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Income Taxes (Tables)

12 Months Ended

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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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 of income before income tax between domestic and foreign jurisdictions.

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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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