Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.25.0.1
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2024
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,
2024 2023 2022
As Revised As Revised
(in thousands)
Current:
  Federal $ 39,122  $ 1,250  $ 658 
  Foreign 253,442  229,073  103,320 
  State 24,308  23,171  4,764 
Total current 316,872  253,494  108,742 
Deferred:
  Federal (557,399) 5,982  6,223 
  Foreign (126,423) (51,209) (397)
  State (24,748) 1,209  1,373 
Total deferred (708,570) (44,018) 7,199 
Income tax expense (benefit) $ (391,698) $ 209,476  $ 115,941 
Significant Components of Deferred Tax Liabilities and Assets
Significant components of our deferred tax liabilities and assets are as follows:
December 31,
2024 2023
(in thousands)
Deferred tax liabilities:
          Intangible assets $ 282,200  $ 327,249 
          Leases 210,904  205,757 
          Other 45,075  38,132 
          Hedge investments 5,395  7,394 
          Prepaid expenses 3,802  3,494 
Total deferred tax liabilities 547,376  582,026 
Deferred tax assets:
          Net operating loss carryforwards 763,205  812,034 
          Accrued expenses 251,416  180,268 
          Leases 244,476  239,503 
          Capitalized research and development 90,477  67,516 
          Interest limitation 69,128  53,698 
          Other 61,555  30,580 
          Foreign tax and other credit carryforwards 51,153  51,351 
          Intangible assets 12,411  48,088 
          Equity compensation 10,831  11,504 
Total gross deferred tax assets 1,554,652  1,494,542 
          Valuation allowance 569,495  1,194,374 
Total net deferred tax assets 985,157  300,168 
Net deferred tax assets (liabilities) $ 437,781  $ (281,858)
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,
2024 2023 2022
As Revised As Revised
(in thousands)
Income tax expense at United States statutory rate of 21%
 $ 155,280  $ 187,854  $ 106,144 
Differences between foreign and United States statutory rates
 70,469  86,537  34,585 
State income taxes, net of federal tax benefits 27,844  22,889  4,893 
Nondeductible items 23,898  25,959  32,907 
United States income inclusions and exclusions (10,332) 28,450  (78,061)
Non-United States income inclusions and exclusions (9,466) (63,691) (30,783)
Tax contingencies 674  6,191  728 
Tax expense from acquired goodwill —  7,953  7,596 
Other, net 166  784  (879)
Change in valuation allowance (650,231) (93,450) 38,811 
$ (391,698) $ 209,476  $ 115,941 
Summary of Activity Related to Unrecognized Tax Benefits
The following table summarizes the activity related to our unrecognized tax benefits:
Year Ended December 31,
2024 2023 2022
(in thousands)
Balance at January 1 $ 30,466  $ 22,996  $ 21,330 
Additions:
          Increase for current year positions 1,451  2,333  751 
          Increase for prior year positions 1,001  4,453  896 
          Interest and penalties for prior years 255  1,063  160 
Reductions:
          Statute lapse for prior year positions (3) —  — 
          Settlements for prior year positions (3,166) (379) (141)
Foreign exchange (312) —  — 
Balance at December 31 $ 29,692  $ 30,466  $ 22,996