Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Schedule of Effective Income Tax Rate Reconciliation

The following is a reconciliation of income taxes from continuing operations computed at the U.S. federal statutory rate of 35% to income tax expense from continuing operations reported in the Consolidated Statements of Operations (in thousands):



	2017			2016			2015
(Loss) income from continuing operations before income taxes	$	(118,296	)	$	434,242		$	(289,419	)

Federal income taxes at 35%	(41,404		)	151,985			(101,297		)
State and local income taxes, net of federal tax benefit	(4,606		)	17,474			3,195
Domestic production activities deduction	(5,539		)	(6,807		)	(6,554		)
Non-deductible reorganization and transaction costs	7,598			497			622
Non-deductible goodwill	—			—			133,350
Impact of federal and state rate changes	(262,851		)	—			—
Income tax settlements and other adjustments, net	634			179,558			(7,842		)
Other, net	4,795			4,495			4,444
Income tax (benefit) expense from continuing operations	$	(301,373	)	$	347,202		$	25,918

Effective tax rate	254.8%			80.0%			(9.0)%

Schedule of Components of Income Tax Expense (Benefit)

Components of income tax (benefit) expense from continuing operations were as follows (in thousands):



	2017			2016		2015
Current:
U.S. federal	$	94,873		$	273,205	$	138,871
State and local	18,810			35,057		16,677
Sub-total	113,683			308,262		155,548
Deferred:
U.S. federal	(381,063		)	32,783		(110,390		)
State and local	(33,993		)	6,157		(19,240		)
Sub-total	(415,056		)	38,940		(129,630		)
Total income tax (benefit) expense from continuing operations	$	(301,373	)	$	347,202	$	25,918

Schedule of Deferred Tax Assets and Liabilities

Significant components of the Company’s net deferred tax assets and liabilities were as follows (in thousands):



	December 31, 2017			December 31, 2016
Deferred tax assets:
Broadcast rights	$	53,249		$	78,531
Postretirement benefits other than pensions	1,970			3,467
Stock-based compensation and other employee benefits	13,995			20,261
Pensions	93,913			175,766
Deferred gain on spectrum	49,103			—
Other accrued liabilities	9,630			15,518
Other future deductible items	14,479			16,638
Net operating loss carryforwards	1,436			1,582
Accounts receivable	1,240			4,902
	239,015			316,665
Valuation allowance	(633		)	—
Total deferred tax assets	$	238,382		$	316,665

Deferred tax liabilities:
Net intangible assets	$	370,284		$	564,405
Investments	209,751			399,103
Deferred gain on partnership contributions	96,076			157,567
Net properties	70,445			112,864
Outside basis difference on Gracenote Companies	—			63,403
Other	—			3,571
Total deferred tax liabilities	746,556			1,300,913
Net deferred tax liabilities	$	508,174		$	984,248

Schedule of Unrecognized Tax Benefits Roll Forward

The following summarizes the changes in the Company’s liability for unrecognized tax benefits during 2015, 2016 and 2017 (in thousands):



Liability at December 28, 2014	$	18,852
Gross increase as a result of tax positions related to a prior period	12,573
Gross increase as a result of tax positions related to the current period	3,841
Decrease related to statute of limitations expirations	(1,634		)
Liability at December 31, 2015	$	33,632
Gross increase as a result of tax positions related to a prior period	46,034
Gross increase as a result of tax positions related to the current period	449
Gross decrease as a result of tax positions related to a prior period	(2,591		)
Decreases related to settlements with taxing authorities	(45,130		)
Reclassifications to income taxes payable	(1,615		)
Decrease related to statute of limitations expirations	(8,247		)
Liability at December 31, 2016	$	22,532
Gross increase as a result of tax positions related to a prior period	223
Gross increase as a result of tax positions related to the current period	2,414
Gross decrease as a result of tax positions related to a prior period	(277		)
Decreases related to settlements with taxing authorities	(1,568		)
Decrease related to statute of limitations expirations	(2		)
Liability at December 31, 2017	$	23,322