v3.8.0.1

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of Earnings Before Income Taxes

The following table summarizes the components of earnings before income taxes for the years ended December 31 (in thousands):

		2017				2016				2015
Domestic		$	1,207,503			$	719,018			$	511,025
International			608,065				628,086				437,580
Earnings before income taxes		$	1,815,568			$	1,347,104			$	948,605

Components of Provision for Income Tax

The following table summarizes the components of the provision for income taxes for the years ended December 31 (in thousands):

		2017				2016				2015
Current income tax expense (benefit):
U.S. federal		$	214			$	7,153			$	(11,633	)
International			45,185				38,493				27,494
State and local			14,215				14,443				12,286
Total current income tax expense			59,614				60,089				28,147
Deferred income tax expense (benefit):
U.S. federal			2,533				(3,306	)			(810	)
International			(7,538	)			(2,219	)			(4,247	)
Total deferred income tax benefit			(5,005	)			(5,525	)			(5,057	)
Total income tax expense		$	54,609			$	54,564			$	23,090

Deferred Income Tax Assets and Liabilities

The following table summarizes the deferred income tax assets and liabilities at December 31 (in thousands):

		2017				2016
Gross deferred income tax assets:
NOL carryforwards		$	334,358			$	350,909
Basis difference – real estate properties			53,902				56,827
Basis difference – equity investments and intangibles			4,740				4,666
Section 163(j) interest limitation			26,280				40,766
Capital loss carryforward			10,566				25,145
Other – temporary differences			5,724				5,578
Total gross deferred income tax assets			435,570				483,891
Valuation allowance			(410,896	)			(456,699	)
Gross deferred income tax assets, net of valuation allowance			24,674				27,192
Gross deferred income tax liabilities:
Basis difference – real estate properties			63,246				70,914
Basis difference – equity investments and intangibles			1,114				6,864
Other – temporary differences			769				1,028
Total gross deferred income tax liabilities			65,129				78,806
Net deferred income tax liabilities		$	40,455			$	51,614

Summary of Operating Loss Carryforwards

At December 31, 2017, we had NOL carryforwards as follows (in thousands):

	U.S.				Europe				Mexico				Japan				Other
Gross NOL carryforward	$	106,594			$	721,225			$	334,290			$	130,679			$	44,084
Tax-effected NOL carryforward		26,040				168,588				103,671				25,419				10,640
Valuation allowance		(26,040	)			(152,911	)			(103,671	)			(25,419	)			(10,640	)
Net deferred tax asset – NOL carryforward	$	-			$	15,677			$	-			$	-			$	-
Expiration periods	2022 – 2037				2018 – indefinite				2018 – 2028				2018 – 2026				2018 – indefinite

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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 9
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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.

+ References

Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
-Section 50
-Paragraph 2
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Tabular disclosure of income before income tax between domestic and foreign jurisdictions.

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Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 235
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08.(h)(1)(i))
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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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-Name Accounting Standards Codification
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