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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2014
Income Tax Disclosure [Abstract]  
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
)
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
 %
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

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
)