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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Taxes

Components of the Company's deferred tax assets and liabilities

Year ended December 31,		2014			2013
		(Restated)			(Restated)
		(in thousands)
Deferred tax assets:
Stock-based compensation expense		$	44,458		$	50,526
Accrued expenses			58,483			57,588
Intangibles			38,959			30,018
Master Lease financing obligation			1,394,575			1,375,952
Deferred tax assets resulting from unrecognized tax benefits			10,837			11,377
Net operating losses			11,895			7,392
Accumulated other comprehensive loss			590			1,844
​	​	​	​	​	​	​	​
Gross deferred tax assets			1,559,797			1,534,697
Less valuation allowance			(744,449	)		(696,064	)
​	​	​	​	​	​	​	​
Net deferred tax assets			815,348			838,633
​	​	​	​	​	​	​	​
Deferred tax liabilities:
Property, plant and equipment			(61,803	)		(80,065	)
Master Lease property			(787,580	)		(782,527	)
Investments in unconsolidated affiliates			(4,255	)		(5,779	)
​	​	​	​	​	​	​	​
Net deferred tax liabilities			(853,638	)		(868,371	)
​	​	​	​	​	​	​	​
Net:		$	(38,290	)	$	(29,738	)
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​
Reflected on consolidated balance sheets:
Current deferred tax assets, net		$	40,343		$	41,414
Noncurrent deferred tax assets (liabilities), net			(78,633	)		(71,152	)
​	​	​	​	​	​	​	​
Net deferred taxes		$	(38,290	)	$	(29,738	)
​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​

Schedule of the provision for income taxes charged to operations

Year ended December 31,		2014			2013			2012
		(Restated)			(Restated)			(Restated)
		(in thousands)
Current tax expense (benefit)
Federal		$	14,275		$	96,273		$	84,281
State			5,821			2,835			12,145
Foreign			7,515			4,708			(3,366	)
​	​	​	​	​	​	​	​	​	​	​
Total current			27,611			103,816			93,060
​	​	​	​	​	​	​	​	​	​	​
Deferred tax (benefit) expense
Federal			2,357			(137,803	)		44,225
State			551			407			164
​	​	​	​	​	​	​	​	​	​	​
Total deferred			2,908			(137,396	)		44,389
​	​	​	​	​	​	​	​	​	​	​
Total income tax (benefit) provision		$	30,519		$	(33,580	)	$	137,449
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Reconciliation of the statutory federal income tax rate to the actual effective income tax rate

Year ended December 31,		2014			2013			2012
		(Restated)			(Restated)			(Restated)
Percent of pretax (loss) income
Federal taxes			35.0	%		35.0	%		35.0	%
State and local income taxes			1.6	%		1.5	%		1.2	%
Permanent differences			(20.9	)%		(16.8	)%		5.9	%
Foreign			(2.2	)%		(0.6	)%		0.2	%
Valuation allowance			(31.1	)%		(14.0	)%		0.0	%
Other miscellaneous items			(2.3	)%		0.3	%		(0.1	)%
​	​	​	​	​	​	​	​	​	​	​
			(19.9	)%		5.4	%		42.2	%
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Year ended December 31,		2014			2013			2012
		(Restated)			(Restated)			(Restated)
		(in thousands)
Amount based upon pretax (loss) income
Federal taxes		$	(53,656	)	$	(219,232	)	$	113,759
State and local income taxes			(2,470	)		(9,163	)		3,918
Permanent differences			32,019			104,592			19,193
Foreign			3,337			3,685			886
Valuation allowance			47,703			92,242			—
Other miscellaneous items			3,586			(5,704	)		(307	)
​	​	​	​	​	​	​	​	​	​	​
		$	30,519		$	(33,580	)	$	137,449
​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	​	​	​	​	​	​	​

Reconciliation of liability for unrecognized tax benefits

		Noncurrent tax liabilities (Restated)
		(in thousands)
Balance at December 31, 2012		$	20,393
Additions based on current year positions			2,026
Additions based on prior year positions			5,537
Decreases due to settlements and/or reduction in reserves			(4,570	)
Currency translation adjustments			(1,822	)
​	​	​	​	​
Balance at December 31, 2013			21,564
Additions based on current year positions			1,142
Additions based on prior year positions			4,038
Payments made on account			(12,132	)
Decreases due to settlements and/or reduction in reserves			(5,097	)
Currency translation adjustments			(2,480	)
​	​	​	​	​
Balance at December 31, 2014		$	7,035
​	​	​	​	​
​	​	​	​	​

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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.

+ References

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-SubTopic 10
-Section 50
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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.

+ References

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-Publisher FASB
-Name Accounting Standards Codification
-Topic 740
-SubTopic 10
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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.

+ References

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