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INCOME TAX (Tables) | 12 Months Ended
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Dec. 31, 2019
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The income tax expense (benefit) for the years ended December 31, 2019, 2018 and 2017 consisted of the following:
| Years Ended December 31,
| 2019 |  | 2018 |  | 2017
| (in thousands)
Current income tax expense (benefit): |  |  |  |  |
Federal | $ | 50,048 |  |  | $ | (20,984 | ) |  | $ | 79,903 |
State | 29,788 |  |  | 21,122 |  |  | 3,468 |
Foreign | 90,895 |  |  | 79,320 |  |  | 67,851 |
| 170,731 |  |  | 79,458 |  |  | 151,222 |
Deferred income tax expense (benefit): |  |  |  |  |
Federal | (79,813 | ) |  | (8,760 | ) |  | (266,869 | )
State | (29,326 | ) |  | (1,684 | ) |  | 9,678 |
Foreign | 598 |  |  | 8,474 |  |  | 4,582 |
| (108,541 | ) |  | (1,970 | ) |  | (252,609 | )
| $ | 62,190 |  |  | $ | 77,488 |  |  | $ | (101,387 | )
Schedule of Income before Income Tax, Domestic and Foreign | The following table presents income before income taxes for the years ended December 31, 2019, 2018 and 2017:
| Years Ended December 31,
| 2019 |  | 2018 |  | 2017
| (in thousands)
United States | $ | 60,000 |  |  | $ | 131,067 |  |  | $ | 29,692 |
Foreign | 457,925 |  |  | 431,088 |  |  | 362,991 |
| $ | 517,925 |  |  | $ | 562,155 |  |  | $ | 392,683 |
Schedule of Effective Income Tax Rate Reconciliation | Our effective tax rates for the years ended December 31, 2019, 2018 and 2017 differ from the federal statutory rate for those periods as follows:
| Years Ended December 31,
| 2019 |  | 2018 |  | 2017
Federal U.S. statutory rate | 21.0 | % |  | 21.0 | % |  | 35.0 | %
Valuation allowance | 4.6 |  |  | 1.4 |  |  | (3.2 | )
Foreign interest income not subject to tax | (4.5 | ) |  | (1.7 | ) |  | (2.2 | )
Tax credits | (3.9 | ) |  | (0.5 | ) |  | (0.3 | )
Foreign-derived intangible income deduction | (2.7 | ) |  | (1.6 | ) |  | — |
Uncertain tax positions | (2.6 | ) |  | (0.9 | ) |  | (0.5 | )
Share-based compensation expense | (2.5 | ) |  | (2.1 | ) |  | (4.2 | )
State income taxes, net of federal income tax benefit | 1.0 |  |  | 2.7 |  |  | 1.9 |
Foreign income taxes | (0.7 | ) |  | (0.5 | ) |  | (12.0 | )
Federal U.S. transition tax | — |  |  | (4.1 | ) |  | 16.2 |
Federal U.S. rate reduction | — |  |  | — |  |  | (55.6 | )
Other SAB 118 adjustments | — |  |  | (0.6 | ) |  | — |
Other | 2.3 |  |  | 0.7 |  |  | (0.9 | )
Effective tax rate | 12.0 | % |  | 13.8 | % |  | (25.8 | )%
Schedule of Deferred Tax Assets and Liabilities | As of December 31, 2019 and 2018, principal components of deferred tax items were as follows:
| 2019 |  | 2018
| (in thousands)
Deferred income tax assets: |  |  |
Lease liabilities | $ | 94,965 |  |  | $ | — |
Financial instruments | 65,848 |  |  | 768 |
Share-based compensation expense | 48,204 |  |  | 11,333 |
Accrued expenses | 40,035 |  |  | 35,913 |
Foreign net operating loss carryforwards | 37,818 |  |  | 10,833 |
Income tax credit carryforwards | 37,057 |  |  | 3,102 |
Domestic net operating loss carryforwards | 22,254 |  |  | 20,096 |
Basis difference - U.K. business | 2,030 |  |  | 4,890 |
Other | 28,460 |  |  | 13,036 |
| 376,671 |  |  | 99,971 |
Less: valuation allowance | (72,042 | ) |  | (23,390 | )
| 304,629 |  |  | 76,581 |
Deferred tax liabilities: |  |  |
Acquired intangibles | 2,963,695 |  |  | 522,636 |
Property and equipment | 193,052 |  |  | 102,654 |
Partnership interests | 108,220 |  |  | — |
Right-of-use assets | 83,023 |  |  | — |
Other | 95,988 |  |  | 28,188 |
| 3,443,978 |  |  | 653,478 |
Net deferred income tax liability | $ | 3,139,349 |  |  | $ | 576,897 |
The net deferred income taxes reflected on our consolidated balance sheets as of December 31, 2019 and 2018 are as follows:
| 2019 |  | 2018
| (in thousands)
Noncurrent deferred income tax asset | $ | 6,292 |  |  | $ | 8,128 |
Noncurrent deferred income tax liability | 3,145,641 |  |  | 585,025 |
Net deferred income tax liability | $ | 3,139,349 |  |  | $ | 576,897 |
Summary of Valuation Allowance | Changes to our valuation allowance during the years ended December 31, 2019, 2018 and 2017 are summarized below (in thousands):
Balance at December 31, 2016 | $ | (16,611 | )
Allowance for foreign net operating loss carryforwards | (6,469 | )
Allowance for domestic net operating loss carryforwards | (3,793 | )
Allowance for state credit carryforwards | (685 | )
Rate change on domestic net operating loss and capital loss carryforwards | 3,868 |
Utilization of foreign income tax credit carryforward | 7,140 |
Balance at December 31, 2017 | (16,550 | )
Allowance for foreign net operating loss carryforwards | (7,979 | )
Allowance for domestic net operating loss carryforwards | 1,145 |
Allowance for state credit carryforwards | (6 | )
Balance at December 31, 2018 | (23,390 | )
Allowance for foreign net operating loss carryforwards | (26,439 | )
Allowance for foreign credit carryforwards | (15,226 | )
Allowance for state credit carryforwards | (6,680 | )
Allowance for domestic net operating loss carryforwards | (307 | )
Balance at December 31, 2019 | $ | (72,042 | )
Schedule of Unrecognized Tax Benefits Roll Forward | A reconciliation of the beginning and ending amounts of unrecognized income tax benefits, excluding penalties and interest, for the years ended December 31, 2019, 2018 and 2017 as follows:
| Years Ended December 31,
| 2019 |  | 2018 |  | 2017
| (in thousands)
Balance at the beginning of the year | $ | 21,197 |  |  | $ | 31,218 |  |  | $ | 17,916 |
Additions related to acquisitions | 22,283 |  |  | — |  |  | 13,061 |
Reductions for income tax positions of prior years | (14,235 | ) |  | (10,021 | ) |  | (7,285 | )
Settlements with income tax authorities | (2,583 | ) |  | — |  |  | (449 | )
Additions for income tax positions of prior years | 1,803 |  |  | — |  |  | 411 |
Additions based on income tax positions related to the current year | 1,206 |  |  | — |  |  | 7,537 |
Effect of foreign currency fluctuations on income tax positions | — |  |  | — |  |  | 27 |
Balance at the end of the year | $ | 29,671 |  |  | $ | 21,197 |  |  | $ | 31,218 |

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