Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Earnings Before Income Taxes and Income Tax Expense

Earnings before income taxes and income tax expense consist of:

	Years Ended December 31,
	2015		2014			2013
	(in thousands)
Earnings before income taxes:
United States	$	520,282	$	493,311		$	471,813
Foreign	110,817		115,310			92,438
Total	$	631,099	$	608,621		$	564,251
Income tax expense:
Partnership UBT	$	6,855	$	9,356		$	4,403
Corporate subsidiaries:
Federal	2,576		6,321			7,032
State and local	539		1,326			2,318
Foreign	26,822		31,625			26,139
Current tax expense	36,792		48,628			39,892
Deferred tax (benefit)	1,330		(10,846		)	(3,063		)
Income tax expense	$	38,122	$	37,782		$	36,829

Difference Between the Effective Tax Rates and UBT Statutory Tax Rate

The principal reasons for the difference between the effective tax rates and the UBT statutory tax rate of 4.0% are as follows:

	Years Ended December 31,
	2015					2014					2013
	(in thousands)
UBT statutory rate	$	25,244		4.0	%	$	24,345		4.0	%	$	22,570		4.0	%
Corporate subsidiaries’ federal, state, local and foreign income taxes	25,720			4.1		24,516			4.0		27,766			4.9
Effect of ASC 740 adjustments, miscellaneous taxes, and other	2,643			0.4		2,586			0.4		(687		)	(0.1	)
Income not taxable resulting from use of UBT business apportionment factors	(15,485		)	(2.5	)	(13,665		)	(2.2	)	(12,820		)	(2.3	)
Income tax expense and effective tax rate	$	38,122		6.0		$	37,782		6.2		$	36,829		6.5

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:

	Years Ended December 31,
	2015		2014		2013
	(in thousands)
Balance as of beginning of period	$	11,311	$	2,975	$	3,672
Additions for prior year tax positions	—		2,838		—
Reductions for prior year tax positions	—		—		(580		)
Additions for current year tax positions	693		5,498		706
Reductions for current year tax positions	—		—		—
Reductions related to closed years/settlements with tax authorities	—		—		(823		)
Balance as of end of period	$	12,004	$	11,311	$	2,975

Tax Effect of Significant Items Comprising the Net Deferred Tax Asset (Liability)

The tax effect of significant items comprising the net deferred tax asset (liability) is as follows:

	December 31,
	2015			2014
	(in thousands)
Deferred tax asset:
Differences between book and tax basis:
Benefits from net operating loss carryforwards	$	18,887		$	23,539
Long-term incentive compensation plans	17,092			18,694
Other, primarily accrued expenses deductible when paid	18,490			19,737
	54,469			61,970
Less: valuation allowance	(13,709		)	(13,927		)
Deferred tax asset	40,760			48,043
Deferred tax liability:
Differences between book and tax basis:
Intangible assets	6,520			6,874
Investment in foreign subsidiaries	8,220			8,725
Other	766			1,900
Deferred tax liability	15,506			17,499
Net deferred tax asset	$	25,254		$	30,544