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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense (Benefit)

The income tax expense for the years ended December 31, 2021, 2020 and 2019 consisted of the following:

			Years Ended December 31,
			2021						2020						2019
			(in thousands)
Current income tax expense (benefit):
Federal			$	195,804					$	124,176					$	50,048
State			58,772						35,840						29,788
Foreign			103,781						82,456						90,895
			358,357						242,472						170,731
Deferred income tax expense (benefit):
Federal			(178,666)						(151,824)						(79,813)
State			(18,500)						(20,607)						(29,326)
Foreign			7,843						7,112						598
			(189,323)						(165,319)						(108,541)
			$	169,034					$	77,153					$	62,190

Schedule of Income before Income Tax, Domestic and Foreign

The following table presents income before income taxes for the years ended December 31, 2021, 2020 and 2019:

			Years Ended December 31,
			2021												2020						2019
			(in thousands)
United States			$	537,586											$	194,190					$	60,000
Foreign			506,959												399,766						457,925
			$	1,044,545											$	593,956					$	517,925

Schedule of Effective Income Tax Rate Reconciliation

Our effective tax rates for the years ended December 31, 2021, 2020 and 2019 differ from the federal statutory rate for those periods as follows:

			Years Ended December 31,
			2021						2020						2019
Federal U.S. statutory rate			21.0		%				21.0		%				21.0		%
Foreign interest income not subject to tax			(4.2)						(4.2)						(4.5)
Tax credits			(3.8)						(5.3)						(3.9)
State income taxes, net of federal income tax benefit			3.4						0.7						1.0
Foreign-derived intangible income deduction			(1.9)						(2.8)						(2.7)
Valuation allowance			(1.7)						(0.1)						4.6
Nondeductible executive compensation			1.0						1.7						1.0
Equity method investment partnership income			0.9						1.1						—
Uncertain tax positions			(0.3)						1.1						(2.6)
Foreign income taxes			0.3						0.6						(0.7)
Share-based compensation expense			(0.2)						(2.7)						(2.5)
Other			1.7						1.9						1.3
Effective tax rate			16.2		%				13.0		%				12.0		%

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2021 and 2020, principal components of deferred tax items were as follows:

			2021						2020
			(in thousands)
Deferred income tax assets:
Lease liabilities			$	130,328					$	105,959
Foreign net operating loss carryforwards			104,499						107,931
Credit carryforwards			49,875						42,637
Accrued expenses			42,839						38,521
Financial instruments			37,928						60,340
Share-based compensation expense			36,086						41,558
Domestic net operating loss carryforwards			29,806						18,952
Other			42,945						58,107
			474,306						474,005
Valuation allowance			(112,259)						(132,531)
			362,047						341,474
Deferred tax liabilities:
Acquired intangibles			2,580,489						2,736,300
Property and equipment			261,764						248,375
Partnership interests			136,022						100,951
Right-of-use assets			94,739						89,734
Other			70,343						106,877
			3,143,357						3,282,237
Net deferred income tax liability			$	2,781,310					$	2,940,763

The net deferred income taxes reflected in our consolidated balance sheets as of December 31, 2021 and 2020 are as follows:

			2021						2020
			(in thousands)
Noncurrent deferred income tax asset			$	(12,117)					$	(7,627)
Noncurrent deferred income tax liability			2,793,427						2,948,390
Net deferred income tax liability			$	2,781,310					$	2,940,763

Summary of Valuation Allowance

Changes to our valuation allowance during the years ended December 31, 2021, 2020 and 2019 are summarized below (in thousands):

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)
Allowance for foreign net operating loss carryforwards			5,804
Allowance for foreign credit carryforwards			12,656
Allowance for state credit carryforwards			(1,995)
Allowance for domestic net operating loss carryforwards			3,807
Balance at December 31, 2021			$	(112,259)

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, 2021, 2020 and 2019 is as follows:

			Years Ended December 31,
			2021						2020						2019
			(in thousands)
Balance at the beginning of the year			$	39,408					$	29,671					$	21,197
Additions related to acquisitions			387						3,186						22,283
Reductions for income tax positions of prior years			(10,875)						(5,408)						(14,235)
Settlements with income tax authorities			(2,137)						(909)						(2,583)
Additions for income tax positions of prior years			2,289						7,968						1,803
Additions based on income tax positions related to the current year			5,833						4,900						1,206
Balance at the end of the year			$	34,905					$	39,408					$	29,671

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