Income Taxes (Tables)
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12 Months Ended |
Dec. 31, 2014
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Income Tax Disclosure [Abstract] |
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Schedule of components of benefit from income taxes |
Components of provision for (benefit from) income taxes were as follows: | | | | | | | | | | | | | | (dollars in thousands) | | | | | | | Years Ended December 31, | | 2014 | | 2013 | | 2012 | | | | | | | | Federal: | | | | | | | Current | | $ | 256,468 |
| | $ | 95,866 |
| | $ | 69,057 |
| Deferred | | 19,470 |
| | (106,850 | ) | | (152,619 | ) | Total federal | | 275,938 |
| | (10,984 | ) | | (83,562 | ) | | | | | | | | Foreign: | | | | | | | Current | | 370 |
| | 634 |
| | 2,604 |
| Deferred | | 3,746 |
| | (1,418 | ) | | (15,777 | ) | Deferred - valuation allowance | | (3,772 | ) | | 2,345 |
| | 15,655 |
| Total foreign | | 344 |
| | 1,561 |
| | 2,482 |
| | | | | | | | State: | | | | | | | Current | | 20,094 |
| | 6,154 |
| | 8,317 |
| Deferred | | (2,536 | ) | | (20,247 | ) | | (23,052 | ) | Deferred - valuation allowance | | 3,206 |
| | 7,331 |
| | 8,144 |
| Total state | | 20,764 |
| | (6,762 | ) | | (6,591 | ) | Total | | $ | 297,046 |
| | $ | (16,185 | ) | | $ | (87,671 | ) |
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Schedule of reconciliations of statutory federal income tax rate to effective tax rate |
Reconciliations of the statutory federal income tax rate to the effective tax rate were as follows: | | | | | | | | | | | Years Ended December 31, | | 2014 | | 2013 | | 2012 | | | | | | | | Statutory federal income tax rate | | 35.00 | % | | 35.00 | % | | 35.00 | % | | | | | | | | Non-controlling interests | | (3.98 | ) | | (51.01 | ) | | — |
| State income taxes, net of federal | | 1.49 |
| | (5.55 | ) | | 1.41 |
| Foreign operations | | 0.80 |
| | 1.67 |
| | (3.27 | ) | Valuation allowance | | (0.42 | ) | | 3.02 |
| | (5.13 | ) | Interest and penalties on prior year tax returns | | (0.10 | ) | | 7.67 |
| | (0.34 | ) | Nontaxable investment income | | (0.10 | ) | | (1.94 | ) | | 0.89 |
| Change in tax status | | — |
| | (14.64 | ) | | — |
| Nondeductible compensation | | — |
| | 3.49 |
| | — |
| Other, net | | 0.15 |
| | 1.42 |
| | 0.15 |
| Effective income tax rate | | 32.84 | % | | (20.87 | )% | | 28.71 | % |
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Schedule of reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax obligation |
A reconciliation of the beginning and ending balances of the total amounts of gross unrecognized tax obligation (all of which would affect the effective tax rate if recognized) is as follows: | | | | | | | | | | | | | | (dollars in thousands) | | | | | | | Years Ended December 31, | | 2014 | | 2013 | | 2012 | | | | | | | | Balance at beginning of year | | $ | 1,887 |
| | $ | 1,580 |
| | $ | — |
| Increases in tax positions for prior years | | 2,470 |
| | 307 |
| | 1,091 |
| Decreases in tax positions for prior years | | — |
| | — |
| | — |
| Increases in tax positions for current years | | — |
| | — |
| | 489 |
| Decreases in tax positions for current years | | — |
| | — |
| | — |
| Lapse in statute of limitations | | (595 | ) | | — |
| | — |
| Settlements | | — |
| | — |
| | — |
| Balance at end of year | | $ | 3,762 |
| | $ | 1,887 |
| | $ | 1,580 |
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Schedule of components of deferred tax assets and liabilities |
Components of deferred tax assets and liabilities were as follows: | | | | | | | | | | (dollars in thousands) | | | | | December 31, | | 2014 | | 2013 | | | | | | Deferred tax assets: | | | | | Mark to market - receivables | | $ | 32,663 |
| | $ | 32,892 |
| Pension/employee benefits | | 26,303 |
| | 9,487 |
| State taxes, net of federal | | 21,721 |
| | 20,106 |
| Net operating losses and tax attributes | | 18,915 |
| | 26,201 |
| Joint venture | | 12,274 |
| | 3,252 |
| Legal and warranty reserve | | 9,495 |
| | 1,216 |
| Payment protection insurance liability | | 4,929 |
| | 11,353 |
| Deferred insurance commissions | | 3,473 |
| | 2,781 |
| Real estate owned | | 2,738 |
| | 3,058 |
| Securitization | | — |
| | 112,726 |
| Market discount - investments | | — |
| | 14,134 |
| Insurance reserves | | — |
| | 3,711 |
| Other | | 2,154 |
| | 3,647 |
| Total | | 134,665 |
| | 244,564 |
| | | | | | Deferred tax liabilities: | | | | | Debt writedown | | 194,261 |
| | 293,219 |
| Discount - debt exchange | | 22,377 |
| | 14,390 |
| Insurance reserves | | 10,175 |
| | — |
| Other intangible assets | | 6,859 |
| | 8,443 |
| Market discount - investments | | 3,292 |
| | — |
| Fixed assets | | 1,496 |
| | 2,148 |
| Derivative | | — |
| | 1,899 |
| Other | | — |
| | 7,505 |
| Total | | 238,460 |
| | 327,604 |
| | | | | | Net deferred tax liabilities before valuation allowance | | (103,795 | ) | | (83,040 | ) | Valuation allowance | | (44,383 | ) | | (45,220 | ) | Net deferred tax liabilities | | $ | (148,178 | ) | | $ | (128,260 | ) |
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