|
INCOME TAXES (Tables)
|
12 Months Ended |
|
Dec. 31, 2011
|
| INCOME TAXES [Abstract] |
|
| Significant Components of the Provision for Income Tax Expense (Benefit) |
Significant components of the provision for income tax expense (benefit) are as follows:
| |
|
2011 |
|
|
2010 |
|
|
2009 |
|
| |
|
(in thousands) |
|
Current federal |
|
$ |
(23,340 |
) |
|
$ |
5,907 |
|
|
$ |
184 |
|
Current foreign |
|
|
38,328 |
|
|
|
29,150 |
|
|
|
13,397 |
|
Current state |
|
|
4,391 |
|
|
|
5,118 |
|
|
|
6,003 |
|
Total current |
|
|
19,379 |
|
|
|
40,175 |
|
|
|
19,584 |
|
Deferred federal |
|
|
(29,153 |
) |
|
|
(21,348 |
) |
|
|
82 |
|
Deferred foreign |
|
|
(13,463 |
) |
|
|
(2,737 |
) |
|
|
(5,947 |
) |
Deferred state |
|
|
(2,987 |
) |
|
|
(936 |
) |
|
|
(2,386 |
) |
Total deferred |
|
|
(45,603 |
) |
|
|
(25,021 |
) |
|
|
(8,251 |
) |
Income tax expense (benefit) |
|
$ |
(26,224 |
) |
|
$ |
15,154 |
|
|
$ |
11,333 |
|
|
| Significant Components of Deferred Tax Liabilities and Assets |
Significant components of the Company's deferred tax liabilities and assets as of December 31, 2011 and 2010 are as follows:
| |
|
2011 |
|
|
2010 |
|
| |
|
(in thousands) |
|
Deferred tax liabilities: |
|
|
|
|
|
|
Intangible assets |
|
$ |
317,862 |
|
|
$ |
356,476 |
|
Prepaid expenses |
|
|
2,067 |
|
|
|
3,677 |
|
Long-term debt |
|
|
32,773 |
|
|
|
25,989 |
|
Total deferred tax liabilities |
|
|
352,702 |
|
|
|
386,142 |
|
Deferred tax assets: |
|
|
|
|
|
|
|
|
Intangible and fixed assets |
|
|
75,353 |
|
|
|
98,733 |
|
Accrued expenses |
|
|
59,346 |
|
|
|
62,932 |
|
Net operating loss carryforwards |
|
|
225,379 |
|
|
|
197,600 |
|
AMT and FTC carryforwards |
|
|
83,459 |
|
|
|
67,505 |
|
Equity compensation |
|
|
39,249 |
|
|
|
33,029 |
|
Investments in nonconsolidated affiliates |
|
|
5,125 |
|
|
|
5,125 |
|
Other |
|
|
13,670 |
|
|
|
13,847 |
|
Total gross deferred tax assets |
|
|
501,581 |
|
|
|
478,771 |
|
Valuation allowance |
|
|
324,266 |
|
|
|
311,137 |
|
Total deferred tax assets |
|
|
177,315 |
|
|
|
167,634 |
|
Net deferred tax liabilities |
|
$ |
(175,387 |
) |
|
$ |
(218,508 |
) |
|
| Reconciliation of Income Taxes From Continuing Operations |
The reconciliation of income tax from continuing operations computed at the United States federal statutory tax rates to income tax expense (benefit) is:
| |
|
2011 |
|
|
2010 |
|
|
2009 |
|
| |
|
(in thousands) |
|
Income tax benefit at statutory rates |
|
$ |
(33,820 |
) |
|
$ |
(66,029 |
) |
|
$ |
(40,137 |
) |
State income taxes, net of federal tax benefits |
|
|
4,391 |
|
|
|
5,118 |
|
|
|
6,003 |
|
Differences of foreign taxes from U.S statutory rates |
|
|
(25,158 |
) |
|
|
(24,150 |
) |
|
|
(5,418 |
) |
Non-U.S. income inclusions and exclusions |
|
|
11,288 |
|
|
|
19,358 |
|
|
|
39,851 |
|
Nondeductible goodwill impairment |
|
|
- |
|
|
|
- |
|
|
|
3,180 |
|
Loss on preferred stock redemption |
|
|
- |
|
|
|
3,099 |
|
|
|
- |
|
Nondeductible acquisition costs |
|
|
- |
|
|
|
15,100 |
|
|
|
- |
|
Nondeductible items |
|
|
9,252 |
|
|
|
3,669 |
|
|
|
3,533 |
|
Tax contingencies |
|
|
2,632 |
|
|
|
545 |
|
|
|
(7,358 |
) |
Change in valuation allowance |
|
|
7,412 |
|
|
|
55,269 |
|
|
|
17,848 |
|
Other, net |
|
|
(2,221 |
) |
|
|
3,175 |
|
|
|
(6,169 |
) |
|
|
$ |
(26,224 |
) |
|
$ |
15,154 |
|
|
$ |
11,333 |
|
|
| Summary of Activity Related to Unrecognized Tax Benefits |
The following table summarizes the activity related to the Company's unrecognized tax benefits for the years ended December 31, 2011, 2010 and 2009:
| |
|
2011 |
|
|
2010 |
|
|
2009 |
|
| |
|
(in thousands) |
|
Balance at January 1 |
|
$ |
10,917 |
|
|
$ |
4,144 |
|
|
$ |
21,952 |
|
Balance from current year acquisition |
|
|
- |
|
|
|
5,925 |
|
|
|
- |
|
Additions: |
|
|
|
|
|
|
|
|
|
|
|
|
Tax for current year positions |
|
|
1,991 |
|
|
|
2,769 |
|
|
|
875 |
|
Tax for prior year positions |
|
|
(86 |
) |
|
|
100 |
|
|
|
200 |
|
Interest and penalties for prior years |
|
|
727 |
|
|
|
150 |
|
|
|
91 |
|
Reductions: |
|
|
|
|
|
|
|
|
|
|
|
|
Expiration of applicable statue of limitations |
|
|
- |
|
|
|
(744 |
) |
|
|
(8,039 |
) |
Settlements for prior year positions |
|
|
- |
|
|
|
(1,730 |
) |
|
|
- |
|
Foreign currency |
|
|
(192 |
) |
|
|
239 |
|
|
|
917 |
|
Reclassification to other liabilities |
|
|
- |
|
|
|
64 |
|
|
|
(6,375 |
) |
Settlements related to discontinued operations |
|
|
- |
|
|
|
- |
|
|
|
(5,477 |
) |
Balance at December 31 |
|
$ |
13,357 |
|
|
$ |
10,917 |
|
|
$ |
4,144 |
|
|