v2.4.0.8

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2013

Income Taxes

Change in unrecognized tax benefits

		Year Ended December 31,
		2013			2012			2011
		(In thousands)
Balance as of January 1		$	83,950		$	68,848		$	81,174
Additions based on tax positions related to the current year			145			922			1,850
Additions for tax positions of prior years			3,360			16,372	(2)		11,748
Reductions for tax positions for prior years			(30,320	)(1)		(1,174	)		(11,082	)
Settlements			(9,583	)		(1,018	)		(14,842	)
​	​	​	​	​	​	​	​	​	​	​
Balance as of December 31		$	47,552		$	83,950		$	68,848
​	​	​	​	​	​	​	​	​	​	​

(1)

Includes $21.6 million related to settlements in Mexico, Canada and Algeria and $8.7 million due to the expiration of statutes.

(2)

Includes an unrecognized tax benefit of $10.4 million related to a Mexico audit assessment.

Income (loss) from continuing operations before income taxes

		Year Ended December 31,
		2013			2012			2011
					Revised			Revised
		(In thousands)
United States and Other Jurisdictions
United States		$	(84,032	)	$	193,125		$	205,754
Other jurisdictions			190,192			83,835			309,499
​	​	​	​	​	​	​	​	​	​	​
Income (loss) before income taxes from continuing operations		$	106,160		$	276,960		$	515,253
​	​	​	​	​	​	​	​	​	​	​

Income tax expense (benefit) from continuing operations

		Year Ended December 31,
		2013			2012			2011
					Revised			Revised
		(In thousands)
Current:
U.S. federal		$	(16,934	)	$	25,802		$	27,649
Outside the U.S.			50,866			82,950			43,732
State			5,933			34,242			38,321
​	​	​	​	​	​	​	​	​	​	​
		$	39,865		$	142,994		$	109,702
​	​	​	​	​	​	​	​	​	​	​
Deferred:
U.S. federal		$	(71,251	)	$	(79,193	)	$	51,739
Outside the U.S.			(10,288	)		(9,484	)		16,692
State			(13,507	)		(13,331	)		(13,050	)
​	​	​	​	​	​	​	​	​	​	​
		$	(95,046	)	$	(102,008	)	$	55,381
​	​	​	​	​	​	​	​	​	​	​
Income tax expense (benefit)		$	(55,181	)	$	40,986		$	165,083
​	​	​	​	​	​	​	​	​	​	​

Reconciliation of the differences between taxes on income (loss) before income taxes

		Year Ended December 31,
		2013			2012			2011
					Revised			Revised
		(In thousands)
Income tax provision at statutory (Bermuda rate of 0%)		$	—		$	—		$	—
Taxes on U.S. and other international earnings (losses) at greater than the Bermuda rate			(33,277	)		(39,830	)		122,292
Increase (decrease) in valuation allowance			25,592			33,730			4,785
Effect of change in tax rate			—			—			(258	)
Tax reserves and interest			(39,921	)		26,176			12,993
State income taxes			(7,575	)		20,910			25,271
​	​	​	​	​	​	​	​	​	​	​
Income tax expense (benefit)		$	(55,181	)	$	40,986		$	165,083
​	​	​	​	​	​	​	​	​	​	​
Effective tax rate			(52.0	)%		14.8	%		32.0	%

Deferred tax assets and liabilities

		December 31,
		2013			2012
		(In thousands)
Deferred tax assets:
Net operating loss carryforwards		$	1,658,084		$	1,826,597
Equity compensation			32,219			29,337
Deferred revenue			35,689			33,523
Tax credit and other attribute carryforwards			109,294			110,563
Insurance loss reserves			4,645			10,873
Accrued interest			224,959			55,143
Other			162,678			49,556
​	​	​	​	​	​	​	​
Subtotal			2,227,568			2,115,592
Valuation allowance			(1,547,441	)		(1,520,852	)
​	​	​	​	​	​	​	​
Deferred tax assets:		$	680,127		$	594,740
Deferred tax liabilities:
Depreciation and amortization for tax in excess of book expense		$	967,689		$	945,888
Variable interest investments			85,979			144,020
Other			17,890			—
​	​	​	​	​	​	​	​
Deferred tax liability		$	1,071,558		$	1,089,908
​	​	​	​	​	​	​	​
Net deferred assets (liabilities)		$	(391,431	)	$	(495,168	)
​	​	​	​	​	​	​	​
Balance Sheet Summary:
Net current deferred asset		$	121,316		$	110,480
Net noncurrent deferred asset(1)			6,491			4,408
Net current deferred liability(2)			(3,075	)		(10,721	)
Net noncurrent deferred liability			(516,161	)		(599,335	)
​	​	​	​	​	​	​	​
Net deferred asset (liability)		$	(391,429	)	$	(495,168	)
​	​	​	​	​	​	​	​

(1)

This amount is included in other long-term assets.

(2)

This amount is included in accrued liabilities.

NOL carryforwards by year of expiration

		Total			U.S. Federal			Non-U.S.
		(In thousands)
Year Ended December 31,
2014		$	14,538		$	—		$	14,538
2015			12,052			—			12,052
2016			37,089			—			37,089
2017			46,234			—			46,234
2018			55,688			999			54,689
2019			27,418			17,722			9,696
2020			17,065			—			17,065
2021			24,020			—			24,020
2022			475			—			475
2023			5,673			—			5,673
2030			28,173			—			28,173
2031			259,630			189,444			70,186
2032			82,328			—			82,328
2033			94,533			4,778			89,755
​	​	​	​	​	​	​	​	​	​	​
Subtotal: expiring NOLs		$	704,916		$	212,943		$	491,973
Non-expiring NOLs			4,924,153			—			4,924,153
​	​	​	​	​	​	​	​	​	​	​
Total		$	5,629,069		$	212,943		$	5,416,126
​	​	​	​	​	​	​	​	​	​	​

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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 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 of the change in unrecognized tax benefits.

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Tabular disclosure of pertinent information, such as tax authority, amounts, and expiration dates, of net operating loss carryforwards, including an assessment of the likelihood of utilization.

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