Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Components of Earnings Before Income Taxes

The following table summarizes the components of earnings before income taxes for the years ended December 31 (in thousands):

	2019		2018		2017
Domestic	$	981,188	$	1,078,678	$	1,207,503
International		795,175		807,612		608,065
Earnings before income taxes	$	1,776,363	$	1,886,290	$	1,815,568

Components of Provision for Income Tax

The following table summarizes the components of the provision for income taxes for the years ended December 31 (in thousands):

	2019			2018			2017
Current income tax expense:
U.S. federal	$	3,232		$	1,727		$	214
International		41,855			50,731			45,185
State and local		17,209			9,424			14,215
Total current income tax expense		62,296			61,882			59,614
Deferred income tax expense (benefit):
U.S. federal		(208	)		(317	)		2,533
International		12,429			1,765			(7,538	)
Total deferred income tax expense (benefit)		12,221			1,448			(5,005	)
Total income tax expense	$	74,517		$	63,330		$	54,609

Deferred Income Tax Assets and Liabilities

The following table summarizes the deferred income tax assets and liabilities at December 31 (in thousands):

	2019			2018
Gross deferred income tax assets:
NOL carryforwards	$	287,516		$	336,485
Basis difference – real estate properties		42,472			55,198
Basis difference – equity investments		445			5,448
Basis difference – intangibles		-			1,076
Section 163(j) interest limitation		480			4,771
Capital loss carryforward		1			1
Other – temporary differences		2,754			3,487
Total gross deferred income tax assets		333,668			406,466
Valuation allowance		(299,092	)		(379,987	)
Gross deferred income tax assets, net of valuation allowance		34,576			26,479
Gross deferred income tax liabilities:
Basis difference – real estate properties		78,113			69,157
Basis difference – equity investments		12,622			2,380
Other – temporary differences		1,898			2,941
Total gross deferred income tax liabilities		92,633			74,478
Net deferred income tax liabilities	$	58,057		$	47,999

Summary of Operating Loss Carryforwards

At December 31, 2019, we had NOL carryforwards as follows (in thousands):

	U.S.			Europe			Mexico			Japan			Other
Gross NOL carryforward	$	72,880		$	652,026		$	292,213		$	117,500		$	36,062
Tax-effected NOL carryforward		17,781			149,197			90,116			21,634			8,788
Valuation allowance		(5,542	)		(143,552	)		(90,116	)		(21,634	)		(7,188	)
Net deferred tax asset – NOL carryforward	$	12,239		$	5,645		$	-		$	-		$	1,600
Expiration periods	2022 – indefinite			2020 – indefinite			2020 – 2030			2020 – 2029			2020 – indefinite