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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax expense for the years ended December 31, 2020, 2019 and 2018 consisted of the following:

			Years Ended December 31,
			2020						2019						2018
			(in thousands)
Current income tax expense (benefit):
Federal			$	124,176					$	50,048					$	(20,984)
State			35,840						29,788						21,122
Foreign			82,456						90,895						79,320
			242,472						170,731						79,458
Deferred income tax expense (benefit):
Federal			(151,824)						(79,813)						(8,760)
State			(20,607)						(29,326)						(1,684)
Foreign			7,112						598						8,474
			(165,319)						(108,541)						(1,970)
			$	77,153					$	62,190					$	77,488

Schedule of Income before Income Tax, Domestic and Foreign

The following table presents income before income taxes for the years ended December 31, 2020, 2019 and 2018:

			Years Ended December 31,
			2020												2019						2018
			(in thousands)
United States			$	194,190											$	60,000					$	131,067
Foreign			399,766												457,925						431,088
			$	593,956											$	517,925					$	562,155

Schedule of Effective Income Tax Rate Reconciliation

Our effective tax rates for the years ended December 31, 2020, 2019 and 2018 differ from the federal statutory rate for those periods as follows:

			Years Ended December 31,
			2020						2019						2018
Federal U.S. statutory rate			21.0		%				21.0		%				21.0		%
Tax credits			(5.3)						(3.9)						(0.5)
Foreign interest income not subject to tax			(4.2)						(4.5)						(1.7)
Foreign-derived intangible income deduction			(2.8)						(2.7)						(1.6)
Share-based compensation expense			(2.7)						(2.5)						(2.1)
Nondeductible executive compensation			1.7						1.0						0.3
Equity method investment partnership income			1.1						—						—
Uncertain tax positions			1.1						(2.6)						(0.9)
State income taxes, net of federal income tax benefit			0.7						1.0						2.7
Foreign income taxes			0.6						(0.7)						(0.5)
Valuation allowance			(0.1)						4.6						1.4
Federal U.S. transition tax			—						—						(4.1)
Other			1.9						1.3						(0.2)
Effective tax rate			13.0		%				12.0		%				13.8		%

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2020 and 2019, principal components of deferred tax items were as follows:

			2020						2019
			(in thousands)
Deferred income tax assets:
Lease liabilities			$	105,959					$	94,965
Foreign net operating loss carryforwards			107,931						37,818
Financial instruments			60,340						65,848
Credit carryforwards			42,637						37,057
Share-based compensation expense			41,558						48,204
Accrued expenses			38,521						40,035
Domestic net operating loss carryforwards			18,952						22,254
Other			58,107						30,490
			474,005						376,671
Valuation allowance			(132,531)						(72,042)
			341,474						304,629
Deferred tax liabilities:
Acquired intangibles			2,736,300						2,963,695
Property and equipment			248,375						193,052
Partnership interests			100,951						108,220
Right-of-use assets			89,734						83,023
Other			106,877						95,988
			3,282,237						3,443,978
Net deferred income tax liability			$	2,940,763					$	3,139,349

The net deferred income taxes reflected on our consolidated balance sheets as of December 31, 2020 and 2019 are as follows:

			2020						2019
			(in thousands)
Noncurrent deferred income tax asset			$	(7,627)					$	(6,292)
Noncurrent deferred income tax liability			2,948,390						3,145,641
Net deferred income tax liability			$	2,940,763					$	3,139,349

Summary of Valuation Allowance

Changes to our valuation allowance during the years ended December 31, 2020, 2019 and 2018 are summarized below (in thousands):

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)
Allowance for foreign net operating loss carryforwards			(63,113)
Allowance for foreign credit carryforwards			(2,486)
Allowance for state credit carryforwards			2,932
Allowance for domestic net operating loss carryforwards			2,178
Balance at December 31, 2020			$	(132,531)

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, 2020, 2019 and 2018 as follows:

			Years Ended December 31,
			2020						2019						2018
			(in thousands)
Balance at the beginning of the year			$	29,671					$	21,197					$	31,218
Additions related to acquisitions			3,186						22,283						—
Reductions for income tax positions of prior years			(5,408)						(14,235)						(10,021)
Settlements with income tax authorities			(909)						(2,583)						—
Additions for income tax positions of prior years			7,968						1,803						—
Additions based on income tax positions related to the current year			4,900						1,206						—
Balance at the end of the year			$	39,408					$	29,671					$	21,197

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