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Income Taxes (Tables)

12 Months Ended

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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Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations.

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