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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Schedule of 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):
| 2023 |  | 2022 |  | 2021
Domestic | $ | 278,470 |  |  | $ | 334,486 |  |  | $ | 137,492 |
Foreign | 845,760 |  |  | 494,883 |  |  | 471,460 |
Income before income taxes | $ | 1,124,230 |  |  | $ | 829,369 |  |  | $ | 608,952 |
Schedule of Components of Tax Benefit (Expenses) for Income Taxes | The tax expenses for income taxes consisted of the following components for the years ended December 31, (in thousands):
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 299 |  |  | $ | 1,679 |  |  | $ | 7,753 |
State and local | (526) |  |  | (892) |  |  | (156) |
Foreign | (150,179) |  |  | (83,210) |  |  | (76,450) |
Subtotal | (150,406) |  |  | (82,423) |  |  | (68,853) |
Deferred: |  |  |  |  |
Federal | (136) |  |  | (16,284) |  |  | 11,060 |
State and local | 196 |  |  | (5,024) |  |  | (1,411) |
Foreign | (4,904) |  |  | (21,061) |  |  | (50,020) |
Subtotal | (4,844) |  |  | (42,369) |  |  | (40,371) |
Income tax expense | $ | (155,250) |  |  | $ | (124,792) |  |  | $ | (109,224) |
Schedule of Income Tax Reconciliation | , 2022 and 2021 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):
| 2023 |  | 2022 |  | 2021
Federal tax at statutory rate | $ | (236,088) |  |  | $ | (174,168) |  |  | $ | (127,880) |
State and local tax expense | (331) |  |  | (5,916) |  |  | (1,513) |
Deferred tax assets generated in current year not benefited | (33,810) |  |  | (39,196) |  |  | (19,703) |
Foreign income tax rate differential | (13,634) |  |  | (12,379) |  |  | (18,918) |
Non-deductible expenses | (6,470) |  |  | (5,995) |  |  | (10,579) |
Stock-based compensation expense | (8,981) |  |  | (8,321) |  |  | (1,385) |
Change in valuation allowance | 1,744 |  |  | (19,793) |  |  | (595) |
Foreign financing activities | (3,642) |  |  | (5,519) |  |  | (4,805) |
Uncertain tax positions reserve | 20,683 |  |  | 45,317 |  |  | 50,059 |
Tax adjustments related to REIT | 131,757 |  |  | 107,312 |  |  | 39,164 |
Change in deferred tax adjustments | (2,572) |  |  | (239) |  |  | (1,251) |
Effect of tax rate change on deferred tax assets | (1,872) |  |  | (3,126) |  |  | (12,297) |
Other, net | (2,034) |  |  | (2,769) |  |  | 479 |
Total income tax expense | $ | (155,250) |  |  | $ | (124,792) |  |  | $ | (109,224) |
Schedule of Deferred Tax Assets and Liabilities | The types of temporary differences that give rise to significant portions of our deferred tax assets and liabilities are set out below as of December 31 (in thousands):
| 2023 |  | 2022
Deferred tax assets: |  |  |
Stock-based compensation expense | $ | 9,073 |  |  | $ | 9,002 |
Net unrealized losses | 10,843 |  |  | 3,988 |
Operating lease liabilities | 220,745 |  |  | 253,005 |
Finance lease liabilities | 14,591 |  |  | — |
Deferred revenue | 16,625 |  |  | 13,887 |
Goodwill | — |  |  | 20,511 |
Loss carryforwards and tax credits | 232,471 |  |  | 142,270 |
Others, net | 6,600 |  |  | 32,543 |
Gross deferred tax assets | 510,948 |  |  | 475,206 |
Valuation allowance | (220,848) |  |  | (166,594) |
Total deferred tax assets, net | 290,100 |  |  | 308,612 |
Deferred tax liabilities: |  |  |
Finance lease liabilities | — |  |  | (8,033) |
Property, plant and equipment | (252,434) |  |  | (221,343) |
Right-of-use assets | (224,253) |  |  | (256,837) |
Deferred income | (26,116) |  |  | (28,314) |
Goodwill | (3,074) |  |  | — |
Intangible assets | (116,070) |  |  | (132,816) |
Total deferred tax liabilities | (621,947) |  |  | (647,343) |
Net deferred tax liabilities | $ | (331,847) |  |  | $ | (338,731) |
Schedule of Changes in Valuation Allowance for Deferred Tax Assets | Changes in the valuation allowance for deferred tax assets for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):
| 2023 |  | 2022 |  | 2021
Beginning balance | $ | 166,594 |  |  | $ | 100,746 |  |  | $ | 82,344 |
Amounts from acquisitions | 10,459 |  |  | 13,458 |  |  | 964 |
Amounts recognized into income | (1,744) |  |  | 22,905 |  |  | 595 |
Current increase | 44,002 |  |  | 36,513 |  |  | 19,539 |
Impact of foreign currency exchange | 1,537 |  |  | (7,028) |  |  | (2,696) |
Ending balance | $ | 220,848 |  |  | $ | 166,594 |  |  | $ | 100,746 |
Schedule of Net operating Loss Carryforwards | Our net operating loss carryforwards for federal, state and foreign tax purposes which expire, if not utilized, at various intervals from 2024, are outlined below (in thousands):
Expiration Date |  | Federal |  | State |  | Foreign (1) (2) |  | Total
2024 |  | $ | 819 |  |  | $ | 24 |  |  | $ | 9,736 |  |  | $ | 10,579 |
2025 to 2027 |  | 2,457 |  |  | — |  |  | 34,463 |  |  | 36,920 |
2028 to 2030 |  | — |  |  | — |  |  | 40,604 |  |  | 40,604 |
2031 to 2033 |  | — |  |  | 667 |  |  | 9,845 |  |  | 10,512 |
2034 to 2036 |  | 2,441 |  |  | 324 |  |  | 20,286 |  |  | 23,051 |
2037 to 2039 |  | 2,886 |  |  | 2,618 |  |  | 19,177 |  |  | 24,681 |
Thereafter |  | 248,941 |  |  | 89,574 |  |  | 624,744 |  |  | 963,259 |
|  | $ | 257,544 |  |  | $ | 93,207 |  |  | $ | 758,855 |  |  | $ | 1,109,606 |
(1)In certain jurisdictions, the net operating loss carryforwards can only be used to offset a percentage of taxable income in a given year. (2)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.
Schedule of Reconciliation of Unrecognized Tax Benefits | The beginning and ending balances of our unrecognized tax benefits are reconciled below for the years ended December 31 (in thousands):
| 2023 |  | 2022 |  | 2021
Beginning balance | $ | 89,237 |  |  | $ | 148,300 |  |  | $ | 207,759 |
Gross increases related to prior year tax positions | 2,989 |  |  | 1,401 |  |  | 4,547 |
Gross decreases related to prior year tax positions | (16,767) |  |  | (43,575) |  |  | (58,356) |
Gross increases related to current year tax positions | 4,395 |  |  | 7,004 |  |  | 10,000 |
Decreases resulting from expiration of statute of limitation | (10,138) |  |  | (11,969) |  |  | (10,561) |
Decreases resulting from settlements | — |  |  | (11,924) |  |  | (5,089) |
Ending balance | $ | 69,716 |  |  | $ | 89,237 |  |  | $ | 148,300 |

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