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INCOME TAX (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Components of Income Tax Expense

The income tax expense for the years ended December 31, 2023, 2022 and 2021 consisted of the following:

			Years Ended December 31,
			2023						2022						2021
			(in thousands)
Current income tax expense (benefit):
Federal			$	399,900					$	277,120					$	195,804
State			98,224						68,120						58,772
Foreign			209,955						125,580						103,781
			708,079						470,820						358,357
Deferred income tax expense (benefit):
Federal			(330,647)						(235,727)						(178,666)
State			(84,729)						(41,770)						(18,500)
Foreign			(83,683)						(26,629)						7,843
			(499,059)						(304,126)						(189,323)
			$	209,020					$	166,694					$	169,034

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, 2023, 2022 and 2021:

			Years Ended December 31,
			2023												2022						2021
			(in thousands)
United States			$	597,969											$	(189,030)					$	537,586
Foreign			571,978												413,352						506,959
			$	1,169,947											$	224,322					$	1,044,545

Schedule of Effective Income Tax Rate Reconciliation

Our effective tax rates for the years ended December 31, 2023, 2022 and 2021 differ from the federal statutory rate for those periods as follows:

			Years Ended December 31,
			2023						2022						2021
Federal U.S. statutory rate			21.0		%				21.0		%				21.0		%
Net gain on dispositions and liquidations			4.3						12.1						—
Foreign inclusion, net of foreign tax credits			3.4						8.2						1.0
Foreign income taxes			2.2						1.4						0.3
State income taxes, net of federal income tax benefit			0.9						9.0						3.4
Nondeductible executive compensation			0.9						4.7						1.0
Share-based compensation expense			0.9						2.0						(0.2)
Deemed royalty			0.7						1.2						—
Uncertain tax positions			0.5						(0.7)						(0.3)
Goodwill impairment			—						78.0						—
Equity method investment partnership income			(0.1)						0.1						0.9
Valuation allowance			(0.4)						(0.2)						(1.7)
Foreign-derived intangible income deduction			(3.8)						(12.4)						(1.9)
Tax credits			(3.8)						(19.5)						(3.3)
Foreign interest income not subject to tax			(9.5)						(29.9)						(4.2)
Other			0.7						(0.7)						0.2
Effective tax rate			17.9		%				74.3		%				16.2		%

Schedule of Deferred Tax Assets and Liabilities

As of December 31, 2023 and 2022, principal components of deferred tax items were as follows:

			2023						2022
			(in thousands)
Deferred income tax assets:
Research and development costs			$	267,098					$	148,023
Foreign net operating loss carryforwards			187,247						129,882
Credits			144,053						48,930
Financial instruments			91,032						92,477
Lease liabilities			89,645						106,884
Accrued expenses			54,478						44,819
Share-based compensation expense			42,376						41,344
Domestic net operating loss carryforwards			34,121						31,160
Other			72,484						68,258
			982,534						711,777
Valuation allowance			(211,049)						(110,043)
			771,485						601,734
Deferred tax liabilities:
Acquired intangibles			2,200,082						2,376,564
Property and equipment			398,439						363,457
Partnership interests			238,139						145,776
Right-of-use assets			59,124						69,773
Other			6,094						36,669
			2,901,878						2,992,239
Net deferred income tax liability			$	2,130,393					$	2,390,505

The net deferred income taxes reflected in our consolidated balance sheets as of December 31, 2023 and 2022 are as follows:

			2023						2022
			(in thousands)
Noncurrent deferred income tax asset			$	(111,712)					$	(37,907)
Noncurrent deferred income tax liability			2,242,105						2,428,412
Net deferred income tax liability			$	2,130,393					$	2,390,505

Schedule of Valuation Allowance

Changes to our valuation allowance during the years ended December 31, 2023, 2022 and 2021 are summarized below (in thousands):

Balance at December 31, 2020			$	(132,531)
Allowance for foreign net operating losses			5,804
Allowance for foreign tax credits			12,656
Allowance for state tax credits			(1,995)
Allowance for domestic net operating losses			3,807
Balance at December 31, 2021			(112,259)
Allowance for foreign net operating losses			(122)
Allowance for foreign tax credits			60
Allowance for state tax credits			2,282
Allowance for domestic net operating losses			(4)
Balance at December 31, 2022			(110,043)
Allowance for foreign net operating losses			(674)
Allowance for foreign tax credits			(101,271)
Allowance for state tax credits			3,079
Allowance for state interest limitation			(2,335)
Allowance for domestic net operating losses			195
Balance at December 31, 2023			$	(211,049)

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, 2023, 2022 and 2021 is as follows:

			Years Ended December 31,
			2023						2022						2021
			(in thousands)
Balance at the beginning of the year			$	31,315					$	34,905					$	39,408
Additions related to acquisitions			4,054						—						387
Reductions for income tax positions of prior years			(887)						(8,301)						(10,875)
Settlements with income tax authorities			(988)						(3,245)						(2,137)
Additions for income tax positions of prior years			1,809						911						2,289
Additions based on income tax positions related to the current year			7,926						7,045						5,833
Balance at the end of the year			$	43,229					$	31,315					$	34,905

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