		(152,911	)		(103,671	)		(25,419	)		(10,640	)
Net deferred tax asset – NOL carryforward	$	-		$	15,677		$	-		$	-		$	-
Expiration periods	2022 – 2037			2018 – indefinite			2018 – 2028			2018 – 2026			2018 – indefinite