Income Taxes (Tables)

12 Months Ended

Dec. 31, 2016

Income Tax Disclosure [Abstract]

Components of Earnings Before Income Taxes

The following table summarizes the components of earnings before income taxes for the years ended December 31 (in thousands):

	2016		2015		2014
Domestic	$	719,018	$	511,025	$	390,874
International		628,086		437,580		322,754
Earnings before income taxes	$	1,347,104	$	948,605	$	713,628

Components of Provision for Income Tax

The following table summarizes the components of the provision for income taxes for the years ended December 31 (in thousands):

	2016			2015			2014
Current income tax expense (benefit):
U.S. federal	$	7,153		$	(11,633	)	$	(6,585	)
International		38,493			27,494			52,155
State and local		14,443			12,286			16,014
Total current tax expense		60,089			28,147			61,584
Deferred income tax expense (benefit):
U.S. federal		(3,306	)		(810	)		(27,374	)
International		(2,219	)		(4,247	)		(59,866	)
Total deferred tax benefit		(5,525	)		(5,057	)		(87,240	)
Total income tax expense (benefit)	$	54,564		$	23,090		$	(25,656	)

Deferred Income Tax Assets and Liabilities

The following table summarizes the deferred income tax assets and liabilities at December 31 (in thousands):

	2016			2015
Gross deferred income tax assets:
Net operating loss carryforwards (1)	$	350,909		$	321,144
Basis difference – real estate properties		56,827			89,856
Basis difference – equity investments and intangibles		4,666			15,593
Section 163(j) interest limitation		40,766			32,684
Capital loss carryforward		25,145			25,282
Other – temporary differences		5,578			8,993
Total gross deferred income tax assets		483,891			493,552
Valuation allowance		(456,699	)		(467,440	)
Gross deferred income tax assets, net of valuation allowance		27,192			26,112
Gross deferred income tax liabilities:
Basis difference – real estate properties		70,914			82,160
Basis difference – equity investments and intangibles		6,864			6,170
Other – temporary differences		1,028			993
Total gross deferred income tax liabilities		78,806			89,323
Net deferred income tax liabilities	$	51,614		$	63,211

(1) At December 31, 2016, we had NOL carryforwards as follows (in thousands):

	U.S.			Europe			Mexico			Japan			Other
Gross NOL carryforward	$	97,565		$	640,431		$	371,284		$	115,154		$	48,318
Tax-effected NOL carryforward		36,597			162,067			117,633			23,001			11,611
Valuation allowance		(36,597	)		(146,684	)		(117,633	)		(23,001	)		(11,611	)
Net deferred tax asset – NOL      carryforward	$	-		$	15,383		$	-		$	-		$	-
Expiration periods	2023 – 2036			2017 – indefinite			2017 – 2027			2017 – 2025			2017 – indefinite