INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2015

Income Tax Disclosure [Abstract]

Provision for income taxes

The provision for income taxes consisted of:

	Year Ended December 31,
	2015		2014			2013
	(In thousands)
Other than U.S.:
Current	$	45,752	$	21,619		$	54,410
Deferred		6,211		(1,546	)		(5,359	)
Total provision for income taxes	$	51,963	$	20,073		$	49,051

Geographic Source of Income Before Provision for Income Taxes

The geographic sources of income before income taxes are as follows:

	Year Ended December 31,
	2015			2014			2013
	(In thousands)
U.S.	$	(101,746	)	$	(31,124	)	$	(151,904	)
Other than U.S.		144,870			(14,197	)		(288,955	)
Income before provision for income taxes	$	43,124		$	(45,321	)	$	(440,859	)

Reconciliation of Panama Statutory Federal Tax Rate to Consolidated Effective Tax Rate

The following is a reconciliation of the Panama statutory federal tax rate to the consolidated effective tax rate:

	Year Ended December 31,
	2015			2014			2013
Panama federal statutory rate		25	%		25	%		25	%
Non-Panama operations		56	%		4	%		-16	%
Valuation allowance for deferred tax assets		15	%		-87	%		-19	%
Audit settlements and reserves		14	%		14	%		-1	%
Other		11	%		-			-
Effective tax rate attributable to continuing operations		121	%		-44	%		-11	%

Significant Components of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities were as follows:

	December 31,
	2015			2014
	(In thousands)
Deferred tax assets:
Pension liability	$	12,033		$	10,976
Accrued liabilities for incentive compensation		21,640			19,015
Net operating loss carryforward		325,636			294,722
State net operating loss carryforward		24,367			21,296
Long-term contracts		4,312			39,817
Other		2,060			1,549
Total deferred tax assets		390,048			387,375
Valuation allowance for deferred tax assets		(336,146	)		(331,589	)
Deferred tax assets	$	53,902		$	55,786
Deferred tax liabilities:
Property, plant and equipment	$	34,419		$	28,815
Prepaid drydock		7,639			10,280
Investments in joint ventures and affiliated    companies		14,960			13,583
Unrealized exchange gains and other		3,163			3,162
Total deferred tax liabilities	$	60,181		$	55,840
Net deferred tax liability	$	(6,279	)	$	(54	)
	December 31,
	2015			2014
	(In thousands)
Deferred tax assets and liabilities in the    accompanying consolidated balance sheets include:
Current deferred tax assets	$	8,133		$	7,514
Noncurrent deferred tax assets		10,689			17,313
Total	$	18,822		$	24,827
Current deferred tax liabilities	$	17,273		$	19,753
Noncurrent deferred tax liabilities		7,828			5,128
Total	$	25,101		$	24,881
Net deferred tax liability	$	(6,279	)	$	(54	)

Reconciliation of Unrecognized Tax Benefits

A reconciliation of unrecognized tax benefits is as follows:

	Year Ended December 31,
	2015			2014			2013
	(In thousands)
Balance at beginning of period	$	34,106		$	40,613		$	40,516
Increases based on tax positions taken in the current year		4,720			3,479			539
Increases based on tax positions taken in prior years		4,710			3,195			3,831
Decreases based on tax positions taken in prior years		(2,836	)		(863	)		(3,688	)
Decreases due to lapse of applicable statute of limitation		(4,347	)		(12,318	)		(585	)
Balance at end of period	$	36,353		$	34,106		$	40,613