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              [html]<thead><tr><td>At December 31 ( In thousands )</td><td></td><td>2004</td><td></td><td>2003</td></tr></thead><tbody><tr><td>Deferred tax assets — federal and state</td><td></td><td></td><td></td><td></td></tr><tr><td>Bad debt reserve.....................</td><td>$</td><td>25.168</td><td>$</td><td>34.502</td></tr><tr><td>Deferred compensation</td><td></td><td>25.131</td><td></td><td>21.170</td></tr><tr><td>Net operating loss carryforward...</td><td></td><td>8.569</td><td></td><td>9.929</td></tr><tr><td>Preopening and start - up costs.</td><td></td><td>4.305</td><td></td><td>7.085</td></tr><tr><td>Accruals, reserves and other...</td><td></td><td>35.162</td><td></td><td>39.280</td></tr><tr><td></td><td></td><td>98.335</td><td></td><td>111.966</td></tr><tr><td>Less : Valuation allowance...........</td><td></td><td>( 5.608 )</td><td></td><td>( 9.682 )</td></tr><tr><td></td><td></td><td>92.727</td><td></td><td>102.284</td></tr><tr><td>Deferred tax liabilities — federal and state</td><td></td><td></td><td></td><td></td></tr><tr><td>Property and equipment</td><td></td><td>( 1.708.753 )</td><td></td><td>( 1.680.121 )</td></tr><tr><td>Investments in unconsolidated affiliates</td><td></td><td>( 130.056 )</td><td></td><td>( 116.587 )</td></tr><tr><td>Unremitted earnings of foreign subsidiary</td><td></td><td>( 11.150 )</td><td></td><td>—</td></tr><tr><td>Other</td><td></td><td>( 15.848 )</td><td></td><td>( 21.862 )</td></tr><tr><td></td><td></td><td>( 1.865.807 )</td><td></td><td>( 1.818.570 )</td></tr><tr><td>Deferred taxes — foreign</td><td></td><td>—</td><td></td><td>146</td></tr><tr><td>Net deferred tax liability.....</td><td>$</td><td>( 1.773.080 )</td><td>$</td><td>( 1.716.140 )</td></tr></tbody>
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