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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Tax Disclosure [Abstract]

Components of Income (Loss) from Continuing Operations

The components of income from continuing operations before provision for income taxes consisted of the following (dollars in thousands):

		Year Ended December 31,
			2017				2016				2015
Domestic		$	577,098			$	536,869			$	600,939
Foreign			586,995				343,857				278,791
		$	1,164,093			$	880,726			$	879,730

Tax Provision (Benefit)

Our tax provision (benefit) consisted of the following (dollars in thousands):

		Year Ended December 31,
			2017				2016				2015
Federal:
Current		$	275,475			$	172,380			$	215,703
Deferred			39,563				27,463				1,559
			315,038				199,843				217,262
State:
Current			21,212				20,946				24,476
Deferred			5,646				375				861
			26,858				21,321				25,337
Foreign:
Current			123,840				94,909				91,048
Deferred			411				(19,411	)			(12,794	)
			124,251				75,498				78,254
		$	466,147			$	296,662			$	320,853

Reconciliation of Pre-Tax Income

The following is a reconciliation stated as a percentage of pre-tax income of the U.S. statutory federal income tax rate to our effective tax rate:

		Year Ended December 31,
			2017				2016				2015
Federal statutory tax rate			35	%			35	%			35	%
Tax Reform			12				—				—
State taxes, net of federal benefit			2				2				3
Non-deductible expenses			2				—				1
Change in valuation allowance			(2	)			2				(1	)
Reserves for uncertain tax positions			(2	)			—				1
Credits and exemptions			(3	)			(2	)			(2	)
Foreign rate differential			(5	)			(2	)			(2	)
Other			1				(1	)			1
Effective tax rate			40	%			34	%			36	%

Temporary Tax Effects

Cumulative tax effects of temporary differences are shown below at December 31, 2017 and 2016 (dollars in thousands):

		December 31,
			2017				2016
Asset (Liability)
Bonus and deferred compensation		$	186,093			$	265,043
Net operating losses (NOLs) and state tax credits			283,353				245,681
Bad debt and other reserves			56,313				75,620
Pension obligation			22,148				29,382
Unconsolidated affiliates			6,267				28,107
Investments			5,573				7,142
Foreign tax credits			—				53,976
Derivative financial instruments			—				7,308
Property and equipment			(40,024	)			(87,679	)
Capitalized costs and intangibles			(256,087	)			(307,301	)
All other			(1,441	)			2,049
Net deferred tax assets before valuation allowance			262,195				319,328
Valuation allowance			(277,466	)			(284,723	)
Net deferred tax (liabilities) assets		$	(15,271	)		$	34,605

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2017 and 2016 is as follows (dollars in thousands):

		Year Ended December 31,
			2017				2016
Beginning balance, unrecognized tax benefits		$	(94,915	)		$	(92,538	)
Gross increases - tax positions in prior period			(1,400	)			(514	)
Gross decreases - tax positions in prior period			23,896				358
Gross increases - current-period tax positions			(4,142	)			(4,237	)
Decreases relating to settlements			34,259				2,541
Reductions as a result of lapse of statute of    limitations			6,497				235
Foreign exchange movement			(21	)			(760	)
Ending balance, unrecognized tax benefits		$	(35,826	)		$	(94,915	)

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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
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-SubTopic 10
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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 the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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

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Tabular disclosure for 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 and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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