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INCOME TAXES (Tables)
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12 Months Ended |
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Dec. 31, 2014
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| 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, |
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|
2014 |
|
2013 |
|
2012 |
|
|
(in thousands) |
Current: |
|
|
|
|
|
|
Federal |
|
$ |
17 |
|
|
$ |
1,238 |
|
|
$ |
2,235 |
|
Foreign |
|
12,727 |
|
|
41,664 |
|
|
34,541 |
|
State |
|
9,550 |
|
|
3,864 |
|
|
3,917 |
|
Total current |
|
22,294 |
|
|
46,766 |
|
|
40,693 |
|
Deferred: |
|
|
|
|
|
|
Federal |
|
(10,827 |
) |
|
(852 |
) |
|
(386 |
) |
Foreign |
|
(4,249 |
) |
|
(14,606 |
) |
|
(14,591 |
) |
State |
|
(2,588 |
) |
|
(430 |
) |
|
4,020 |
|
Total deferred |
|
(17,664 |
) |
|
(15,888 |
) |
|
(10,957 |
) |
Income tax expense |
|
$ |
4,630 |
|
|
$ |
30,878 |
|
|
$ |
29,736 |
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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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|
2014 |
|
2013 |
|
|
(in thousands) |
Deferred tax liabilities: |
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|
|
|
Intangible assets |
|
$ |
232,521 |
|
|
$ |
234,454 |
|
Prepaid expenses |
|
2,518 |
|
|
7,089 |
|
Long-term debt |
|
8,521 |
|
|
51,166 |
|
Total deferred tax liabilities |
|
243,560 |
|
|
292,709 |
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|
|
|
|
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Deferred tax assets: |
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|
|
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Intangible and fixed assets |
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— |
|
|
8,991 |
|
Accrued expenses |
|
59,081 |
|
|
59,944 |
|
Net operating loss carryforwards |
|
526,811 |
|
|
538,644 |
|
Foreign tax credit carryforwards |
|
55,806 |
|
|
42,323 |
|
Equity compensation |
|
9,868 |
|
|
24,930 |
|
Other |
|
2,065 |
|
|
14,597 |
|
Total gross deferred tax assets |
|
653,631 |
|
|
689,429 |
|
|
|
|
|
|
Valuation allowance |
|
593,305 |
|
|
580,594 |
|
Total deferred tax assets |
|
60,326 |
|
|
108,835 |
|
Net deferred tax liabilities |
|
$ |
(183,234 |
) |
|
$ |
(183,874 |
) |
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| Reconciliation of Income Taxes From Continuing Operations |
The reconciliation of income tax computed at the United States federal statutory rates to income tax expense is:
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Year Ended December 31, |
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|
2014 |
|
2013 |
|
2012 |
|
|
(in thousands) |
Income tax benefit at United States statutory rates |
|
$ |
(34,937 |
) |
|
$ |
(1,798 |
) |
|
$ |
(46,256 |
) |
State income taxes, net of federal tax benefits |
|
9,550 |
|
|
3,864 |
|
|
3,917 |
|
Differences between foreign and United States statutory rates |
|
(10,735 |
) |
|
(21,182 |
) |
|
(25,637 |
) |
Non-United States income inclusions and exclusions |
|
2,926 |
|
|
18,525 |
|
|
9,901 |
|
Nondeductible items |
|
55,469 |
|
|
7,570 |
|
|
9,005 |
|
Tax contingencies |
|
950 |
|
|
697 |
|
|
4,316 |
|
Change in valuation allowance |
|
(6,168 |
) |
|
15,912 |
|
|
79,214 |
|
Other, net |
|
(12,425 |
) |
|
7,290 |
|
|
(4,724 |
) |
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|
$ |
4,630 |
|
|
$ |
30,878 |
|
|
$ |
29,736 |
|
|
|
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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, 2014, 2013 and 2012:
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2014 |
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2013 |
|
2012 |
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|
(in thousands) |
Balance at January 1 |
|
$ |
12,860 |
|
|
$ |
15,974 |
|
|
$ |
13,357 |
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Additions: |
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|
|
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Increase for current year positions |
|
306 |
|
|
396 |
|
|
2,978 |
|
Increase for prior year positions |
|
1,089 |
|
|
800 |
|
|
652 |
|
Decrease for prior year positions |
|
— |
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|
(75 |
) |
|
— |
|
Interest and penalties for prior years |
|
511 |
|
|
148 |
|
|
686 |
|
Reductions: |
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|
|
|
|
|
Expiration of applicable statute of limitations |
|
(236 |
) |
|
(572 |
) |
|
— |
|
Settlements for prior year positions |
|
(1,225 |
) |
|
(3,212 |
) |
|
(1,716 |
) |
Foreign exchange |
|
(686 |
) |
|
(599 |
) |
|
247 |
|
Reclassification to other liabilities |
|
— |
|
|
— |
|
|
(230 |
) |
Balance at December 31 |
|
$ |
12,619 |
|
|
$ |
12,860 |
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|
$ |
15,974 |
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