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INCOME TAX (Tables) | 12 Months Ended
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Dec. 31, 2022
Income Tax Disclosure [Abstract] |
Schedule of Components of Income Tax Expense (Benefit) | The income tax expense for the years ended December 31, 2022, 2021 and 2020 consisted of the following:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands)
Current income tax expense (benefit): |  |  |  |  |
Federal | $ | 277,120 |  |  | $ | 195,804 |  |  | $ | 124,176 |
State | 68,120 |  |  | 58,772 |  |  | 35,840 |
Foreign | 125,580 |  |  | 103,781 |  |  | 82,456 |
| 470,820 |  |  | 358,357 |  |  | 242,472 |
Deferred income tax expense (benefit): |  |  |  |  |
Federal | (235,727) |  |  | (178,666) |  |  | (151,824) |
State | (41,770) |  |  | (18,500) |  |  | (20,607) |
Foreign | (26,629) |  |  | 7,843 |  |  | 7,112 |
| (304,126) |  |  | (189,323) |  |  | (165,319) |
| $ | 166,694 |  |  | $ | 169,034 |  |  | $ | 77,153 |
Schedule of Income (Loss) before Income Tax, Domestic and Foreign | The following table presents income (loss) before income taxes for the years ended December 31, 2022, 2021 and 2020:
| Years Ended December 31,
| 2022 |  |  |  | 2021 |  | 2020
| (in thousands)
United States | $ | (189,030) |  |  |  |  | $ | 537,586 |  |  | $ | 194,190 |
Foreign | 413,352 |  |  |  |  | 506,959 |  |  | 399,766 |
| $ | 224,322 |  |  |  |  | $ | 1,044,545 |  |  | $ | 593,956 |
Schedule of Effective Income Tax Rate Reconciliation | Our effective tax rates for the years ended December 31, 2022, 2021 and 2020 differ from the federal statutory rate for those periods as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
Federal U.S. statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Goodwill impairment | 78.0 |  |  | — |  |  | — |
Sale of Russian business | 12.1 |  |  | — |  |  | — |
State income taxes, net of federal income tax benefit | 9.0 |  |  | 3.4 |  |  | 0.7 |
Foreign inclusion, net of foreign tax credits | 8.2 |  |  | 1.0 |  |  | 0.9 |
Nondeductible executive compensation | 4.7 |  |  | 1.0 |  |  | 1.7 |
Share-based compensation expense | 2.0 |  |  | (0.2) |  |  | (2.7) |
Foreign income taxes | 1.4 |  |  | 0.3 |  |  | 0.6 |
Deemed royalty | 1.2 |  |  | — |  |  | — |
Equity method investment partnership income | 0.1 |  |  | 0.9 |  |  | 1.1 |
Valuation allowance | (0.2) |  |  | (1.7) |  |  | (0.1) |
Uncertain tax positions | (0.7) |  |  | (0.3) |  |  | 1.1 |
Foreign-derived intangible income deduction | (12.4) |  |  | (1.9) |  |  | (2.8) |
Tax credits | (19.5) |  |  | (3.3) |  |  | (5.2) |
Foreign interest income not subject to tax | (29.9) |  |  | (4.2) |  |  | (4.2) |
Other | (0.7) |  |  | 0.2 |  |  | 0.9 |
Effective tax rate | 74.3 | % |  | 16.2 | % |  | 13.0 | %
Schedule of Deferred Tax Assets and Liabilities | As of December 31, 2022 and 2021, principal components of deferred tax items were as follows:
| 2022 |  | 2021
| (in thousands)
Deferred income tax assets: |  |  |
Research and development costs | $ | 148,023 |  |  | $ | — |
Foreign net operating loss carryforwards | 129,882 |  |  | 104,499 |
Lease liabilities | 106,884 |  |  | 130,328 |
Financial instruments | 92,477 |  |  | 37,928 |
Credit carryforwards | 48,930 |  |  | 49,875 |
Accrued expenses | 44,819 |  |  | 42,839 |
Share-based compensation expense | 41,344 |  |  | 36,086 |
Domestic net operating loss carryforwards | 31,160 |  |  | 29,806 |
Other | 68,258 |  |  | 42,945 |
| 711,777 |  |  | 474,306 |
Valuation allowance | (110,043) |  |  | (112,259) |
| 601,734 |  |  | 362,047 |
Deferred tax liabilities: |  |  |
Acquired intangibles | 2,376,564 |  |  | 2,580,489 |
Property and equipment | 363,457 |  |  | 261,764 |
Partnership interests | 145,776 |  |  | 136,022 |
Right-of-use assets | 69,773 |  |  | 94,739 |
Other | 36,669 |  |  | 70,343 |
| 2,992,239 |  |  | 3,143,357 |
Net deferred income tax liability | $ | 2,390,505 |  |  | $ | 2,781,310 |
The net deferred income taxes reflected in our consolidated balance sheets as of December 31, 2022 and 2021 are as follows:
| 2022 |  | 2021
| (in thousands)
Noncurrent deferred income tax asset | $ | (37,907) |  |  | $ | (12,117) |
Noncurrent deferred income tax liability | 2,428,412 |  |  | 2,793,427 |
Net deferred income tax liability | $ | 2,390,505 |  |  | $ | 2,781,310 |
Summary of Valuation Allowance | Changes to our valuation allowance during the years ended December 31, 2022, 2021 and 2020 are summarized below (in thousands):
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) |
Allowance for foreign net operating loss carryforwards | (122) |
Allowance for foreign credit carryforwards | 60 |
Allowance for state credit carryforwards | 2,282 |
Allowance for domestic net operating loss carryforwards | (4) |
Balance at December 31, 2022 | $ | (110,043) |
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, 2022, 2021 and 2020 is as follows:
| Years Ended December 31,
| 2022 |  | 2021 |  | 2020
| (in thousands)
Balance at the beginning of the year | $ | 34,905 |  |  | $ | 39,408 |  |  | $ | 29,671 |
Additions related to acquisitions | — |  |  | 387 |  |  | 3,186 |
Reductions for income tax positions of prior years | (8,301) |  |  | (10,875) |  |  | (5,408) |
Settlements with income tax authorities | (3,245) |  |  | (2,137) |  |  | (909) |
Additions for income tax positions of prior years | 911 |  |  | 2,289 |  |  | 7,968 |
Additions based on income tax positions related to the current year | 7,045 |  |  | 5,833 |  |  | 4,900 |
Balance at the end of the year | $ | 31,315 |  |  | $ | 34,905 |  |  | $ | 39,408 |

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