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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Components of deferred tax assets and deferred tax liabilities

The significant components of our deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 are presented below:

			DECEMBER 31,
			2020						2019
Deferred Tax Assets:
Accrued liabilities and other adjustments			$	52,527					$	53,197
Net operating loss carryforwards			96,710						99,240
Federal benefit of unrecognized tax benefits			—						3,039
Valuation allowance			(46,938)						(60,003)
			102,299						95,473
Deferred Tax Liabilities:
Other assets, principally due to differences in amortization			(186,682)						(177,645)
Plant and equipment, principally due to differences in depreciation			(59,711)						(67,515)
Other			(29,265)						(21,903)
			(275,658)						(267,063)
Net deferred tax liability			$	(173,359)					$	(171,590)

The deferred tax assets and deferred tax liabilities as of December 31, 2020 and 2019 are presented below:

			DECEMBER 31,
			2020						2019
Noncurrent deferred tax assets (Included in Other, a component of Other assets, net)			$	25,018					$	16,538
Deferred income taxes			(198,377)						(188,128)

Roll forward of Valuation allowance

Rollforward of the valuation allowance is as follows:

YEAR ENDED DECEMBER 31,						BALANCE AT BEGINNING OF THE YEAR						CHARGED (CREDITED) TO EXPENSE						OTHER INCREASES/ (DECREASES)(1)						BALANCE AT END OF THE YEAR
2020						$	60,003					$	(8,337)					$	(4,728)					$	46,938
2019						55,666						6,211						(1,874)						60,003
2018						61,756						3,568						(9,658)						55,666

(1)Other increases and decreases in valuation allowances are primarily related to changes in foreign currency exchange rates.

Components of income (loss) from continuing operations before provision for income taxes

The components of income (loss) from continuing operations before provision (benefit) for income taxes for the years ended December 31, 2020, 2019 and 2018 are as follows:

			YEAR ENDED DECEMBER 31,
			2020						2019						2018
United States			$	276,145					$	203,225					$	203,078
Canada			52,332						48,326						53,779
Other Foreign			44,228						76,591						153,454
			$	372,705					$	328,142					$	410,311

Provision (benefit) for income taxes

The provision (benefit) for income taxes for the years ended December 31, 2020, 2019 and 2018 consist of the following components:

			YEAR ENDED DECEMBER 31,
			2020						2019						2018
Federal—current			$	(10,424)					$	7,262					$	703
Federal—deferred			8,834						(3,356)						(4,162)
State—current			2,956						3,943						918
State—deferred			(625)						(1,126)						627
Foreign—current			50,063						49,350						45,371
Foreign—deferred			(21,195)						3,858						(704)
Provision (Benefit) for Income Taxes			$	29,609					$	59,931					$	42,753

9. INCOME TAXES (CONTINUED)

Reconciliation of total income tax expense and amount computed by applying the federal income tax rate

A reconciliation of total income tax expense and the amount computed by applying the current federal statutory tax rate of 21.0% to income (loss) from continuing operations before provision (benefit) for income taxes for the years ended December 31, 2020, 2019 and 2018, respectively, is as follows:

			YEAR ENDED DECEMBER 31,
			2020						2019						2018
Computed "expected” tax provision			$	78,268					$	68,910					$	86,165
Changes in income taxes resulting from:
Tax adjustment relating to REIT			(60,378)						(40,577)						(35,165)
State taxes (net of federal tax benefit)			2,258						2,115						1,599
(Decrease) increase in valuation allowance (net operating losses)			(8,337)						6,211						3,568
(Reversal) reserve accrual and audit settlements (net of federal tax benefit)			(7,409)						514						(13,985)
Foreign tax rate differential			9,472						8,562						1,031
Disallowed foreign interest, Subpart F income, and other foreign taxes			20,242						14,241						903
Other, net			(4,507)						(45)						(1,363)
Provision (Benefit) for Income Taxes			$	29,609					$	59,931					$	42,753

The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate were:

YEAR ENDED DECEMBER 31,
2020			2019			2018
The benefit derived from the dividends paid deduction of $60,378 and the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $9,472.			The benefit derived from the dividends paid deduction of $40,577 and the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $8,562.			The benefit derived from the dividends paid deduction of $35,165, the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $1,031 and a discrete tax benefit of approximately $14,000 associated with the resolution of a tax matter (which was included as a component of Accrued expenses in our Consolidated Balance Sheet as of December 31, 2017).

As a REIT, we are entitled to a deduction for dividends paid, resulting in a substantial reduction of federal income tax expense. As a REIT, substantially all of our income tax expense will be incurred based on the earnings generated by our foreign subsidiaries and our domestic TRSs.

Reconciliation of unrecognized tax benefits

A rollforward of unrecognized tax benefits is as follows:

Gross tax contingencies—December 31, 2017			$	38,533
Gross additions based on tax positions related to the current year			3,147
Gross additions for tax positions of prior years			981
Gross reductions for tax positions of prior years			(2,865)
Lapses of statutes			(4,462)
Settlements			(14)
Gross tax contingencies—December 31, 2018			35,320
Gross additions based on tax positions related to the current year			2,914
Gross additions for tax positions of prior years			1,271
Gross reductions for tax positions of prior years			(299)
Lapses of statutes			(4,034)
Settlements			(104)
Gross tax contingencies—December 31, 2019			35,068
Gross additions based on tax positions related to the current year			2,907
Gross additions for tax positions of prior years			80
Gross reductions for tax positions of prior years			(5,617)
Lapses of statutes			(4,480)
Settlements			(1,989)
Gross tax contingencies—December 31, 2020			$	25,969

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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 of the change in unrecognized tax benefits.

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