INCOME TAXES (Tables)
|
12 Months Ended |
Dec. 31, 2018 |
|---|
| Income Tax Disclosure [Abstract] |
|
| Significant Components of the Provision for Income Tax Expense (Benefit) |
Significant components of the provision for income tax expense (benefit) are as follows:
|
|
|
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|
|
|
|
|
|
|
|
|
|
|
Year Ended December 31, |
|
|
2018 |
|
2017 |
|
2016 |
|
|
(in thousands) |
Current: |
|
|
|
|
|
|
Federal |
|
$ |
(55 |
) |
|
$ |
(702 |
) |
|
$ |
564 |
|
Foreign |
|
40,239 |
|
|
50,970 |
|
|
29,902 |
|
State |
|
6,828 |
|
|
4,117 |
|
|
5,454 |
|
Total current |
|
47,012 |
|
|
54,385 |
|
|
35,920 |
|
Deferred: |
|
|
|
|
|
|
Federal |
|
2,246 |
|
|
(56,442 |
) |
|
5,113 |
|
Foreign |
|
(8,697 |
) |
|
(15,841 |
) |
|
(11,703 |
) |
State |
|
204 |
|
|
744 |
|
|
(1,301 |
) |
Total deferred |
|
(6,247 |
) |
|
(71,539 |
) |
|
(7,891 |
) |
Income tax expense (benefit) |
|
$ |
40,765 |
|
|
$ |
(17,154 |
) |
|
$ |
28,029 |
|
|
|
|
|
|
|
|
|
| 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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|
|
|
|
|
|
|
|
|
|
December 31, |
|
|
2018 |
|
2017 |
|
|
(in thousands) |
Deferred tax liabilities: |
|
|
|
|
Intangible assets |
|
$ |
118,275 |
|
|
$ |
159,793 |
|
Prepaid expenses |
|
2,534 |
|
|
7,882 |
|
Long-term debt |
|
— |
|
|
1,229 |
|
Other |
|
5,865 |
|
|
7,533 |
|
Total deferred tax liabilities |
|
126,674 |
|
|
176,437 |
|
Deferred tax assets: |
|
|
|
|
Intangible assets |
|
25,981 |
|
|
27,752 |
|
Accrued expenses |
|
40,989 |
|
|
68,168 |
|
Net operating loss carryforwards |
|
388,459 |
|
|
466,023 |
|
Foreign tax and other credit carryforwards |
|
38,919 |
|
|
62,136 |
|
Equity compensation |
|
24,211 |
|
|
20,549 |
|
Other |
|
15,703 |
|
|
2,725 |
|
Total gross deferred tax assets |
|
534,262 |
|
|
647,353 |
|
Valuation allowance |
|
530,642 |
|
|
596,437 |
|
Total deferred tax assets |
|
3,620 |
|
|
50,916 |
|
Net deferred tax liabilities |
|
$ |
(123,054 |
) |
|
$ |
(125,521 |
) |
|
| 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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|
|
|
|
|
|
|
|
|
|
|
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|
Year Ended December 31, |
|
|
2018 |
|
2017 |
|
2016 |
|
|
(in thousands) |
Income tax expense (benefit) at United States statutory rates (21%, 35% and 35%, respectively) |
|
$ |
27,532 |
|
|
$ |
(3,283 |
) |
|
$ |
16,914 |
|
State income taxes, net of federal tax benefits |
|
4,860 |
|
|
1,544 |
|
|
3,264 |
|
Differences between foreign and United States statutory rates |
|
2,650 |
|
|
(10,887 |
) |
|
(11,116 |
) |
United States tax reform rate change |
|
— |
|
|
(55,685 |
) |
|
— |
|
Non-United States income inclusions and exclusions |
|
(3,425 |
) |
|
3,826 |
|
|
(2,749 |
) |
United States income inclusions and exclusions |
|
(13,790 |
) |
|
11,347 |
|
|
(1,317 |
) |
Nondeductible items |
|
26,376 |
|
|
11,380 |
|
|
3,210 |
|
Tax contingencies |
|
389 |
|
|
1,955 |
|
|
2,390 |
|
Tax expense from acquired goodwill |
|
4,353 |
|
|
4,489 |
|
|
5,936 |
|
Change in valuation allowance |
|
(8,845 |
) |
|
18,067 |
|
|
11,820 |
|
Other, net |
|
665 |
|
|
93 |
|
|
(323 |
) |
|
|
$ |
40,765 |
|
|
$ |
(17,154 |
) |
|
$ |
28,029 |
|
|
|
|
|
|
|
|
|
| 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, |
|
|
2018 |
|
2017 |
|
2016 |
|
|
(in thousands) |
Balance at January 1 |
|
$ |
30,630 |
|
|
$ |
15,117 |
|
|
$ |
14,022 |
|
Additions: |
|
|
|
|
|
|
Increase for current year positions |
|
1,531 |
|
|
807 |
|
|
— |
|
Increase for prior year positions |
|
2,995 |
|
|
15,498 |
|
|
1,978 |
|
Decrease for prior year positions |
|
— |
|
|
— |
|
|
(3 |
) |
Interest and penalties for prior years |
|
106 |
|
|
2,745 |
|
|
546 |
|
Reductions: |
|
|
|
|
|
|
Expiration of applicable statute of limitations |
|
(730 |
) |
|
(1,233 |
) |
|
— |
|
Settlements for prior year positions |
|
(9 |
) |
|
(2,033 |
) |
|
(1,188 |
) |
Foreign exchange |
|
(452 |
) |
|
(271 |
) |
|
(238 |
) |
Balance at December 31 |
|
$ |
34,071 |
|
|
$ |
30,630 |
|
|
$ |
15,117 |
|
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|
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|