Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

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INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2023
Income Tax Disclosure [Abstract]  
Significant Components of the Provision for Income Tax Expense (Benefit)
Significant components of the provision for income tax expense (benefit) are as follows:
Year Ended December 31,
2023 2022 2021
(in thousands)
Current:
  Federal $ 1,250  $ 658  $ — 
  Foreign 179,824  83,633  8,713 
  State 23,171  4,764  (1,555)
Total current 204,245  89,055  7,158 
Deferred:
  Federal 5,982  6,223  7,451 
  Foreign (51,209) (397) (17,434)
  State 1,209  1,373  344 
Total deferred (44,018) 7,199  (9,639)
Income tax expense (benefit) $ 160,227  $ 96,254  $ (2,481)
Significant Components of Deferred Tax Liabilities and Assets
Significant components of our deferred tax liabilities and assets are as follows:
December 31,
2023 2022
(in thousands)
Deferred tax liabilities:
          Leases $ 205,757  $ 217,919 
          Intangible assets 327,249  297,894 
          Prepaid expenses 3,494  12,490 
          Hedge investments 7,394  10,584 
          Other 38,132  19,086 
Total deferred tax liabilities 582,026  557,973 
Deferred tax assets:
          Intangible assets 48,088  51,634 
          Accrued expenses 180,268  139,432 
          Net operating loss carryforwards 812,034  848,735 
          Foreign tax and other credit carryforwards 51,351  51,055 
          Equity compensation 11,504  9,452 
          Leases 239,503  250,183 
          Interest limitation 53,698  84,599 
          Capitalized R&D 67,516  35,149 
          Other 30,580  53,359 
Total gross deferred tax assets 1,494,542  1,523,598 
          Valuation allowance 1,194,374  1,240,881 
Total net deferred tax assets 300,168  282,717 
Net deferred tax liabilities $ (281,858) $ (275,256)
Reconciliation of Income Taxes at the United States Statutory Rate to Income Tax Expense
The reconciliation of income tax computed at the United States federal statutory rates to income tax expense (benefit) is:
Year Ended December 31,
2023 2022 2021
(in thousands)
Income tax expense (benefit) at United States statutory rate of 21%
 $ 187,854  $ 106,144  $ (128,366)
State income taxes, net of federal tax benefits 22,889  4,893  (1,267)
Differences between foreign and United States statutory rates
 37,288  14,898  (11,237)
Non-United States income inclusions and exclusions (63,691) (30,783) (1,677)
United States income inclusions and exclusions 28,450  (78,061) (22,121)
Nondeductible items 25,959  32,907  18,413 
Tax contingencies 6,191  728  895 
Tax expense from acquired goodwill 7,953  7,596  7,795 
Change in valuation allowance (93,450) 38,811  135,908 
Other, net 784  (879) (824)
$ 160,227  $ 96,254  $ (2,481)
Summary of Activity Related to Unrecognized Tax Benefits
The following table summarizes the activity related to our unrecognized tax benefits:
Year Ended December 31,
2023 2022 2021
(in thousands)
Balance at January 1 $ 22,996  $ 21,330  $ 21,732 
Additions:
          Increase for current year positions 2,333  751  524 
          Increase for prior year positions 4,453  896  335 
          Interest and penalties for prior years 1,063  160  36 
Reductions:
          Settlements for prior year positions (379) (141) (1,435)
Foreign exchange —  —  138 
Balance at December 31 $ 30,466  $ 22,996  $ 21,330