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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2022
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,
| 2022 |  | 2021 |  | 2020
Domestic | $ | 1,274,655 |  |  | $ | 1,683,710 |  |  | $ | 470,181 |
Foreign | 383,535 |  |  | 725,711 |  |  | 499,788 |
Total | $ | 1,658,190 |  |  | $ | 2,409,421 |  |  | $ | 969,969 |
Tax Provision (Benefit) | Our tax provision (benefit) consisted of the following (dollars in thousands):
| Year Ended December 31,
| 2022 |  | 2021 |  | 2020
Current provision: |  |  |  |  |
Federal | $ | 338,234 |  |  | $ | 274,987 |  |  | $ | 18,951 |
State | 98,881 |  |  | 115,196 |  |  | 33,291 |
Foreign | 207,890 |  |  | 238,273 |  |  | 88,994 |
Total current provision | 645,005 |  |  | 628,456 |  |  | 141,236 |
Deferred provision: |  |  |  |  |
Federal | (248,927) |  |  | 34,607 |  |  | 61,034 |
State | (56,068) |  |  | (4,395) |  |  | 3,872 |
Foreign | (105,780) |  |  | (91,162) |  |  | 7,959 |
Total deferred provision | (410,775) |  |  | (60,950) |  |  | 72,865 |
Total provision for income taxes | $ | 234,230 |  |  | $ | 567,506 |  |  | $ | 214,101 |
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,
| 2022 |  | 2021 |  | 2020
Federal statutory tax rate | 21 | % |  | 21 | % |  | 21 | %
Foreign rate differential | — |  |  | — |  |  | — |
State taxes, net of federal benefit | 3 |  |  | 4 |  |  | 3 |
Non-deductible expenses | 2 |  |  | — |  |  | 1 |
Reserves for uncertain tax positions | 1 |  |  | 1 |  |  | — |
Credits and exemptions | (2) |  |  | (1) |  |  | (2) |
Outside basis differences recognized as a result of a legal entity restructuring | (10) |  |  | — |  |  | — |
Other | (1) |  |  | (1) |  |  | (1) |
Effective tax rate | 14 | % |  | 24 | % |  | 22 | %
Temporary Tax Effects | Cumulative tax effects of temporary differences are shown below (dollars in thousands):
| December 31,
| 2022 |  | 2021
Assets: |  |  |
Tax losses and tax credits | $ | 368,790 |  |  | $ | 307,507 |
Operating lease liabilities | 315,651 |  |  | 269,960 |
Bonus and deferred compensation | 372,136 |  |  | 381,408 |
Bad debt and other reserves | 102,659 |  |  | 65,188 |
Pension obligation | 809 |  |  | 5,007 |
All other | 64,777 |  |  | 65,710 |
Deferred tax assets, before valuation allowance | $ | 1,224,822 |  |  | $ | 1,094,781 |
Less: Valuation allowance | (254,721) |  |  | (273,256) |
Deferred tax assets | $ | 970,101 |  |  | $ | 821,525 |
Liabilities: |  |  |
Property and equipment | (21,234) |  |  | (92,166) |
Unconsolidated affiliates and partnerships | (92,756) |  |  | (128,170) |
Capitalized costs and intangibles | (562,077) |  |  | (583,219) |
Operating lease assets | (272,741) |  |  | (240,261) |
All other | (37,812) |  |  | (25,935) |
Deferred tax liabilities | $ | (986,620) |  |  | $ | (1,069,751) |
Net deferred tax liabilities | $ | (16,519) |  |  | $ | (248,226) |
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,
| 2022 |  | 2021
Beginning balance, unrecognized tax benefits | $ | (191,938) |  |  | $ | (168,516) |
Gross increases - tax positions in prior period | (42,175) |  |  | (4,478) |
Gross decreases - tax positions in prior period | 576 |  |  | 2,675 |
Gross increases - current-period tax positions | (166,445) |  |  | (25,619) |
Decreases relating to settlements | 518 |  |  | 390 |
Reductions as a result of lapse of statute of limitations | 1,852 |  |  | 3,610 |
Foreign exchange movement | 6,233 |  |  | — |
Ending balance, unrecognized tax benefits | $ | (391,379) |  |  | $ | (191,938) |

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- Definition 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. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI https://asc.fasb.org/extlink&oid=121826272&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI https://asc.fasb.org/extlink&oid=121826272&loc=d3e32840-109319 + Details
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