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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income (Loss) Before Taxes for Domestic and Foreign Operations

Income (loss) before income taxes for domestic and foreign operations consisted of the following:

		Year Ended December 31,
		2020				2019				2018
		(In thousands)
Domestic operations		$	(665,376	)		$	2,717,756			$	660,832
Foreign operations			(846,103	)			128,969				(26,826	)
		$	(1,511,479	)		$	2,846,725			$	634,006

Schedule of Benefit (Provision) for Income Taxes Attributable to Income (Loss) Before Income Taxes

The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows:

		Year Ended December 31,
		2020				2019				2018
Federal:		(In thousands)
Current		$	207,544			$	(4,928	)		$	11,991
Deferred (excluding separate components)			19,852				(537,993	)			(143,468	)
Deferred – valuation allowance			(42,109	)			(20,175	)			(19,753	)
Other noncurrent			4,922				(5,745	)			576
Benefit (provision) for federal income taxes			190,209				(568,841	)			(150,654	)
State:
Current			(816	)			(22,685	)			(12,564	)
Deferred (excluding separate components)			(33,087	)			(32,793	)			(12,731	)
Deferred – operating loss carryforward			47,728				(5,241	)			(29,490	)
Deferred – valuation allowance			(3,375	)			(191	)			41,068
Other noncurrent			(946	)			(1,401	)			(1,334	)
Benefit (provision) for state income taxes			9,504				(62,311	)			(15,051	)
Foreign:
Current			(828	)			(2,454	)			(2,037	)
Deferred (excluding separate components)			4,206				44,374				63,827
Deferred – operating loss carryforward			39,920				32,915				30,574
Deferred – valuation allowance			(51,439	)			(76,028	)			23,229
Benefit (provision) for foreign income taxes			(8,141	)			(1,193	)			115,593
		$	191,572			$	(632,345	)		$	(50,112	)

Schedule of Reconciliation of the Federal Income Tax Statutory Rate and the Company's Effective Tax Rate

A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows:

	Year Ended December 31,
	2020				2019				2018
Federal income tax statutory rate		21.0	%			21.0	%			21.0	%
Net operating loss carryback rate differential		5.5				—				—
Non-controlling interest		1.6				(0.8	)			(2.4	)
Foreign jurisdiction income/losses taxed at other than U.S. statutory rate		(12.5	)			(0.5	)			(9.5	)
Federal valuation allowance		(2.8	)			0.7				3.1
Macau dividend tax		—				—				(6.4	)
State taxes, net		0.5				1.7				1.9
General business credits		0.3				(0.5	)			(2.9	)
Stock-based compensation		—				(0.1	)			(1.2	)
Non-deductible employee dining facility costs		0.2				0.2				1.4
Permanent and other items		(1.1	)			0.5				2.9
		12.7	%			22.2	%			7.9	%

Schedule of Tax-Effected Components of the Company's Net Deferred Tax Liability

The tax-effected components of the Company’s net deferred tax liability are as follows:

		December 31,
		2020				2019
Deferred tax assets – federal and state:		(In thousands)
Bad debt reserve		$	25,287			$	25,085
Deferred compensation			6,331				7,918
Net operating loss carryforward			57,419				19,265
Accruals, reserves and other			106,801				97,590
Stock-based compensation			18,227				18,882
Lease liabilities			1,972,343				1,020,171
Long-term debt			10,907				2,022
Tax credits			3,095,856				2,600,142
			5,293,171				3,791,075
Less: Valuation allowance			(2,720,008	)			(2,469,907	)
			2,573,163				1,321,168
Deferred tax assets – foreign:
Bad debt reserve			2,106				1,682
Net operating loss carryforward			180,143				140,223
Accruals, reserves and other			7,814				13,112
Property and equipment			17,890				10,125
Stock-based compensation			7,163				6,487
Lease liabilities			1,368				1,213
			216,484				172,842
Less: Valuation allowance			(155,587	)			(104,149	)
			60,897				68,693
Total deferred tax assets		$	2,634,060			$	1,389,861
Deferred tax liabilities – federal and state:
Property and equipment		$	(1,349,355	)		$	(1,599,948	)
Investments in unconsolidated affiliates			(1,158,342	)			(496,501	)
ROU assets			(1,860,195	)			(977,870	)
Intangibles			(108,728	)			(112,380	)
			(4,476,620	)			(3,186,699	)
Deferred tax liabilities – foreign:
Intangibles			(309,256	)			(307,728	)
ROU Assets			(1,200	)			(1,940	)
			(310,456	)			(309,668	)
Total deferred tax liability		$	(4,787,076	)		$	(3,496,367	)
Net deferred tax liability		$	(2,153,016	)		$	(2,106,506	)

Schedule of Reconciliation of the Beginning and Ending Amounts of Gross Unrecognized Tax Benefits

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:

	Year Ended December 31,
	2020				2019				2018
	(In thousands)
Gross unrecognized tax benefits at January 1	$	33,298			$	24,464			$	18,588
Gross increases - prior period tax positions		3,717				8,960				5,345
Gross decreases - prior period tax positions		(1,398	)			(1,006	)			(957	)
Gross increases - current period tax positions		—				880				1,488
Gross unrecognized tax benefits at December 31	$	35,617			$	33,298			$	24,464

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Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years.

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Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets.

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