Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Income (loss) from operations before income taxes

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

	Year ended December 31,
(in thousands)	2017		2016			2015
United States	$	1,234,680	$	1,393,410		$	1,187,353
Foreign		76,530		(115,632	)		(65,489	)
Total	$	1,311,210	$	1,277,778		$	1,121,864

Provision for income taxes

The provision for income taxes consisted of the following:

	Year ended December 31,
(in thousands)		2017			2016			2015
Current:
Federal		$	334,758		$	334,744		$	345,204
State and local			56,723			107,550			32,393
Foreign			38,601			(1,553	)		(6,183	)
Total current income tax provision			430,082			440,741			371,414
Deferred:
Federal			51,798			(7,808	)		(31,731	)
State and local			(15,923	)		(586	)		5,611
Foreign			30,902			(2,017	)		(1,903	)
Total deferred income tax provision (benefit)			66,777			(10,411	)		(28,023	)
Provision for income taxes		$	496,859		$	430,330		$	343,391

Effective income tax rate reconciliation

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

	Year ended December 31,
	2017			2016			2015
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			5.6			2.2
Income of pass-through entities allocated to non-controlling interests		(5.1	)		(4.8	)		(5.4	)
Section 199 - Domestic Production Activities deduction		(2.5	)		(2.4	)		(2.5	)
2017 Tax Act		6.1			-			-
Foreign tax law changes		2.3			-			-
Foreign earnings at other than U.S. rates		(2.0	)		(0.3	)		0.2
Other		1.9			0.6			1.1
Effective income tax rate		37.9	%		33.7	%		30.6	%

Deferred tax assets and liabilities

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

	December 31,
(in thousands)		2017			2016
Deferred tax assets:
Accrued expenses		$	(27,862	)	$	(32,120	)
Deferred compensation			(59,815	)		(85,524	)
Net operating loss carry-forwards			(197,396	)		(145,414	)
Investments			(91,828	)		(129,113	)
State taxes and interest			(31,101	)		(52,999	)
Property and equipment			(27,034	)		(34,267	)
Other			(13,915	)		(32,310	)
Total deferred tax assets:			(448,951	)		(511,747	)
Deferred tax liabilities:
Intangible assets			179,764			157,675
Programs and program licenses			1,823			54,908
Other			6,992			5,544
Total deferred tax liabilities:			188,579			218,127
Valuation allowance for deferred tax assets			155,513			118,329
Net deferred tax asset		$	(104,859	)	$	(175,291	)

Gross unrecognized tax benefits

The activity related to gross unrecognized tax benefits was as follows:

	Year ended December 31,
(in thousands)	2017			2016			2015
Gross unrecognized tax benefits - beginning of year	$	129,319		$	109,693		$	96,166
Increases in tax positions for prior years		45,927			9,567			19,679
Decreases in tax positions for prior years		(1,566	)		(19,243	)		-
Increases in tax positions for current year		13,772			30,142			17,712
Settlements with taxing authorities		(56,246	)		(782	)		495
Lapse in statute of limitations		(872	)		(58	)		(24,359	)
Gross unrecognized tax benefits - end of year	$	130,334		$	129,319		$	109,693