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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Income Before Income Taxes Attributable to Geographic Locations | Income before income taxes is attributable to the following geographic locations for the years ended December 31, (in thousands):
| 2020 |  | 2019 |  | 2018
Domestic | $ | 18,395 |  |  | $ | 328,806 |  |  | $ | 298,009 |
Foreign | 497,830 |  |  | 363,791 |  |  | 135,029 |
Income before income taxes | $ | 516,225 |  |  | $ | 692,597 |  |  | $ | 433,038 |
Components of Tax Benefit (Expenses) for Income Taxes | The tax benefit (expenses) for income taxes consisted of the following components for the years ended December 31, (in thousands):
| 2020 |  | 2019 |  | 2018
Current: |  |  |  |  |
Federal | $ | 4,552 |  |  | $ | (17,906) |  |  | $ | 7,085 |
State and local | 1,597 |  |  | (4,624) |  |  | (2,663) |
Foreign | (171,092) |  |  | (135,356) |  |  | (118,175) |
Subtotal | (164,943) |  |  | (157,886) |  |  | (113,753) |
Deferred: |  |  |  |  |
Federal | 16,553 |  |  | (7,459) |  |  | (27,874) |
State and local | 704 |  |  | (1,775) |  |  | (1,165) |
Foreign | 1,535 |  |  | (18,232) |  |  | 75,113 |
Subtotal | 18,792 |  |  | (27,466) |  |  | 46,074 |
Income tax expense | $ | (146,151) |  |  | $ | (185,352) |  |  | $ | (67,679) |
Income Tax Reconciliation | The fiscal 2020, 2019, and 2018 income tax benefit (expenses) differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pre-tax income as a result of the following for the years ended December 31 (in thousands):
| 2020 |  | 2019 |  | 2018
Federal tax at statutory rate | $ | (109,906) |  |  | $ | (145,445) |  |  | $ | (90,938) |
State and local tax (expense) benefit | 2,071 |  |  | (5,852) |  |  | (3,616) |
Deferred tax assets generated in current year not benefited | (12,852) |  |  | (5,398) |  |  | (3,777) |
Foreign income tax rate differential | (16,364) |  |  | (11,610) |  |  | (4,072) |
Non-deductible expenses | (4,427) |  |  | (1,021) |  |  | (756) |
Stock-based compensation expense | (954) |  |  | (2,105) |  |  | (2,308) |
Change in valuation allowance | 390 |  |  | (2,870) |  |  | 38,684 |
Foreign financing activities | (11,743) |  |  | (18,738) |  |  | (17,548) |
Loss on divestments | — |  |  | (3,277) |  |  | — |
Uncertain tax positions reserve | (38,014) |  |  | (35,724) |  |  | (20,440) |
Tax adjustments related to REIT | 50,107 |  |  | 63,614 |  |  | 32,189 |
Change in deferred tax adjustments | (136) |  |  | (10,574) |  |  | — |
Other, net | (4,323) |  |  | (6,352) |  |  | 4,903 |
Total income tax expense | $ | (146,151) |  |  | $ | (185,352) |  |  | $ | (67,679) |
Schedule of Deferred Tax Assets and Liabilities | The types of temporary differences that give rise to significant portions of the Company's deferred tax assets and liabilities are set out below as of December 31 (in thousands):
| 2020 |  | 2019 (1)
Deferred tax assets: |  |  |
Stock-based compensation expense | $ | 5,583 |  |  | $ | 2,675 |
Unrealized losses | 17,268 |  |  | 6,492 |
Lease liabilities | 214,560 |  |  | 189,951 |
Loss carryforwards and tax credits | 117,150 |  |  | 59,735 |
Others, net | 14,976 |  |  | 8,500 |
Gross deferred tax assets | 369,537 |  |  | 267,353 |
Valuation allowance | (82,344) |  |  | (57,812) |
Total deferred tax assets, net | 287,193 |  |  | 209,541 |
Deferred tax liabilities: |  |  |
Property, plant and equipment (2) | (346,916) |  |  | (271,262) |
Deferred income | (31,538) |  |  | (5,248) |
Intangible assets | (132,681) |  |  | (144,404) |
Total deferred tax liabilities | (511,135) |  |  | (420,914) |
Net deferred tax liabilities | $ | (223,942) |  |  | $ | (211,373) |
(1) The prior year amounts presented in the table above have been reclassified to conform with the current year presentation. (2) Property, plant and equipment included the net deferred tax liabilities related to operating and finance lease ROU assets.
Changes in Valuation Allowance for Deferred Tax Assets | Changes in the valuation allowance for deferred tax assets for the years ended December 31, 2020, 2019 and 2018 are as follows (in thousands):
| 2020 |  | 2019 |  | 2018
Beginning balance | $ | 57,812 |  |  | $ | 57,003 |  |  | $ | 84,573 |
Amounts from acquisitions | 5,777 |  |  | (2,707) |  |  | 33,070 |
Divested balances | — |  |  | (351) |  |  | — |
Amounts recognized into income | (390) |  |  | 2,870 |  |  | (38,684) |
Current increase (decrease) | 15,044 |  |  | 697 |  |  | (13,086) |
Impact of foreign currency exchange | 4,101 |  |  | 300 |  |  | (8,870) |
Ending balance | $ | 82,344 |  |  | $ | 57,812 |  |  | $ | 57,003 |
Schedule of Net Operating Loss Carryforwards | The Company's NOL carryforwards for federal, state and foreign tax purposes which expire, if not utilized, at various intervals from 2021, are outlined below (in thousands):
Expiration Date |  | Federal (1) |  | State |  | Foreign (2) (3) |  | Total
2021 |  | $ | 110,035 |  |  | $ | — |  |  | $ | 1,580 |  |  | $ | 111,615 |
2022 to 2024 |  | 46,827 |  |  | — |  |  | 17,829 |  |  | 64,656 |
2025 to 2027 |  | 13,005 |  |  | — |  |  | 34,561 |  |  | 47,566 |
2028 to 2030 |  | — |  |  | — |  |  | 32,393 |  |  | 32,393 |
2031 to 2033 |  | — |  |  | 767 |  |  | — |  |  | 767 |
2034 to 2036 |  | 4,246 |  |  | 2,088 |  |  | 3,807 |  |  | 10,141 |
Thereafter |  | 152,495 |  |  | 38,929 |  |  | 399,501 |  |  | 590,925 |
|  | $ | 326,608 |  |  | $ | 41,784 |  |  | $ | 489,671 |  |  | $ | 858,063 |
(1)The total amount of NOL carryforwards that will not be available to offset the Company's future taxable income after dividend paid deduction due to Section 382 limitations was $165.1 million for federal. (2)In certain jurisdictions, the net operating loss carryforwards can only be used to offset a percentage of taxable income in a given year. (3)If certain substantial changes in the entity's ownership occur or have determined to have occurred, there may be a limitation on the amount of the carryforwards that can be utilized.
Reconciliation of Unrecognized Tax Benefits | The beginning and ending balances of the Company's unrecognized tax benefits are reconciled below for the years ended December 31 (in thousands):
| 2020 |  | 2019 |  | 2018
Beginning balance | $ | 173,726 |  |  | $ | 150,930 |  |  | $ | 82,390 |
Gross increases related to prior year tax positions | 14,732 |  |  | — |  |  | 33,436 |
Gross decreases related to prior year tax positions | — |  |  | (1,160) |  |  | — |
Gross increases related to current year tax positions | 29,149 |  |  | 31,332 |  |  | 48,685 |
Decreases resulting from expiration of statute of limitation | (6,518) |  |  | (2,112) |  |  | (1,276) |
Decreases resulting from settlements | (3,330) |  |  | (5,264) |  |  | (12,305) |
Ending balance | $ | 207,759 |  |  | $ | 173,726 |  |  | $ | 150,930 |

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