Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

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 to income tax expense from continuing operations reported in the Consolidated Statements of Operations (in thousands):



	2018			2017			2016
Income (loss) from continuing operations before income taxes	$	525,660		$	(118,296	)	$	434,242

Federal income tax rate	21%			35%			35%
Federal income taxes	110,389			(41,404		)	151,985
State and local income taxes, net of federal tax benefit	23,218			(4,606		)	17,474
Domestic production activities deduction	—			(5,539		)	(6,807		)
Non-deductible reorganization and transaction costs	(2,959		)	7,598			497
Impact of federal and state rate changes	(23,291		)	(262,851		)	—
Income tax settlements and other adjustments, net	(909		)	634			179,558
Other, net	6,682			4,795			4,495
Income tax expense (benefit) from continuing operations	$	113,130		$	(301,373	)	$	347,202

Effective tax rate	21.5%			254.8%			80.0%

Schedule of Components of Income Tax Expense (Benefit)

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



	2018		2017			2016
Current:
U.S. federal	$	21,069	$	94,873		$	273,205
State and local	12,282		18,810			35,057
Sub-total	33,351		113,683			308,262
Deferred:
U.S. federal	61,144		(381,063		)	32,783
State and local	18,635		(33,993		)	6,157
Sub-total	79,779		(415,056		)	38,940
Total income tax expense (benefit) from continuing operations	$	113,130	$	(301,373	)	$	347,202

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, 2018			December 31, 2017
Deferred tax assets:
Broadcast rights	$	43,131		$	53,249
Postretirement benefits other than pensions	1,736			1,970
Stock-based compensation and other employee benefits	11,747			13,995
Pensions	98,980			93,913
Deferred gain on spectrum	—			49,103
Other accrued liabilities	8,339			9,630
Other future deductible items	12,959			14,479
Net operating loss carryforwards	1,067			1,436
Accounts receivable	1,149			1,240
	179,108			239,015
Valuation allowance	(609		)	(633		)
Total deferred tax assets	$	178,499		$	238,382

Deferred tax liabilities:
Net intangible assets	$	357,353		$	370,284
Investments	213,887			209,751
Deferred gain on partnership contributions	69,326			96,076
Net properties	78,845			70,445
Deferred gain on spectrum	33,012			—
Total deferred tax liabilities	752,423			746,556
Net deferred tax liabilities	$	573,924		$	508,174

Schedule of Unrecognized Tax Benefits Roll Forward

The following summarizes the changes in the Company’s liability for unrecognized tax benefits (in thousands):



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
Gross increase as a result of tax positions related to a prior period	25
Gross increase as a result of tax positions related to the current period	279
Gross decrease as a result of tax positions related to a prior period	(1,490		)
Decreases related to settlements with taxing authorities	(525		)
Decrease related to statute of limitations expirations	(229		)
Liability at December 31, 2018	$	21,382