INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2016

INCOME TAXES

Schedule of provision for (benefit from) income taxes

(In thousands)	2016		2015		2014
Current	$	4,752	$	2,849	$	(2,050)
Deferred		113,698		21,152		65,010
Total	$	118,450	$	24,001	$	62,960

Schedule of reconciliation of income tax expense computed by applying the Federal corporate tax rate to the provision for income taxes

(In thousands)	2016		2015		2014
Tax at statutory rate on earnings from continuing operations before income taxes	$	112,264	$	52,751	$	13,800
Increase (decrease) in valuation allowance, net		(1,326)		1,742		5,602
State income taxes, net of Federal income tax benefit		4,004		267		1,320
Tax at statutory rate on REIT entity earnings not subject to Federal income taxes		—		—		(512)
Tax (benefit) expense from change in rates, prior period adjustments and other permanent differences		(4,591)		(7,361)		(12,193)
Set up deferred tax liability related to captive REIT		—		—		(1,068)
Non-deductible warrant liability loss (gain)		8,544		(20,412)		21,182
Non-taxable interest income		—		—		18,373
Uncertain tax position (benefit) expense, excluding interest		(407)		(2,483)		2,395
Uncertain tax position interest, net of Federal income tax benefit		(38)		(503)		14,061
Income tax expense	$	118,450	$	24,001	$	62,960

Schedule of amounts and expiration dates of operating loss and tax credit carryforwards

			Expiration
(In thousands)	Amount		Date
Net operating loss carryforwards - Federal	$	33,820	2024-2036
Net operating loss carryforwards - State		215,572	2017-2036
Capital loss carryfoward		—	n/a
Tax credit carryforwards - Federal AMT		5,010	n/a

Summary of tax effects of temporary differences and carryforwards included in net deferred tax liabilities

(In thousands)	2016		2015
Deferred tax assets:
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities	$	208,862	$	213,090
Interest deduction carryforwards		54,759		79,781
Operating loss and tax credit carryforwards		30,866		34,499
Total deferred tax assets		294,487		327,370
Valuation allowance		(18,635)		(19,960)
Total net deferred tax assets	$	275,852	$	307,410
Deferred tax liabilities:
Property associated with MPCs, primarily differences in the tax basis of land assets and treatment  of interest and other costs	$	(262,572)	$	(218,842)
Operating and Strategic Developments properties, primarily differences in basis of assets and liabilities		(40,915)		(42,860)
Deferred income		(173,310)		(134,929)
Total deferred tax liabilities		(476,797)		(396,631)
Total net deferred tax liabilities	$	(200,945)	$	(89,221)

Reconciliation of Unrecognized Tax Benefits

(In thousands)	2016		2015		2014
Unrecognized tax benefits, opening balance	$	36,524	$	184,200	$	90,532
Gross increases - tax positions in prior period		—		—		93,668
Gross decreases - tax positions in prior periods		(36,524)		(147,676)		—
Unrecognized tax benefits, ending balance	$	—	$	36,524	$	184,200