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INCOME TAXES (Tables)
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12 Months Ended |
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Dec. 31, 2013
|
| 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, |
|
|
2013 |
|
2012 |
|
2011 |
|
|
(in thousands) |
Current—federal |
|
$ |
1,238 |
|
|
$ |
2,235 |
|
|
$ |
(23,340 |
) |
Current—foreign |
|
41,664 |
|
|
34,541 |
|
|
38,328 |
|
Current—state |
|
3,864 |
|
|
3,917 |
|
|
4,391 |
|
Total current |
|
46,766 |
|
|
40,693 |
|
|
19,379 |
|
Deferred—federal |
|
(852 |
) |
|
(386 |
) |
|
(29,153 |
) |
Deferred—foreign |
|
(14,606 |
) |
|
(14,591 |
) |
|
(13,463 |
) |
Deferred—state |
|
(430 |
) |
|
4,020 |
|
|
(2,987 |
) |
Total deferred |
|
(15,888 |
) |
|
(10,957 |
) |
|
(45,603 |
) |
Income tax expense (benefit) |
|
$ |
30,878 |
|
|
$ |
29,736 |
|
|
$ |
(26,224 |
) |
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|
|
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| 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, |
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|
2013 |
|
2012 |
|
|
(in thousands) |
Deferred tax liabilities: |
|
|
|
|
Intangible assets |
|
$ |
234,454 |
|
|
$ |
281,071 |
|
Prepaid expenses |
|
7,089 |
|
|
4,575 |
|
Long-term debt |
|
51,166 |
|
|
41,949 |
|
Total deferred tax liabilities |
|
292,709 |
|
|
327,595 |
|
|
|
|
|
|
Deferred tax assets: |
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|
|
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Intangible and fixed assets |
|
8,991 |
|
|
27,723 |
|
Accrued expenses |
|
59,944 |
|
|
53,125 |
|
Net operating loss carryforwards |
|
393,628 |
|
|
379,111 |
|
Foreign tax credit carryforwards |
|
42,323 |
|
|
38,710 |
|
Equity compensation |
|
24,930 |
|
|
47,542 |
|
Investments in nonconsolidated |
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|
|
|
affiliates |
|
— |
|
|
5,267 |
|
Other |
|
14,597 |
|
|
14,114 |
|
Total gross deferred tax assets |
|
544,413 |
|
|
565,592 |
|
|
|
|
|
|
Valuation allowance |
|
435,578 |
|
|
425,404 |
|
Total deferred tax assets |
|
108,835 |
|
|
140,188 |
|
Net deferred tax liabilities |
|
$ |
(183,874 |
) |
|
$ |
(187,407 |
) |
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|
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| Reconciliation of Income Taxes From Continuing Operations |
The reconciliation of income tax computed at the United States federal statutory tax rates to income tax expense (benefit) is:
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Year Ended December 31, |
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|
2013 |
|
2012 |
|
2011 |
|
|
(in thousands) |
Income tax benefit at United States statutory rates |
|
$ |
(1,798 |
) |
|
$ |
(46,256 |
) |
|
$ |
(33,820 |
) |
State income taxes, net of federal tax benefits |
|
3,864 |
|
|
3,917 |
|
|
4,391 |
|
Differences between foreign and United States statutory rates |
|
(21,182 |
) |
|
(25,637 |
) |
|
(25,158 |
) |
Non-United States income inclusions and exclusions |
|
18,525 |
|
|
9,901 |
|
|
11,288 |
|
Nondeductible items |
|
7,570 |
|
|
9,005 |
|
|
9,252 |
|
Tax contingencies |
|
697 |
|
|
4,316 |
|
|
2,632 |
|
Change in valuation allowance |
|
15,912 |
|
|
79,214 |
|
|
7,412 |
|
Other, net |
|
7,290 |
|
|
(4,724 |
) |
|
(2,221 |
) |
|
|
$ |
30,878 |
|
|
$ |
29,736 |
|
|
$ |
(26,224 |
) |
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|
|
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| 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, 2013, 2012 and 2011:
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2013 |
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2012 |
|
2011 |
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|
(in thousands) |
Balance at January 1 |
|
$ |
15,974 |
|
|
$ |
13,357 |
|
|
$ |
10,917 |
|
Additions: |
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Increase in tax for current year positions |
|
396 |
|
|
2,978 |
|
|
1,991 |
|
Increase in tax for prior year positions |
|
800 |
|
|
652 |
|
|
— |
|
Decrease in tax for prior year positions |
|
(75 |
) |
|
— |
|
|
(86 |
) |
Interest and penalties for prior years |
|
148 |
|
|
686 |
|
|
727 |
|
Reductions: |
|
|
|
|
|
|
Expiration of applicable statue of limitations |
|
(572 |
) |
|
— |
|
|
— |
|
Settlements for prior year positions |
|
(3,212 |
) |
|
(1,716 |
) |
|
— |
|
Foreign exchange |
|
(599 |
) |
|
247 |
|
|
(192 |
) |
Reclassification to other liabilities |
|
— |
|
|
(230 |
) |
|
— |
|
Balance at December 31 |
|
$ |
12,860 |
|
|
$ |
15,974 |
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|
$ |
13,357 |
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