Income Taxes (Tables)

12 Months Ended

Dec. 31, 2017

Income Taxes

Components of the Company's deferred tax assets and liabilities

	2017		2016
	(in thousands)
Deferred tax assets:
Stock-based compensation expense	$	15,038	$	17,773
Accrued expenses		39,474		64,175
Loan to the JIVDC		26,237		2,268
Financing obligation to GLPI		900,311		1,359,193
Unrecognized tax benefits		6,565		9,377
Net operating losses and tax credit carryforwards		59,842		78,021
Gross deferred tax assets		1,047,467		1,530,807
Less valuation allowance		(113,699)		(828,501)
Net deferred tax assets		933,768		702,306
Deferred tax liabilities:
Property, plant and equipment, non-master lease		(33,148)		(69,151)
Property, plant and equipment, master lease		(469,363)		(717,602)
Investments in unconsolidated affiliates		(1,218)		(1,383)
Undistributed foreign earnings		(2,061)		(8,596)
Intangibles		(37,035)		(32,498)
Net deferred tax liabilities		(542,825)		(829,230)
Noncurrent deferred tax assets/(liabilities), net	$	390,943	$	(126,924)

Schedule of domestic and foreign components of income before tax expense

Year ended December 31,	2017	2016	2015
Domestic	(29,538)	116,693	54,443
Foreign	4,494	3,924	2,167
Total	(25,044)	120,617	56,610

Schedule of the provision for income taxes charged to operations

Year ended December 31,	2017		2016		2015
	(in thousands)
Current tax expense (benefit)
Federal	$	16,318	$	8,721	$	(5,158)
State		6,062		3,489		133
Foreign		(2,981)		(9,639)		3,713
Total current		19,399		2,571		(1,312)
Deferred tax (benefit) expense
Federal		(480,712)		4,701		51,817
State		(39,255)		3,279		5,419
Foreign		2,061		756		—
Total deferred		(517,906)		8,736		57,236
Total income tax  (benefit) provision	$	(498,507)	$	11,307	$	55,924

Reconciliation of the statutory federal income tax rate to the actual effective income tax rate

Year ended December 31,	2017		2016		2015
Percent of pretax income
Federal statutory rate	35.0	%	35.0	%	35.0	%
State and local income taxes - net of federal benefits	6.3	%	1.2	%	6.1	%
Nondeductible expenses	(16.0)	%	0.3	%	3.0	%
Goodwill impairment	(20.5)	%	—	%	—	%
Compensation	29.5	%	(1.5)	%	2.8	%
Contingent liability settlement	22.9	%	0.6	%	—	%
Foreign	11.3	%	(8.5)	%	5.2	%
Valuation allowance	2,962.3	%	(17.1)	%	55.3	%
Federal tax reform enactment - deferred rate change	(1,043.5)	%	—	%	—	%
Other miscellaneous items	3.3	%	(0.6)	%	(8.6)	%
Total effective tax rate	1,990.6	%	9.4	%	98.8	%

The income tax (benefit)/expense differs from the federal statutory amount because the effect of the items detailed in the table below. 

Year ended December 31,	2017		2016		2015
	(in thousands)
Amount of pretax income
Federal statutory rate	$	(8,765)	$	42,216	$	19,814
State and local income taxes - net of federal benefits		(1,567)		1,498		3,435
Nondeductible expenses		4,018		371		1,717
Goodwill impairment		5,131		—		—
Compensation		(7,376)		(1,817)		1,559
Contingent liability settlement		(5,740)		756		—
Foreign		(2,840)		(10,268)		2,955
Valuation allowance		(741,872)		(20,675)		31,288
Federal tax reform enactment - deferred rate change		261,329		—		—
Other miscellaneous items		(825)		(774)		(4,844)
Total income tax provision	$	(498,507)	$	11,307	$	55,924

Reconciliation of liability for unrecognized tax benefits

	Unrecognized
	tax benefits
	(in thousands)
Unrecognized tax benefits	$	33,569
Cumulative advance deposits on account		(31,371)
Balance at December 31, 2015	$	2,198
Additions based on current year positions		—
Additions based on prior year positions		3,749
Decreases due to settlements and/or reduction in reserves		(9,091)
Currency translation adjustments		2,565
Settlement payments		(4,000)
Unrecognized tax benefits at December 31, 2016	$	26,792
Additions based on current year positions		2,979
Additions based on prior year positions		2,836
Decreases due to settlements and/or reduction in reserves		(1,322)
Currency translation adjustments		(119)
Settlement payments		(216)
Unrecognized tax benefits at December 31, 2017	$	30,950