Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

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):

	2020		2019		2018
Domestic	$	1,030,609	$	981,188	$	1,078,678
International		716,479		795,175		807,612
Earnings before income taxes	$	1,747,088	$	1,776,363	$	1,886,290

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):

	2020			2019			2018
Current income tax expense:
U.S. federal	$	48,440		$	3,232		$	1,727
International		65,720			41,855			50,731
State and local		15,554			17,209			9,424
Total current income tax expense		129,714			62,296			61,882
Deferred income tax expense (benefit):
U.S. federal		(2,464	)		(208	)		(317	)
International		3,208			12,429			1,765
Total deferred income tax expense		744			12,221			1,448
Total income tax expense	$	130,458		$	74,517		$	63,330

Deferred Income Tax Assets and Liabilities

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

	2020			2019
Gross deferred income tax assets:
NOL carryforwards	$	297,900		$	287,516
Basis difference – real estate properties		59,259			42,472
Basis difference – equity investments		-			445
Section 163(j) interest limitation		1,486			480
Capital loss carryforward		16,845			1
Other – temporary differences		4,122			2,754
Total gross deferred income tax assets		379,612			333,668
Valuation allowance		(326,706	)		(299,092	)
Gross deferred income tax assets, net of valuation allowance		52,906			34,576
Gross deferred income tax liabilities:
Basis difference – real estate properties		79,230			78,113
Basis difference – equity investments		31,995			12,622
Other – temporary differences		999			1,898
Total gross deferred income tax liabilities		112,224			92,633
Net deferred income tax liabilities	$	59,318		$	58,057

Summary of Operating Loss Carryforwards

At December 31, 2020, we had NOL carryforwards as follows (in thousands):

	U.S.			Europe			Mexico			Japan			Other
Gross NOL carryforward	$	94,574		$	698,936		$	217,532		$	113,743		$	36,023
Tax-effected NOL carryforward		24,213			177,386			67,843			19,688			8,770
Valuation allowance		(18,919	)		(168,630	)		(67,843	)		(18,037	)		(8,532	)
Net deferred tax asset – NOL carryforward	$	5,294		$	8,756		$	-		$	1,651		$	238
Expiration periods	2021 – indefinite			2021 – indefinite			2021 – 2031			2021 – 2030			2021 – indefinite