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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2018
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | Income Tax Benefit (Expense)
|  | Year ended December 31,
(In thousands) |  | 2018 |  | 2017 |  | 2016
Current |  |  |  |  |  |
Federal |  | $ | 2,881 |  |  | $ | (20,316 | ) |  | $ | (2,720 | )
State and local |  | 1,168 |  |  | (3,606 | ) |  | (1,436 | )
Foreign |  | (13,698 | ) |  | (16,138 | ) |  | (8,244 | )
Total current tax benefit (expense) |  | (9,649 | ) |  | (40,060 | ) |  | (12,400 | )
Deferred |  |  |  |  |  |
Federal |  | 64,962 |  |  | 110,711 |  |  | 6,214 |
State and local |  | 1,320 |  |  | 18,235 |  |  | (713 | )
Foreign |  | 3,148 |  |  | 9,513 |  |  | 2,117 |
Total deferred tax benefit |  | 69,430 |  |  | 138,459 |  |  | 7,618 |
Total income tax benefit (expense) |  | $ | 59,781 |  |  | $ | 98,399 |  |  | $ | (4,782 | )
Schedule of Deferred Tax Assets and Liabilities | The components of deferred tax assets and deferred tax liabilities arising from temporary differences were as follows.
(In thousands) |  | December 31, 2018 |  | December 31, 2017
Deferred tax assets |  |  |  |
Net operating and capital loss carry forwards (1) |  | $ | 56,609 |  |  | $ | 30,019 |
Equity-based compensation |  | 17,162 |  |  | 28,071 |
Basis difference—investment in partnerships |  | 7,745 |  |  | — |
Foreign tax credits (2) |  | 892 |  |  | 1,682 |
Straight-line and prepaid rent expense |  | 7,850 |  |  | 3,601 |
Deferred income |  | — |  |  | 1,932 |
Deferred interest expense |  | 472 |  |  | 1,924 |
Other |  | 2,904 |  |  | 7,947 |
Gross deferred tax assets |  | 93,634 |  |  | 75,176 |
Valuation allowance (3) |  | (22,062 | ) |  | (23,852 | )
Deferred tax assets, net of valuation allowance |  | 71,572 |  |  | 51,324 |
Deferred tax liabilities |  |  |  |
Management contract intangibles |  | 33,693 |  |  | 90,605 |
Basis difference—investment in partnerships |  | — |  |  | 5,822 |
Basis difference—real estate |  | 63,901 |  |  | 68,687 |
Deferred income |  | 1,263 |  |  | — |
Other |  | 108 |  |  | 1,643 |
Gross deferred tax liabilities |  | 98,965 |  |  | 166,757 |
Net deferred tax liability |  | $ | (27,393 | ) |  | $ | (115,433 | )
__________
(1) | At December 31, 2018 and 2017, deferred tax asset was recognized on net operating losses of $251.2 million and $121.3 million, respectively. Net operating losses attributable to U.S. federal and state, where applicable, generally begin to expire in 2030, or can be carried forward indefinitely. Net operating losses attributable to foreign operations can generally be carried forward indefinitely.
(2) | Foreign tax credits expire beginning 2026.
(3) | The ending balance of the valuation allowance at December 31, 2017 reflects a $12.3 million reduction resulting from the impact of the Tax Cuts and Jobs Act.
Schedule of Effective Income Tax Rate Reconciliation | The Company's income tax benefit varied from the amount computed by applying the statutory income tax rate to income from continuing operations before income taxes. Income tax expense associated with income from discontinued operations was immaterial. A reconciliation of the statutory U.S. income tax to the Company's effective income tax is presented as follows:
|  | Year Ended December 31,
(Amounts in thousands) |  | 2018 |  | 2017 |  | 2016
Income (loss) from continuing and discontinued operations before income taxes |  | $ | (554,956 | ) |  | $ | (163,012 | ) |  | $ | 295,508 |
Pre-tax income attributable to pass-through subsidiaries |  | 312,939 |  |  | (89,104 | ) |  | (306,644 | )
Pre-tax loss attributable to taxable subsidiaries |  | (242,017 | ) |  | (252,116 | ) |  | (11,136 | )
Federal tax benefit at statutory tax rate (21%, 35% and 35%, respectively) |  | 50,824 |  |  | 88,241 |  |  | 3,365 |
State and local income taxes, net of federal income tax benefit |  | 10,983 |  |  | 9,380 |  |  | 88 |
Foreign income tax differential |  | (3,533 | ) |  | 6 |  |  | (5,441 | )
Nondeductible expenses |  | (4,648 | ) |  | (20,372 | ) |  | (1,128 | )
Excess inclusion income tax expense |  | — |  |  | — |  |  | (1,311 | )
Valuation allowance, net |  | 2,874 |  |  | (3,555 | ) |  | (692 | )
Impact of Tax Cuts and Jobs Act |  | 2,190 |  |  | 24,908 |  |  | — |
Other |  | 1,091 |  |  | (209 | ) |  | 337 |
Income tax benefit (expense) |  | $ | 59,781 |  |  | $ | 98,399 |  |  | $ | (4,782 | )

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- Definition 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 Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 9 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32639-109319 + Details
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- Definition 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://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 2 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32537-109319 + Details
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