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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Taxes

Components of the Company's deferred tax assets and liabilities

Year ended December 31,		2016			2015
		(in thousands)
Deferred tax assets:
Stock-based compensation expense		$	17,773		$	36,243
Accrued expenses			64,175			59,196
Intangibles			—			11,590
Financing obligation to GLPI			1,359,193			1,374,268
Unrecognized tax benefits			9,377			9,858
Net operating losses and tax credit carryforwards			78,021			81,109
Gross deferred tax assets			1,528,539			1,572,264
Less valuation allowance			(828,501)			(844,258)
Net deferred tax assets			700,038			728,006
Deferred tax liabilities:
Property, plant and equipment, non-master lease			(69,151)			(80,930)
Property, plant and equipment, master lease			(717,602)			(750,407)
Investments in unconsolidated affiliates			(1,383)			(3,024)
Accumulated other comprehensive gain			—			(1,566)
Undistributed foreign earnings			(8,596)			—
Intangibles			(30,230)			—
Net deferred tax liabilities			(826,962)			(835,927)
Noncurrent deferred tax liabilities, net		$	(126,924)		$	(107,921)

Schedule of the provision for income taxes charged to operations

Year ended December 31,		2016			2015			2014
		(in thousands)
Current tax (benefit) expense
Federal		$	8,721		$	(5,158)		$	14,275
State			3,489			133			5,821
Foreign			(9,639)			3,713			7,515
Total current			2,571			(1,312)			27,611
Deferred tax expense
Federal			5,457			51,817			2,357
State			3,279			5,419			551
Total deferred			8,736			57,236			2,908
Total income tax provision		$	11,307		$	55,924		$	30,519

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

Year ended December 31,		2016		2015		2014
Percent of pretax income
Federal taxes		35.0	%	35.0	%	35.0	%
State and local income taxes		1.2	%	6.1	%	1.6	%
Permanent differences		(0.6)	%	5.8	%	(20.9)	%
Foreign		(8.5)	%	5.2	%	(2.2)	%
Valuation allowance		(17.1)	%	55.3	%	(31.1)	%
Other miscellaneous items		(0.6)	%	(8.6)	%	(2.3)	%
		9.4	%	98.8	%	(19.9)	%

Year ended December 31,		2016			2015			2014
		(in thousands)
Amount of pretax income
Federal taxes		$	42,216		$	19,814		$	(53,656)
State and local income taxes			1,498			3,435			(2,470)
Permanent differences			(690)			3,276			32,019
Foreign			(10,268)			2,955			3,337
Valuation allowance			(20,675)			31,288			47,703
Other miscellaneous items			(774)			(4,844)			3,586
		$	11,307		$	55,924		$	30,519

Reconciliation of liability for unrecognized tax benefits

		Unrecognized
		tax benefits
		(in thousands)
Unrecognized tax benefits		$	44,477
Cumulative advance deposits on account			(37,441)
Balance at December 31, 2014		$	7,036
Additions based on current year positions			561
Additions based on prior year positions			6,371
Decreases due to settlements and/or reduction in reserves			(4,743)
Currency translation adjustments			(9,097)
Settlement payments			(4,000)
Unrecognized tax benefits			33,569
Cumulative advance deposits on account			(31,371)
Balance at December 31, 2015		$	2,198
Additions based on current year positions			-
Additions based on prior year positions			3,749
Decreases due to settlements and/or reduction in reserves			(9,091)
Currency translation adjustments			2,565
Settlement payments			(4,000)
Unrecognized tax benefits balance at December 31, 2016		$	26,792

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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
-Section 50
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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 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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