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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Components of Income Before Provision for Income Taxes

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

		Year Ended December 31,
			2018				2017				2016
						(As Adjusted) (1 )				(As Adjusted) (1)
Domestic		$	807,590			$	575,222			$	536,709
Foreign			571,416				596,111				345,361
		$	1,379,006			$	1,171,333			$	882,070

Tax Provision (Benefit)

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

		Year Ended December 31,
			2018				2017				2016
						(As Adjusted) (1 )				(As Adjusted) (1)
Federal:
Current		$	166,024			$	275,475			$	172,380
Deferred			(7,667	)			39,045				27,428
			158,357				314,520				199,808
State:
Current			43,320				21,212				20,946
Deferred			(3,692	)			5,573				375
			39,628				26,785				21,321
Foreign:
Current			149,194				123,840				94,910
Deferred			(34,121	)			2,612				(19,139	)
			115,073				126,452				75,771
		$	313,058			$	467,757			$	296,900

(1) We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 and 2016 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.

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,
			2018				2017				2016
Federal statutory tax rate			21	%			35	%			35	%
State taxes, net of federal benefit			3				2				2
Non-deductible expenses			2				2				—
Tax Reform			1				12				—
Change in valuation allowance			(1	)			(2	)			2
Acquisition-related costs			(2	)			—				—
Credits and exemptions			(2	)			(3	)			(2	)
Foreign rate differential			—				(5	)			(2	)
Reserves for uncertain tax positions			—				(2	)			—
Other			1				1				(1	)
Effective tax rate			23	%			40	%			34	%

Temporary Tax Effects

Cumulative tax effects of temporary differences are shown below at December 31, 2018 and 2017 (dollars in thousands):

		December 31,
			2018				2017
						(As Adjusted)  (1)
Asset (Liability)
Bonus and deferred compensation		$	276,572			$	208,198
Net operating losses (NOLs) and state tax credits			275,574				283,353
Bad debt and other reserves			57,506				56,313
Pension obligation			22,950				22,148
Investments			5,211				5,573
Tax effect on revenue items related to new revenue recognition guidance			(38,510	)			(55,306	)
Property and equipment			(49,935	)			(40,024	)
Unconsolidated affiliates and partnerships			(64,448	)			6,267
Capitalized costs and intangibles			(289,674	)			(256,087	)
All other			(2,457	)			(1,441	)
Net deferred tax assets before valuation allowance			192,789				228,994
Valuation allowance			(248,511	)			(277,466	)
Net deferred tax (liabilities) assets		$	(55,722	)		$	(48,472	)

(1) We adopted new revenue recognition guidance in the first quarter of 2018. Certain restatements have been made to the 2017 and 2016 financial statements to conform with the 2018 presentation. See Notes 2 and 3 for more information.

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits for the years ended December 31, 2018 and 2017 is as follows (dollars in thousands):

		Year Ended December 31,
			2018				2017
Beginning balance, unrecognized tax benefits		$	(35,826	)		$	(94,915	)
Gross increases - tax positions in prior period			(49,412	)			(1,400	)
Gross decreases - tax positions in prior period			—				23,896
Gross increases - current-period tax positions			(18,861	)			(4,142	)
Decreases relating to settlements			4,619				34,259
Reductions as a result of lapse of statute of limitations			4,531				6,497
Foreign exchange movement			(13	)			(21	)
Ending balance, unrecognized tax benefits		$	(94,962	)		$	(35,826	)

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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 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 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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