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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of Income Before Provision for Income Taxes

The components of income before provision for income taxes consisted of the following (dollars in thousands):

			Year Ended December 31,
			2020						2019						2018
Domestic			$	470,181					$	839,899					$	807,590
Foreign			499,788						521,446						571,416
			$	969,969					$	1,361,345					$	1,379,006

Tax Provision (Benefit)

Our tax provision (benefit) consisted of the following (dollars in thousands):

			Year Ended December 31,
			2020						2019						2018
Federal:
Current			$	18,951					$	(51,980)					$	166,024
Deferred			61,034						(74,432)						(7,667)
			79,985						(126,412)						158,357
State:
Current			33,291						52,403						43,320
Deferred			3,872						(5,760)						(3,692)
			37,163						46,643						39,628
Foreign:
Current			88,994						163,833						149,194
Deferred			7,959						(14,169)						(34,121)
			96,953						149,664						115,073
			$	214,101					$	69,895					$	313,058

Reconciliation of Pre-Tax Income

The following is a reconciliation stated as a percentage of pre-tax income of the U.S. statutory federal income tax rate to our effective tax rate:

			Year Ended December 31,
			2020						2019						2018
Federal statutory tax rate			21		%				21		%				21		%
Foreign rate differential			—						4						—
State taxes, net of federal benefit			3						3						3
Non-deductible expenses			1						1						2
Reserves for uncertain tax positions			—						1						—
Credits and exemptions			(2)						(4)						(2)
Outside basis differences recognized as a result of a legal entity restructuring			—						(20)						—
Tax Reform			—						—						1
Change in valuation allowance			—						—						(1)
Acquisition-related costs			—						—						(2)
Other			(1)						(1)						1
Effective tax rate			22		%				5		%				23		%

Temporary Tax Effects

Cumulative tax effects of temporary differences are shown below (dollars in thousands):

			December 31,
			2020						2019
Asset (Liability)
Tax losses and tax credits			$	334,303					$	330,839
Operating lease liabilities			358,066						320,261
Bonus and deferred compensation			295,690						280,747
Bad debt and other reserves			73,061						66,504
Pension obligation			18,026						24,022
Investments			17,506						5,236
Tax effect on revenue items related to Topic 606 adoption			(16,784)						(25,620)
Property and equipment			(88,595)						(54,370)
Unconsolidated affiliates and partnerships			(59,544)						(63,594)
Capitalized costs and intangibles			(313,099)						(277,246)
Operating lease assets			(366,671)						(314,433)
All other			6,181						(1,153)
Net deferred tax assets before valuation allowance			258,140						291,193
Valuation allowance			(291,096)						(251,922)
Net deferred tax (liabilities) assets			$	(32,956)					$	39,271

Unrecognized Tax Benefits

A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows (dollars in thousands):

			Year Ended December 31,
			2020						2019
Beginning balance, unrecognized tax benefits			$	(141,164)					$	(94,962)
Gross increases - tax positions in prior period			(31,070)						(22,229)
Gross decreases - tax positions in prior period			1,530						17,390
Gross increases - current-period tax positions			(9,688)						(45,262)
Decreases relating to settlements			—						218
Reductions as a result of lapse of statute of limitations			11,791						3,680
Foreign exchange movement			85						1
Ending balance, unrecognized tax benefits			$	(168,516)					$	(141,164)

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months.

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