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INCOME TAX (Tables)

12 Months Ended

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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