Income Taxes (Tables)

12 Months Ended

Dec. 31, 2014

Income Tax Disclosure [Abstract]

Components of Earnings (Loss) Before Income Taxes

Components of earnings (loss) before income taxes for the years ended December 31 were as follows (in thousands):

	2014		2013		2012
Domestic	$	390,874	$	(404,910)	$	(65,566)
International		322,754		741,172		(37,251)
Earnings (loss) before income taxes	$	713,628	$	336,262	$	(102,817)

Components of Provision for Income Tax

Components of the provision for income taxes for the years ended December 31 were as follows (in thousands):

	2014		2013		2012
Current income tax expense (benefit):
United States federal	$	(6,585)	$	20,009	$	(27,897)
International		52,155		99,478		46,294
State and local		16,014		8,501		7,383
Total current tax expense		61,584		127,988		25,780
Deferred income tax expense (benefit):
United States federal		(27,374)		(1,133)		152
International		(59,866)		(18,934)		(22,119)
Total deferred tax benefit		(87,240)		(20,067)		(21,967)
Total income tax expense (benefit), included in continuing and discontinued operations	$	(25,656)	$	107,921	$	3,813

Deferred Income Tax Assets and Liabilities

Deferred income tax assets and liabilities at December 31 were as follows (in thousands):

	2014		2013
Gross deferred income tax assets:
Net operating loss carryforwards (1)	$	346,978	$	391,764
Basis difference - real estate properties		105,205		133,767
Basis difference - equity investments		12,401		9,238
Basis difference - intangibles		5,952		8,113
Section 163(j) interest limitation		32,703		33,224
Capital loss carryforward		25,282		32,054
Other - temporary differences		10,701		20,124
Total gross deferred income tax assets		539,222		628,284
Valuation allowance		(518,241)		(583,675)
Gross deferred income tax assets, net of valuation allowance		20,981		44,609
Gross deferred income tax liabilities:
Basis difference - real estate properties		89,998		167,951
Built-in-gains - equity investments and real estate properties		-		27,116
Basis difference- intangibles		7,324		8,823
Other - temporary differences		716		5,269
Total gross deferred income tax liabilities		98,038		209,159
Net deferred income tax liabilities	$	77,057	$	164,550

(1) At December 31, 2014, we had net operating loss (“NOL”) carryforwards as follows (in millions):

Summary of Operating Loss Carryforwards

(1) At December 31, 2014, we had net operating loss (“NOL”) carryforwards as follows (in millions):

	U.S.		Europe		Mexico		Japan		Other
Gross NOL carryforward	$	92	$	747	$	246	$	132	$	67
Tax-effected NOL carryforward		35		197		74		25		16
Valuation allowance		(35)		(188)		(74)		(25)		(16)
Net deferred tax asset-NOL carryforward	$	-	$	9	$	-	$	-	$	-
Expiration periods		2022-2033		2015-indefinite		2015-2025		2015-2023		2015-indefinite

Summary of Income Tax Contingencies

The liability for uncertain tax positions principally consisted of estimated federal income tax liabilities and included accrued interest and penalties of $0.3 million and $0.9 million at December 31, 2014 and 2013, respectively. A reconciliation of the liability for uncertain tax positions for the years ended December 31 was as follows (in thousands):

	2014		2013
Balance at January 1	$	1,318	$	7,943
Additions for tax positions taken during a prior year		256		405
Settlements with taxing authorities		-		(7,030)
Reductions due to lapse of applicable statute of limitations		(1,318)		-
Balance at December 31	$	256	$	1,318