XML 51 R42.htm IDEA: XBRL DOCUMENT v3.7.0.1
Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2016
Income Tax Disclosure [Abstract]  
Income (loss) from continuing operations before income taxes attributable to geographic locations
Income (loss) before income taxes is attributable to the following geographic locations for the years ended December 31, (in thousands):
 
2016
 
2015
 
2014
Domestic
$
215,010

 
$
123,153

 
$
(46,876
)
Foreign
(55,151
)
 
87,845

 
131,609

Income from continuing operations before income taxes
$
159,859

 
$
210,998

 
$
84,733
Components of tax benefit (expenses) for income taxes from continuing operations
The tax benefit (expenses) for income taxes consisted of the following components for the years ended December 31, (in thousands):
 
2016
 
2015
 
2014
Current:
 
 
 
 
 
Federal
$
(16,365
)
 
$
(85,352
)
 
$
(98,445
)
State and local
(2,147
)
 
(3,984
)
 
(16,243
)
Foreign
(62,278
)
 
(27,090
)
 
(31,844
)
Subtotal
(80,790
)
 
(116,426
)
 
(146,532
)
Deferred:
 
 
 
 
 
Federal
(11,184
)
 
87,801

 
(177,877
)
State and local
(3,328
)
 
4,600

 
(21,539
)
Foreign
49,851

 
801

 
489

Subtotal
35,339

 
93,202

 
(198,927
)
Provision for income taxes
$
(45,451
)
 
$
(23,224
)
 
$
(345,459
)
Income tax reconciliation
The fiscal 2016, 2015 and 2014 income tax expense differed from the amounts computed by applying the U.S. federal income tax rate of 35% to pre-tax income as a result of the following for the years ended December 31 (in thousands):
 
2016
 
2015
 
2014
Federal tax at statutory rate
$
(55,951
)
 
$
(73,849
)
 
$
(29,657
)
State and local taxes
(4,895
)
 
945

 
1,370

Deferred tax assets generated in current year not benefited
(6,246
)
 
(4,916
)
 
(3,311
)
Foreign income tax rate differential
22,016

 
30,387

 
20,002

Non-deductible expenses
(15,828
)
 
(14,252
)
 
(1,274
)
Stock-based compensation expense
(5,890
)
 
(3,922
)
 
(4,496
)
Change in valuation allowance
11,995

 
710

 
1,655

Foreign financing activities
(26,708
)
 
2,592

 
2,981

Loss on debt extinguishment
(8,288
)
 
—

 
—

Gain on divestments
8,828

 
—

 
—

Uncertain tax positions reserve
(9,371
)
 
(3,191
)
 
(463
)
Tax adjustments related to REIT
45,060

 
45,823

 
(324,142
)
Other, net
(173
)
 
(3,551
)
 
(8,124
)
Total income tax expense
$
(45,451
)
 
$
(23,224
)
 
$
(345,459
)
Schedule of deferred tax assets and liabilities
The types of temporary differences that give rise to significant portions of the Company’s deferred tax assets and liabilities are set out below as of December 31 (in thousands):
 
2016
 
2015
Deferred tax assets:
 
 
 
Reserves and accruals
$
11,276

 
$
13,013

Stock-based compensation expense
1,752

 
1,459

Unrealized (gains) losses
—

 
10,656

Operating loss carryforwards
37,594

 
34,457

Others, net
5

 
18

Gross deferred tax assets
50,627

 
59,603

Valuation allowance
(29,167
)
 
(29,894
)
Total deferred tax assets, net
21,460

 
29,709

Deferred tax liabilities:
 
 
 
Property, plant and equipment
(57,006
)
 
(9,048
)
Unrealized (gains) losses
(7,832
)
 
—

Intangible assets
(168,655
)
 
(60,133
)
Total deferred tax liabilities
(233,493
)
 
(69,181
)
Net deferred tax liabilities
$
(212,033
)
 
$
(39,472
)
Changes in valuation allowance for deferred tax assets
Changes in the valuation allowance for deferred tax assets for the years ended December 31, 2016, 2015 and 2014 are as follows (in thousands):
 
2016
 
2015
 
2014
Beginning balance
$
29,894

 
$
27,181

 
$
31,058

Amounts from acquisitions
5,053

 
—

 
—

Amounts recognized into income
(11,995
)
 
(710
)
 
(1,655
)
Current increase (decrease)
6,557

 
4,513

 
721

Impact of foreign currency exchange
(342
)
 
(1,090
)
 
(3,181
)
Net operating loss ("NOL") and tax credit expiration
—

 
—

 
238

Ending balance
$
29,167

 
$
29,894

 
$
27,181
Schedule of net operating loss carryforwards
The Company’s NOL carryforwards for federal, state and foreign tax purposes which expire, if not utilized, at various intervals from 2017, are outlined below (in thousands):
Expiration Date
 
Federal (1)
 
State (1)
 
Foreign
 
Total
2017
 
$
—

 
$
—

 
$
9,018

 
$
9,018

2018 to 2020
 
80,915

 
190

 
26,405

 
107,510

2021 to 2023
 
148,238

 
—

 
3,375

 
151,613

2024 to 2026
 
15,564

 
3,501

 
8,377

 
27,442

2027 to 2029
 
6,065

 
—

 
—

 
6,065

2030 to 2032
 
—

 
2,445

 
—

 
2,445

Thereafter
 
—

 
1,108

 
162,863

 
163,971

 
 
$
250,782

 
$
7,244

 
$
210,038

 
$
468,064

__________________________
(1)
The total amount of NOL carryforwards that will not be available to offset the Company’s future taxable income after dividend paid deduction due to Section 382 limitations was $245,101,000, comprising $241,766,000 of federal and $3,335,000 of state.
Reconciliation of unrecognized tax benefits
The beginning and ending balances of the Company's unrecognized tax benefits are reconciled below for the years ended December 31 (in thousands):
 
2016
 
2015
 
2014
Beginning balance
$
30,845

 
$
36,138

 
$
36,552

Gross increases related to prior year tax positions
570

 
—

 
1,200

Gross decreases related to prior year tax positions
—

 
(8,645
)
 
(984
)
Gross increases related to current year tax positions
41,972

 
4,802

 
1,538

Decreases resulting from expiration of statute of limitation
(826
)
 
(1,450
)
 
(1,112
)
Decreases resulting from settlements
(374
)
 
—

 
(1,056
)
Ending balance
$
72,187

 
$
30,845

 
$
36,138