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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Schedule of Income Before Taxes

For income tax purposes, the components of income (loss) before taxes were as follows for the years ended December 31:

	2015				2014				2013
Domestic	$	(62,903	)		$	(401,741	)		$	76,957
Foreign	(66,958		)		(41,418		)		275,522
	$	(129,861	)		$	(443,159	)		$	352,479

Schedule of Components of Income Tax Expense (Benefit)

The components of income tax expense (benefit) were as follows for the years ended December 31:

	2015				2014				2013
Current:
Federal	$	46,680			$	(20,824	)		$	58,507
State	1,079				(403		)		14,691
Foreign	161				9,195				15,545
	47,920				(12,032		)		88,743
Deferred:
Federal	(27,173		)		41,986				(53,711		)
State	(3,719		)		(997		)		(4,325		)
Foreign	2,754				(6,162		)		(4,410		)
Provision for valuation allowance on deferred tax assets	97,069				3,601				15,764
	68,931				38,428				(46,682		)
Total	$	116,851			$	26,396			$	42,061

Schedule of Effective Income Tax Reconciliation

Income tax expense differs from the amounts computed by applying the U.S. Federal corporate income tax rate of 35% as follows for the years ended December 31:

	2015				2014				2013
Expected income tax expense (benefit) at statutory rate	$	(45,451	)		$	(155,106	)		$	123,368
Differences between expected and actual income tax expense:
Impairment of goodwill	—				92,034				—
State tax, after Federal tax benefit	(2,867		)		(1,084		)		5,639
Provision for liability for uncertain tax positions	18,205				47				4,935
Provision for liability for intra-entity transactions	4,700				6,037				7,283
Non-deductible regulatory settlements	700				53,375				—
Other permanent differences	(463		)		(254		)		(636		)
Foreign tax differential	41,695				27,799				(112,997		)
Provision for valuation allowance on deferred tax assets (1)	97,069				3,601				15,764
Other	3,263				(53		)		(1,295		)
Actual income tax expense	$	116,851			$	26,396			$	42,061

(1) The provision for valuation allowance in 2015 primarily relates to the recording of the valuation allowance on both the U.S. and USVI net deferred tax assets as of December 31, 2015. Also included in the provision for valuation allowance is the reversal of a portion of the valuation allowance previously recorded on taxable losses earned by OMS which were taxable in the U.S. as effectively connected income (ECI), which is equal to the positive taxable income that is expected to be generated for ECI purposes for the year ended December 31, 2015.

Schedule of Deferred Tax Assets and Liabilities

Net deferred tax assets were comprised of the following at December 31:

	2015				2014
Deferred tax assets:
Net operating loss carryforward	$	24,511			$	35,433
Mortgage servicing rights amortization	15,697				—
Accrued legal settlements	10,519				7,403
Intangible asset amortization	10,293				10,741
Partnership losses	10,137				10,663
Accrued incentive compensation	10,107				5,029
Bad debt and allowance for loan losses	6,227				10,727
Accrued other liabilities	5,641				6,271
Stock-based compensation expense	4,834				3,431
Tax residuals and deferred income on tax residuals	4,052				4,021
Foreign deferred assets	3,647				2,568
Reserve for servicing exposure	3,353				7,093
Delinquent servicing fees	2,360				3,591
Capital losses	1,710				1,464
Accrued lease termination costs	1,251				1,831
Valuation allowance on real estate	736				1,007
Interest rate swaps	103				494
Other	4,966				5,606
	120,144				117,373
Deferred tax liabilities:
Foreign undistributed earnings	5,421				6,249
Mortgage servicing rights amortization	—				14,696
Other	77				76
	5,498				21,021
	114,646				96,352
Valuation allowance	(116,434		)		(19,365		)
Deferred tax assets (liabilities), net	$	(1,788	)		$	76,987

Schedule of Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of the total liability for uncertain tax positions is as follows for the years ended December 31:

	2015				2014				2013
Beginning balance	$	22,523			$	27,273			$	22,702
Additions for tax positions of prior years	13,162				1,392				4,944
Reductions for tax positions of prior years	(2,741		)		(6,010		)		—
Lapses in statute of limitations	(396		)		(132		)		(373		)
Ending balance	$	32,548			$	22,523			$	27,273

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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, excluding amounts pertaining to examined tax returns.

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