Annual report pursuant to Section 13 and 15(d)

INCOME TAXES (Tables)

v3.20.4
INCOME TAXES (Tables)
 12 Months Ended
Dec. 31, 2020
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,
2020 2019 2018
(in thousands)
Current:
  Federal $ —  $ —  $ (55)
  Foreign 7,978  61,834  40,239 
  State 1,024  5,523  6,828 
Total current 9,002  67,357  47,012 
Deferred:
  Federal (16,366) 5,314  2,246 
  Foreign (20,772) (6,345) (8,697)
  State (739) 566  204 
Total deferred (37,877) (465) (6,247)
Income tax expense (benefit) $ (28,875) $ 66,892  $ 40,765 
Significant Components of Deferred Tax Liabilities and Assets
Significant components of our deferred tax liabilities and assets are as follows:
December 31,
2020 2019
(in thousands)
Deferred tax liabilities:
          Leases $ 206,701  $ 192,870 
          Intangible assets 170,517  161,843 
          Prepaid expenses 17,786  5,876 
          Other 31,835  19,186 
Total deferred tax liabilities 426,839  379,775 
Deferred tax assets:
          Intangible assets 38,846  40,926 
          Accrued expenses 40,843  60,479 
          Net operating loss carryforwards 955,160  488,081 
          Foreign tax and other credit carryforwards 51,119  47,215 
          Equity compensation 25,209  22,503 
          Leases 224,776  211,206 
          Other 34,171  12,751 
Total gross deferred tax assets 1,370,124  883,161 
          Valuation allowance 1,100,407  667,242 
Total net deferred tax assets 269,717  215,919 
Net deferred tax liabilities $ (157,122) $ (163,856)
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,
2020 2019 2018
(in thousands)
Income tax expense (benefit) at United States statutory rate of 21%
 $ (389,900) $ 38,872  $ 27,532 
State income taxes, net of federal tax benefits 713  3,137  4,860 
Differences between foreign and United States statutory rates
 (12,794) 6,384  2,650 
Non-United States income inclusions and exclusions 1,809  (3,222) (3,425)
United States income inclusions and exclusions (16,495) (2,582) (13,790)
Nondeductible items 39,861  10,118  26,376 
Tax contingencies (1,302) (1,340) 389 
Tax expense from acquired goodwill 6,950  6,107  4,353 
Change in valuation allowance 344,161  8,536  (8,845)
Other, net (1,878) 882  665 
$ (28,875) $ 66,892  $ 40,765 
Summary of Activity Related to Unrecognized Tax Benefits
The following table summarizes the activity related to the Company’s unrecognized tax benefits:
Year Ended December 31,
2020 2019 2018
(in thousands)
Balance at January 1 $ 21,723  $ 34,071  $ 30,630 
Additions:
          Increase for current year positions 1,689  2,215  1,531 
          Increase for prior year positions —  1,898  2,995 
          Interest and penalties for prior years 352  458  106 
Reductions:
          Decrease for prior year positions (2,109) (3,272) — 
          Expiration of applicable statute of limitations —  —  (730)
          Settlements for prior year positions (17) (13,852) (9)
Foreign exchange 94  205  (452)
Balance at December 31 $ 21,732  $ 21,723  $ 34,071