v2.4.1.9

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Earnings (Loss) Before Income Taxes

Components of earnings (loss) before income taxes for the years ended December 31 were as follows (in thousands):

		2014				2013				2012
Domestic		$	390,874			$	(404,910)			$	(65,566)
International			322,754				741,172				(37,251)
Earnings (loss) before income taxes		$	713,628			$	336,262			$	(102,817)

Components of Provision for Income Tax

Components of the provision for income taxes for the years ended December 31 were as follows (in thousands):

		2014				2013				2012
Current income tax expense (benefit):
United States federal		$	(6,585)			$	20,009			$	(27,897)
International			52,155				99,478				46,294
State and local			16,014				8,501				7,383
Total current tax expense			61,584				127,988				25,780
Deferred income tax expense (benefit):
United States federal			(27,374)				(1,133)				152
International			(59,866)				(18,934)				(22,119)
Total deferred tax benefit			(87,240)				(20,067)				(21,967)
Total income tax expense (benefit), included in continuing and discontinued operations		$	(25,656)			$	107,921			$	3,813

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities at December 31 were as follows (in thousands):

		2014				2013
Gross deferred income tax assets:
Net operating loss carryforwards (1)		$	346,978			$	391,764
Basis difference - real estate properties			105,205				133,767
Basis difference - equity investments			12,401				9,238
Basis difference - intangibles			5,952				8,113
Section 163(j) interest limitation			32,703				33,224
Capital loss carryforward			25,282				32,054
Other - temporary differences			10,701				20,124
Total gross deferred income tax assets			539,222				628,284
Valuation allowance			(518,241)				(583,675)
Gross deferred income tax assets, net of valuation allowance			20,981				44,609
Gross deferred income tax liabilities:
Basis difference - real estate properties			89,998				167,951
Built-in-gains - equity investments and real estate properties			-				27,116
Basis difference- intangibles			7,324				8,823
Other - temporary differences			716				5,269
Total gross deferred income tax liabilities			98,038				209,159
Net deferred income tax liabilities		$	77,057			$	164,550

(1) At December 31, 2014, we had net operating loss (“NOL”) carryforwards as follows (in millions):

Summary of Operating Loss Carryforwards

(1) At December 31, 2014, we had net operating loss (“NOL”) carryforwards as follows (in millions):

		U.S.				Europe				Mexico				Japan				Other
Gross NOL carryforward		$	92			$	747			$	246			$	132			$	67
Tax-effected NOL carryforward			35				197				74				25				16
Valuation allowance			(35)				(188)				(74)				(25)				(16)
Net deferred tax asset-NOL carryforward		$	-			$	9			$	-			$	-			$	-
Expiration periods			2022-2033				2015-indefinite				2015-2025				2015-2023				2015-indefinite

Summary of Income Tax Contingencies

The liability for uncertain tax positions principally consisted of estimated federal income tax liabilities and included accrued interest and penalties of $0.3 million and $0.9 million at December 31, 2014 and 2013, respectively. A reconciliation of the liability for uncertain tax positions for the years ended December 31 was as follows (in thousands):

		2014				2013
Balance at January 1		$	1,318			$	7,943
Additions for tax positions taken during a prior year			256				405
Settlements with taxing authorities			-				(7,030)
Reductions due to lapse of applicable statute of limitations			(1,318)				-
Balance at December 31		$	256			$	1,318

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Tabular disclosure of tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities (i.e., uncertain tax positions) and other types of income tax contingencies, including: (1) the policy on classification of interest and penalties; (2) a tabular reconciliation of the total amounts of unrecognized tax benefits at the beginning and end of the period; the total amount(s) of: (3) unrecognized tax benefits that, if recognized, would affect the effective tax rate, and (4) interest and penalties recognized in each of the income statement and balance sheet; (5) for positions for which it is reasonably possible that the total amounts unrecognized will significantly change within 12 months of the reporting date the: (i) nature of the uncertainty, (ii) nature of the event that could occur that would cause the change, and (iii) an estimate of the range of the reasonably possible change or a statement that an estimate of the range cannot be made; and (6) a description of tax years that remain subject to examination by major tax jurisdictions.

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