| Income Tax Disclosure [Abstract] | Period [Axis] |
|---|
2016-01-01 - 2016-12-31 |
|---|
Income Tax Disclosure [Abstract] | |
Components of Income (Loss) from Continuing Operations |
The components
of income from continuing operations before provision for income
taxes consisted of the following (dollars in thousands):
|
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|
|
|
|
|
|
|
|
|
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| |
|
Year Ended
December 31, |
|
| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Domestic
|
|
$ |
536,869 |
|
|
$ |
600,939 |
|
|
$ |
537,271 |
|
|
Foreign
|
|
|
343,857 |
|
|
|
278,791 |
|
|
|
239,991 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
$ |
880,726 |
|
|
$ |
879,730 |
|
|
$ |
777,262 |
|
|
|
|
|
|
|
|
|
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|
Tax Provision (Benefit) |
Our tax
provision (benefit) consisted of the following (dollars in
thousands):
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|
Year Ended
December 31, |
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| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Federal:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
$ |
172,380 |
|
|
$ |
215,703 |
|
|
$ |
173,110 |
|
|
Deferred
|
|
|
27,463 |
|
|
|
1,559 |
|
|
|
(333 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
199,843 |
|
|
|
217,262 |
|
|
|
172,777 |
|
|
State:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
20,946 |
|
|
|
24,476 |
|
|
|
18,876 |
|
|
Deferred
|
|
|
375 |
|
|
|
861 |
|
|
|
669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21,321 |
|
|
|
25,337 |
|
|
|
19,545 |
|
|
Foreign:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current
|
|
|
94,909 |
|
|
|
91,048 |
|
|
|
87,769 |
|
|
Deferred
|
|
|
(19,411 |
) |
|
|
(12,794 |
) |
|
|
(16,332 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
75,498 |
|
|
|
78,254 |
|
|
|
71,437 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
$ |
296,662 |
|
|
$ |
320,853 |
|
|
$ |
263,759 |
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|
Reconciliation of Pre-Tax Income |
The following
is a reconciliation stated as a percentage of pre-tax income of the U.S. statutory
federal income tax rate to our effective tax rate:
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|
Year Ended December 31, |
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| |
|
2016 |
|
|
2015 |
|
|
2014 |
|
|
Federal statutory tax
rate
|
|
|
35 |
% |
|
|
35 |
% |
|
|
35 |
% |
|
State taxes, net of federal
benefit
|
|
|
2 |
|
|
|
3 |
|
|
|
3 |
|
|
Change in valuation
allowance
|
|
|
2 |
|
|
|
(1 |
) |
|
|
(1 |
) |
|
Reserves for uncertain tax
positions
|
|
|
— |
|
|
|
1 |
|
|
|
(2 |
) |
|
Non-deductible expenses
|
|
|
— |
|
|
|
1 |
|
|
|
1 |
|
|
Foreign earnings
repatriation
|
|
|
— |
|
|
|
— |
|
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|
1 |
|
|
Non-controlling interests
|
|
|
— |
|
|
|
— |
|
|
|
(1 |
) |
|
Credits and
exemptions
|
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(1 |
) |
|
Foreign rate
differential
|
|
|
(2 |
) |
|
|
(2 |
) |
|
|
(2 |
) |
|
Other
|
|
|
(1 |
) |
|
|
1 |
|
|
|
1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
Effective tax
rate
|
|
|
34 |
% |
|
|
36 |
% |
|
|
34 |
% |
|
|
|
|
|
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|
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|
|
|
|
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|
Temporary Tax Effects |
Cumulative tax
effects of temporary differences are shown below at
December 31, 2016 and 2015 (dollars in thousands):
|
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|
|
|
|
|
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| |
|
December 31, |
|
| |
|
2016 |
|
|
2015 |
|
|
Asset
(Liability)
|
|
|
|
|
|
|
|
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|
Bonus and deferred
compensation
|
|
$ |
265,043 |
|
|
$ |
250,600 |
|
|
Bad debt and other
reserves
|
|
|
75,620 |
|
|
|
59,257 |
|
|
Net operating losses (NOLs)
and state tax credits
|
|
|
66,499 |
|
|
|
57,027 |
|
|
Foreign tax
credits
|
|
|
53,976 |
|
|
|
53,976 |
|
|
Pension
obligation
|
|
|
29,382 |
|
|
|
26,251 |
|
|
Unconsolidated
affiliates
|
|
|
28,107 |
|
|
|
23,981 |
|
|
Derivative financial
instruments
|
|
|
7,308 |
|
|
|
8,583 |
|
|
Investments
|
|
|
7,142 |
|
|
|
6,395 |
|
|
Property and
equipment
|
|
|
(87,679 |
) |
|
|
(80,925 |
) |
|
Capitalized costs and
intangibles
|
|
|
(307,301 |
) |
|
|
(283,156 |
) |
|
All other
|
|
|
2,049 |
|
|
|
4,574 |
|
|
|
|
|
|
|
|
|
|
|
Net deferred tax assets
before valuation allowance
|
|
|
140,146 |
|
|
|
126,563 |
|
|
Valuation
allowance
|
|
|
(105,541 |
) |
|
|
(91,672 |
) |
|
|
|
|
|
|
|
|
|
|
Net deferred tax
assets
|
|
$ |
34,605 |
|
|
$ |
34,891 |
|
|
|
|
|
|
|
|
|
|
|
Unrecognized Tax Benefits |
A
reconciliation of the beginning and ending amount of unrecognized
tax benefits for the years ended December 31, 2016 and 2015 is
as follows (dollars in thousands):
|
|
|
|
|
|
|
|
|
| |
|
Year Ended December 31, |
|
| |
|
2016 |
|
|
2015 |
|
|
Beginning balance,
unrecognized tax benefits
|
|
$ |
(92,538 |
) |
|
$ |
(66,984 |
) |
|
Gross increases—tax
positions in prior period
|
|
|
(514 |
) |
|
|
(17,545 |
) |
|
Gross decreases—tax
positions in prior period
|
|
|
358 |
|
|
|
92 |
|
|
Gross
increases—current-period tax positions
|
|
|
(4,237 |
) |
|
|
(8,792 |
) |
|
Decreases relating to
settlements
|
|
|
2,541 |
|
|
|
— |
|
|
Reductions as a result of
lapse of statute of limitations
|
|
|
235 |
|
|
|
688 |
|
|
Foreign exchange
movement
|
|
|
(760 |
) |
|
|
3 |
|
|
|
|
|
|
|
|
|
|
|
Ending balance,
unrecognized tax benefits
|
|
$ |
(94,915 |
) |
|
$ |
(92,538 |
) |
|
|
|
|
|
|
|
|
|
|