INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2016 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Significant Components of the Provision for Income Tax Expense (Benefit) |
Significant components of the provision for income tax expense are as follows:
|
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|
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|
|
|
|
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|
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Year Ended December 31, |
|
|
2016 |
|
2015 |
|
2014 |
|
|
(in thousands) |
Current: |
|
|
|
|
|
|
Federal |
|
$ |
564 |
|
|
$ |
543 |
|
|
$ |
17 |
|
Foreign |
|
29,902 |
|
|
23,811 |
|
|
12,727 |
|
State |
|
5,454 |
|
|
7,379 |
|
|
9,550 |
|
Total current |
|
35,920 |
|
|
31,733 |
|
|
22,294 |
|
Deferred: |
|
|
|
|
|
|
Federal |
|
5,113 |
|
|
(355 |
) |
|
(10,827 |
) |
Foreign |
|
(11,703 |
) |
|
(8,278 |
) |
|
(4,249 |
) |
State |
|
(1,301 |
) |
|
(978 |
) |
|
(2,588 |
) |
Total deferred |
|
(7,891 |
) |
|
(9,611 |
) |
|
(17,664 |
) |
Income tax expense |
|
$ |
28,029 |
|
|
$ |
22,122 |
|
|
$ |
4,630 |
|
|
|
|
|
|
|
|
|
| Significant Components of Deferred Tax Liabilities and Assets |
Significant components of the Company’s deferred tax liabilities and assets are as follows:
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|
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|
|
|
|
|
|
|
|
|
December 31, |
|
|
2016 |
|
2015 |
|
|
(in thousands) |
Deferred tax liabilities: |
|
|
|
|
Intangible assets |
|
$ |
189,131 |
|
|
$ |
209,316 |
|
Prepaid expenses |
|
8,770 |
|
|
6,429 |
|
Long-term debt |
|
3,835 |
|
|
5,644 |
|
Other |
|
6,077 |
|
|
20,759 |
|
Total deferred tax liabilities |
|
207,813 |
|
|
242,148 |
|
Deferred tax assets: |
|
|
|
|
Accrued expenses |
|
45,839 |
|
|
41,113 |
|
Net operating loss carryforwards |
|
563,461 |
|
|
578,805 |
|
Foreign tax credit carryforwards |
|
59,977 |
|
|
56,282 |
|
Equity compensation |
|
32,452 |
|
|
26,432 |
|
Other |
|
— |
|
|
1,949 |
|
Total gross deferred tax assets |
|
701,729 |
|
|
704,581 |
|
Valuation allowance |
|
681,566 |
|
|
658,104 |
|
Total deferred tax assets |
|
20,163 |
|
|
46,477 |
|
Net deferred tax liabilities |
|
$ |
(187,650 |
) |
|
$ |
(195,671 |
) |
|
| Reconciliation of Income Taxes at the United States Statutory Rate to Income Tax Expense |
The reconciliation of income tax computed at the United States federal statutory rates to income tax expense (benefit) is:
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|
|
|
Year Ended December 31, |
|
|
2016 |
|
2015 |
|
2014 |
|
|
(in thousands) |
Income tax expense (benefit) at United States statutory rates |
|
$ |
16,914 |
|
|
$ |
2,223 |
|
|
$ |
(34,937 |
) |
State income taxes, net of federal tax benefits |
|
3,264 |
|
|
3,959 |
|
|
7,548 |
|
Differences between foreign and United States statutory rates |
|
(11,116 |
) |
|
(5,356 |
) |
|
(10,735 |
) |
Non-United States income inclusions and exclusions |
|
(1,678 |
) |
|
1,206 |
|
|
(284 |
) |
United States income inclusions and exclusions |
|
(1,317 |
) |
|
2,095 |
|
|
(1,396 |
) |
Nondeductible items |
|
3,210 |
|
|
4,736 |
|
|
55,469 |
|
Tax contingencies |
|
2,390 |
|
|
2,063 |
|
|
950 |
|
Tax expense from acquired goodwill |
|
5,936 |
|
|
4,483 |
|
|
1,299 |
|
Tax return to accrual |
|
(1,071 |
) |
|
(551 |
) |
|
(7,013 |
) |
Change in valuation allowance |
|
11,820 |
|
|
7,116 |
|
|
(7,467 |
) |
Other, net |
|
(323 |
) |
|
148 |
|
|
1,196 |
|
|
|
$ |
28,029 |
|
|
$ |
22,122 |
|
|
$ |
4,630 |
|
|
|
|
|
|
|
|
|
| Summary of Activity Related to Unrecognized Tax Benefits |
The following table summarizes the activity related to the Company’s unrecognized tax benefits:
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|
Year Ended December 31, |
|
|
2016 |
|
2015 |
|
2014 |
|
|
(in thousands) |
Balance at January 1 |
|
$ |
14,022 |
|
|
$ |
12,619 |
|
|
$ |
12,860 |
|
Additions: |
|
|
|
|
|
|
Increase for current year positions |
|
— |
|
|
1,606 |
|
|
306 |
|
Increase for prior year positions |
|
1,978 |
|
|
274 |
|
|
1,089 |
|
Decrease for prior year positions |
|
(3 |
) |
|
— |
|
|
— |
|
Interest and penalties for prior years |
|
546 |
|
|
525 |
|
|
511 |
|
Reductions: |
|
|
|
|
|
|
Expiration of applicable statute of limitations |
|
— |
|
|
— |
|
|
(236 |
) |
Settlements for prior year positions |
|
(1,188 |
) |
|
(852 |
) |
|
(1,225 |
) |
Foreign exchange |
|
(238 |
) |
|
(150 |
) |
|
(686 |
) |
Balance at December 31 |
|
$ |
15,117 |
|
|
$ |
14,022 |
|
|
$ |
12,619 |
|
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