INCOME TAXES (Tables)
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12 Months Ended |
Dec. 31, 2015 |
INCOME TAXES [Abstract] |
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Components of Earnings (Loss) From Continuing Operations before Income Taxes |
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in thousands
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2015
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2014
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2013
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Earnings (Loss) from Continuing
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Operations before Income Taxes
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Domestic
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$ 293,547
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$ 264,473
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$ (34,239)
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Foreign
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34,310
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34,365
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30,536
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Total
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$ 327,857
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$ 298,838
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$ (3,703)
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Provision (Benefit) For Income Taxes from Continuing Operations |
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in thousands
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2015
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2014
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2013
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Provision for (Benefit from) Income Taxes
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from Continuing Operations
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Current
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Federal
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$ 67,521
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$ 47,882
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$ (3,691)
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State and local
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14,035
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18,983
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7,941
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Foreign
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7,784
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7,174
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5,423
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Total
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$ 89,340
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$ 74,039
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$ 9,673
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Deferred
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Federal
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$ 11,192
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$ 13,556
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$ (20,581)
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State and local
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(4,888)
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4,120
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(13,542)
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Foreign
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(701)
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(23)
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(9)
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Total
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$ 5,603
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$ 17,653
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$ (34,132)
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Total provision (benefit)
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$ 94,943
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$ 91,692
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$ (24,459)
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Sources and Tax Effects of Differences Between Benefit from Income Taxes and Amount Computed by Applying Federal Statutory Income Tax Rate to Losses from Continuing Operations before Income Taxes |
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dollars in thousands
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2015
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2014
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2013
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Income tax provision (benefit) at the
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federal statutory tax rate of 35%
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$ 114,750
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35.0%
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$ 104,594
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35.0%
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$ (1,296)
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35.0%
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Provision for (Benefit from)
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Income Tax Differences
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Statutory depletion
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(27,702)
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-8.4%
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(25,774)
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-8.6%
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(20,875)
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563.7%
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State and local income taxes, net of federal
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income tax benefit
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5,945
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1.8%
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15,017
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5.0%
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(3,641)
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98.3%
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U.S. production deduction
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(5,099)
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-1.6%
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0
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0.0%
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0
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0.0%
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Foreign tax credit carryforwards impairment
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6,486
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2.0%
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0
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0.0%
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0
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0.0%
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Permanently reinvested foreign earnings
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(6,396)
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-2.0%
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0
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0.0%
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0
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0.0%
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Other, net
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6,959
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2.2%
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(2,145)
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-0.7%
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1,353
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-36.5%
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Total income tax provision (benefit)/
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Effective tax rate
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$ 94,943
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29.0%
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$ 91,692
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30.7%
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$ (24,459)
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660.5%
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Components of Net Deferred Income Tax Liability |
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in thousands
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2015
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2014
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Deferred Tax Assets Related to
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Employee benefits
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$ 78,999
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$ 97,757
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Asset retirement obligations & other reserves
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59,507
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53,670
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Deferred compensation
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117,298
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121,900
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State net operating losses
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61,658
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59,315
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Federal credit carryforwards
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34,340
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40,212
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Other
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48,856
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52,241
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Total gross deferred tax assets
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400,658
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425,095
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Valuation allowance
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(59,323)
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(56,867)
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Total net deferred tax assets
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$ 341,335
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$ 368,228
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Deferred Tax Liabilities Related to
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Property, plant and equipment
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$ 665,057
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$ 661,697
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Goodwill/other intangible assets
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324,910
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329,539
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Other
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32,464
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28,403
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Total deferred tax liabilities
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$ 1,022,431
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$ 1,019,639
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Net deferred tax liability
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$ 681,096
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$ 651,411
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Net Deferred Tax Liability |
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in thousands
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2015
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2014
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Deferred Income Taxes
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Current assets 1
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$ 0
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$ (39,726)
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Noncurrent liabilities
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681,096
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691,137
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Net deferred tax liability
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$ 681,096
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$ 651,411
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1
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As discussed in Note 1, we early adopted ASU 2015-17 on a prospective basis as of December 31, 2015. Thus, all deferred income taxes as of December 31, 2015 are classified as noncurrent resulting in a $44,464 thousand decrease in current assets with a corresponding decrease in noncurrent liabilities.
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Changes in Unrecognized Income Tax Benefits |
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in thousands
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2015
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2014
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2013
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Unrecognized tax benefits as of January 1
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$ 7,057
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$ 12,155
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$ 13,550
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Increases for tax positions related to
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Prior years
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491
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229
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28
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Current year
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942
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528
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845
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Decreases for tax positions related to
|
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Prior years
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0
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(53)
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(86)
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Settlements with taxing authorities
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0
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0
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(136)
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Expiration of applicable statute of limitations
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(43)
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(5,802)
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(2,046)
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Unrecognized tax benefits as of December 31
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$ 8,447
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$ 7,057
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$ 12,155
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