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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2020
Income Tax Disclosure [Abstract] |
Consolidated Income Loss Before Taxes for Domestic and Foreign | Consolidated income (loss) before taxes for United States ("U.S.") and foreign operations consisted of the following (in thousands):
| Years Ended December 31,
| 2020 |  | 2019 |  | 2018
United States | $ | (821,012) |  |  | $ | (158,937) |  |  | $ | (491,523) |
Foreign | (941,263) |  |  | 647,155 |  |  | 797,263 |
Total | $ | (1,762,275) |  |  | $ | 488,218 |  |  | $ | 305,740 |
Provision (Benefit) for Income Taxes | The income tax provision (benefit) attributable to income before income taxes is as follows (in thousands):
| December 31,
| 2020 |  | 2019 |  | 2018
Current |  |  |  |  |
U.S. Federal | $ | (2) |  |  | $ | (14) |  |  | $ | (637) |
U.S. State | 309 |  |  | 868 |  |  | 198 |
Foreign | 1,879 |  |  | 1,796 |  |  | 1,749 |
Total | 2,186 |  |  | 2,650 |  |  | 1,310 |
Deferred |  |  |  |  |
U.S. Federal | 563,658 |  |  | 170,508 |  |  | (483,681) |
U.S. State | (1,095) |  |  | 3,682 |  |  | (14,973) |
Foreign | (78) |  |  | — |  |  | — |
Total | 562,485 |  |  | 174,190 |  |  | (498,654) |
Total income tax provision (benefit) | $ | 564,671 |  |  | $ | 176,840 |  |  | $ | (497,344) |
Income Taxes (Federal Statutory Corporate Tax Rate) | The reconciliation of the U.S. federal statutory tax rate to the actual tax rate is as follows:
| December 31,
| 2020 |  | 2019 |  | 2018
U.S. Federal statutory rate | 21.0 | % |  | 21.0 | % |  | 21.0 | %
Foreign tax credits, net of valuation allowance | (31.8) | % |  | 13.1 | % |  | (154.9) | %
Non-taxable foreign income | (2.2) | % |  | (27.4) | % |  | (48.8) | %
Foreign tax rate differential | (5.3) | % |  | (10.4) | % |  | (20.8) | %
Global intangible low-taxed income | — | % |  | 10.1 | % |  | 28.3 | %
Valuation allowance, other | (11.1) | % |  | 20.6 | % |  | 9.3 | %
Other, net | (2.6) | % |  | 9.2 | % |  | 3.2 | %
Effective income tax rate | (32.0) | % |  | 36.2 | % |  | (162.7) | %
Net Deferred Tax Assets and Liabilities | The tax effects of significant temporary differences representing net deferred tax assets and liabilities consisted of the following (in thousands):
| December 31,
| 2020 |  | 2019
Deferred tax assets—U.S.: |  |  |
Foreign tax credit carryforwards | $ | 2,540,400 |  |  | $ | 3,070,914 |
Disallowed interest expense carryforward | 138,339 |  |  | 88,319 |
Net operating loss carryforward | 45,015 |  |  | — |
Lease liability | 22,826 |  |  | 23,650 |
Property and Equipment | 3,048 |  |  | — |
Receivables, inventories, accrued liabilities and other | 25,882 |  |  | 15,279 |
Stock-based compensation | 7,528 |  |  | 6,479 |
Other tax credit carryforwards | 10,049 |  |  | 7,224 |
Intangibles and related other | 50,750 |  |  | — |
Other | 5,502 |  |  | 4,719 |
| 2,849,339 |  |  | 3,216,584 |
Less: valuation allowance | (2,812,808) |  |  | (2,604,497) |
| 36,531 |  |  | 612,087 |
Deferred tax liabilities—U.S.: |  |  |
Property and equipment | — |  |  | (8,887) |
Lease asset | (22,826) |  |  | (23,650) |
Prepaid insurance, maintenance and taxes | (13,606) |  |  | (15,956) |
Other | (400) |  |  | (1,332) |
| (36,832) |  |  | (49,825) |
Deferred tax assets—Foreign: |  |  |
Net operating loss carryforwards | 107,653 |  |  | 96,657 |
Property and equipment | 61,428 |  |  | 50,709 |
Pre-opening expenses | 3,832 |  |  | 6,126 |
Other | 6,529 |  |  | 10,114 |
| 179,442 |  |  | 163,606 |
Less: valuation allowance | (173,876) |  |  | (154,934) |
| 5,566 |  |  | 8,672 |
Deferred tax liabilities—Foreign: |  |  |
Property and equipment | (4,234) |  |  | (8,672) |
Intangibles | (2,402) |  |  | — |
| (6,636) |  |  | (8,672) |
Net deferred tax (liability) asset | $ | (1,371) |  |  | $ | 562,262 |
Summary of Valuation Allowances | As of December 31, 2020 and 2019, the Company had valuation allowances provided on its deferred tax assets as follows (in thousands):
| December 31,
| 2020 |  | 2019
Foreign tax credits | $ | 2,540,400 |  |  | $ | 2,509,786 |
Disallowed interest expense carryforwards | 138,339 |  |  | 88,318 |
Intangible assets | 48,395 |  |  | — |
U.S. loss carryforwards | 45,015 |  |  | — |
Other U.S. deferred tax assets | 40,659 |  |  | 6,393 |
Foreign loss carryforwards | 106,737 |  |  | 96,657 |
Other foreign deferred tax assets | 67,139 |  |  | 58,277 |
Total | $ | 2,986,684 |  |  | $ | 2,759,431 |
Reconciliation of Unrecognized Tax Benefits | The Company had the following activity for unrecognized tax benefits as follows (in thousands):
| December 31,
| 2020 |  | 2019 |  | 2018
Balance at beginning of period | $ | 104,295 |  |  | $ | 99,470 |  |  | $ | 95,236 |
Increases based on tax positions of the current year | 7,061 |  |  | 8,986 |  |  | 8,926 |
Reductions due to lapse in statutes of limitations | (3,695) |  |  | (4,161) |  |  | (4,692) |
Balance at end of period | $ | 107,661 |  |  | $ | 104,295 |  |  | $ | 99,470 |

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- Definition Tabular disclosure for tax positions taken in the tax returns filed or to be filed for which it is more likely than not that the tax position will not be sustained upon examination by taxing authorities and other income tax contingencies. Includes, but is not limited to, interest and penalties, reconciliation of unrecognized tax benefits, unrecognized tax benefits that would affect the effective tax rate, tax years that remain subject to examination by tax jurisdictions, and information about positions for which it is reasonably possible that amounts unrecognized will significantly change within 12 months. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15A -URI http://asc.fasb.org/extlink&oid=84230637&loc=SL6600010-109319 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 15 -Subparagraph (d) -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32718-109319 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 740 -SubTopic 10 -Section 50 -Paragraph 19 -URI http://asc.fasb.org/extlink&oid=84230637&loc=d3e32840-109319 + Details
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