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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes [Abstract] |
Income (Loss) before Provision for Income Taxes from Continuing Operations by Geographic Area |
|  |  | For the year ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (in thousands)
Domestic |  | $ | 377,150 |  | $ | 438,116 |  | $ | 265,636
Foreign |  |  | 171,353 |  |  | 87,727 |  |  | (13,072)
Total |  | $ | 548,503 |  | $ | 525,843 |  | $ | 252,564
Components of Provision for Income Taxes |
|  |  | For the year ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (in thousands)
Current provision: |  |  |  |  |  |  |  |  |
State |  | $ | 8,099 |  | $ | 6,115 |  | $ | 543
Foreign |  |  | 38,360 |  |  | 27,028 |  |  | 22,907
Total current |  |  | 46,459 |  |  | 33,143 |  |  | 23,450
Deferred provision (benefit) for taxes: |  |  |  |  |  |  |  |  |
Federal |  |  | 8,280 |  |  | (6,856) |  |  | 20
State |  |  | 1,431 |  |  | (956) |  |  | (2,730)
Foreign |  |  | 52,003 |  |  | 32,780 |  |  | (9,516)
Change in valuation allowance |  |  | (57,085) |  |  | 7,933 |  |  | 3,716
Total deferred |  |  | 4,629 |  |  | 32,901 |  |  | (8,510)
Total provision for income taxes |  | $ | 51,088 |  | $ | 66,044 |  | $ | 14,940
Income Tax Rate Reconciliation |
|  | For the year ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (in thousands)
Statutory federal expense |  | $ | 115,186 |  | $ | 110,427 |  | $ | 53,039
Rate and permanent differences on non-U.S. earnings (1) |  |  | 31,722 |  |  | 20,996 |  |  | 9,586
State and local tax expense |  |  | 9,288 |  |  | 5,585 |  |  | (1,539)
REIT adjustment |  |  | (75,513) |  |  | (86,670) |  |  | (56,457)
Permanent differences |  |  | 11,872 |  |  | (3,257) |  |  | 6,105
Uncertain tax positions |  |  | 14,202 |  |  | — |  |  | —
Property, equipment, and intangible basis differences |  |  | — |  |  | 8,471 |  |  | —
Other |  |  | 1,416 |  |  | 2,559 |  |  | 490
Valuation allowance |  |  | (57,085) |  |  | 7,933 |  |  | 3,716
Provision for income taxes |  | $ | 51,088 |  | $ | 66,044 |  | $ | 14,940
(1)This item includes the effect of foreign exchange rate changes which were previously shown on a separate line.
Components of Net Deferred Income Tax Asset and Liability |
|  |  |  |  | As of December 31,
|  |  |  |  | 2023 |  |  | 2022
|  |  |  |  | (in thousands)
Deferred tax assets: |  |  |  |  |  |  |  |  |
Net operating losses |  |  |  |  | $ | 42,064 |  | $ | 46,521
Property, equipment, and intangible basis differences |  |  |  |  |  | 25,225 |  |  | 13,506
Accrued liabilities |  |  |  |  |  | 14,945 |  |  | 12,504
Non-cash compensation |  |  |  |  |  | 29,576 |  |  | 30,501
Operating lease liability |  |  |  |  |  | 268,107 |  |  | 265,710
Deferred revenue |  |  |  |  |  | 6,348 |  |  | 5,656
Allowance for doubtful accounts |  |  |  |  |  | 2,735 |  |  | 1,430
Currency translation |  |  |  |  |  | 14,467 |  |  | 78,287
Other |  |  |  |  |  | 14,075 |  |  | 10,518
Valuation allowance |  |  |  |  |  | (16,115) |  |  | (73,546)
Total deferred tax assets, net (1) |  |  |  |  |  | 401,427 |  |  | 391,087
Deferred tax liabilities: |  |  |  |  |  |  |  |  |
Property, equipment, and intangible basis differences |  |  |  |  |  | (169,744) |  |  | (152,207)
Right of use asset |  |  |  |  |  | (254,573) |  |  | (254,368)
Straight-line rents |  |  |  |  |  | (19,029) |  |  | (18,659)
Deferred foreign withholding taxes |  |  |  |  |  | (8,322) |  |  | (9,088)
Other |  |  |  |  |  | (1,495) |  |  | (1,531)
Total deferred tax liabilities, net (1) |  |  |  |  | $ | (51,736) |  | $ | (44,766)
(1)Of these amounts, $67,473 and $119,209 are included in Other assets and Other long-term liabilities, respectively, on the accompanying Consolidated Balance Sheets as of December 31, 2023. As of December 31, 2022, $16,173 and $60,939 are included in Other assets and Other long-term liabilities, respectively, on the accompanying Consolidated Balance Sheet.
Reconciliation of Unrecognized Tax Benefits |
|  | For the year ended December 31,
|  | 2023 |  | 2022 |  | 2021
|  | (in millions)
Balance, January 1, |  | $ | — |  | $ | — |  | $ | —
Additions based on tax positions related to the current year |  |  | 5,023 |  |  | — |  |  | —
Additions and reductions for tax positions of prior years |  |  | 9,179 |  |  | — |  |  | —
Balance, December 31, |  | $ | 14,202 |  | $ | — |  | $ | —

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