Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income (loss) from operations before income taxes consisted of the following:

The provision for income taxes consisted of the following:

	For the years ended December 31,
(in thousands)		2015			2014			2013
Current:
Federal		$	345,204		$	269,047		$	181,403
State and local			32,393			31,155			37,655
Foreign			(6,183	)		2,038			517
Total current income tax provision			371,414			302,240			219,575
Deferred:
Federal			(31,731	)		694			84,504
State and local			5,611			85			5,742
Foreign			(1,903	)		(1,976	)		(2,198	)
Total deferred income tax (benefit) provision			(28,023	)		(1,197	)		88,048
Provision for income taxes		$	343,391		$	301,043		$	307,623

The difference between the statutory rate for federal income tax and the effective income tax rate was as follows:

	For the years ended December 31,
	2015			2014			2013
U.S. federal statutory income tax rate		35.0	%		35.0	%		35.0	%
Effect of:
U.S. state and local income taxes, net of federal income tax benefit		2.2			2.2			2.2
Income of pass-through entities allocated to non-controlling interests		(5.4	)		(6.2	)		(6.3	)
Section 199 - Domestic Production Activities deduction		(2.5	)		(2.3	)		(2.4	)
Other		1.3			0.6			2.6
Effective income tax rate		30.6	%		29.3	%		31.1	%

The approximate effect of the temporary differences giving rise to deferred income tax (assets) liabilities were as follows:

	As of December 31,
(in thousands)		2015			2014
Deferred tax assets:
Accrued expenses		$	(30,764	)	$	(13,200	)
Deferred compensation			(73,672	)		(73,150	)
Capital loss carry-forwards			(9,316	)		(6,867	)
Net operating loss carry-forwards			(157,475	)		(33,745	)
Investments			(80,992	)		(96,387	)
State taxes and interest			(35,671	)		-
Property and equipment			(30,885	)		(22,648	)
Other			(26,530	)		(10,110	)
Total deferred tax assets:			(445,305	)		(256,107	)
Deferred tax liabilities:
Intangible assets			178,132			71,570
Programs and program licenses			45,897			64,765
Other			5,880			-
Total deferred tax liabilities:			229,909			136,335
Valuation allowance for deferred tax assets			123,442			40,676
Net deferred tax asset		$	(91,954	)	$	(79,096	)

A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax benefits is as follows:

	For the years ended December 31,
(in thousands)	2015			2014			2013
Gross unrecognized tax benefits - beginning of year	$	96,166		$	109,462		$	94,219
Increases in tax positions for prior years		19,679			2,169			20,931
Decreases in tax positions for prior years		-			(11,254	)		(6,020	)
Increases in tax positions for current year		17,712			15,149			13,709
Settlements with taxing authorities		495			-			-
Lapse in statute of limitations		(24,359	)		(19,360	)		(13,377	)
Gross unrecognized tax benefits - end of year	$	109,693		$	96,166		$	109,462