INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2019

Income Tax Disclosure [Abstract]

Income tax provision from continuing operations

The following information pertains to the Company’s income taxes on a consolidated basis.

The income tax provision from continuing operations consisted of the following:

	Year Ended December 31,
	2019			2018			2017
Current:
Federal	$	(1.7	)	$	(1.4	)	$	(0.1	)
State	(5.0		)	(1.8		)	(3.8		)
Foreign	(48.2		)	(189.7		)	(113.4		)
Deferred:
Federal	1.4			4.0			0.2
State	0.5			0.7			1.0
Foreign	53.2			298.3			85.4
Income tax benefit (provision)	$	0.2		$	110.1		$	(30.7	)

Reconciliation between the U.S. statutory rate and the effective rate from continuing operations

Reconciliation between the U.S. statutory rate and the effective rate from continuing operations is as follows: 

	Year Ended December 31,
	2019		2018		2017
Statutory tax rate	21	%	21	%	35	%
Adjustment to reflect REIT status (1)	(21	)	(21	)	(35	)
Foreign taxes	3		(8	)	1
Foreign withholding taxes	3		4		3
Uncertain tax positions	1		—		—
Changes in tax laws	(6	)	—		(2	)
Impact from restructuring	(1	)	(6	)	—
Effective tax rate	(0	)%	(10	)%	2	%

_______________

(1)    As a result of the ability to utilize the dividends paid deduction to offset the Company’s REIT income and gains.

Components of income from continuing operations before income taxes and income on equity method investments

The domestic and foreign components of income from continuing operations before income taxes are as follows:

	Year Ended December 31,
	2019		2018			2017
United States	$	1,527.0	$	1,212.7		$	971.2
Foreign	389.4		(58.1		)	284.9
Total	$	1,916.4	$	1,154.6		$	1,256.1

Components of the net deferred tax asset and related valuation allowance

The components of the net deferred tax asset and liability and related valuation allowance were as follows:

	December 31, 2019			December 31, 2018
Assets:
Operating lease liability	$	878.5		$	—
Net operating loss carryforwards	356.6			264.9
Accrued asset retirement obligations	174.9			165.7
Stock-based compensation	5.6			6.3
Unearned revenue	31.7			28.3
Unrealized loss on foreign currency	3.8			12.9
Other accruals and allowances	65.6			78.6
Items not currently deductible and other	26.1			26.2
Liabilities:
Depreciation and amortization	(1,040.3		)	(757.0		)
Right-of-use asset	(865.1		)	—
Deferred rent	(79.7		)	(36.9		)
Other	—			(15.3		)
Subtotal	(442.3		)	(226.3		)
Valuation allowance	(194.2		)	(151.9		)
Net deferred tax liabilities	$	(636.5	)	$	(378.2	)

Summary of valuation allowance

A summary of the activity in the valuation allowance is as follows:

	2019			2018			2017
Balance as of January 1,	$	151.9		$	142.0		$	144.4
Additions (1)	42.5			15.7			11.6
Reversals	—			—			(9.1		)
Foreign currency translation	(0.2		)	(5.8		)	(4.9		)
Balance as of December 31,	$	194.2		$	151.9		$	142.0

_______________

(1)    Includes net charges to expense and allowances established due to acquisition.

Net operating loss carryforwards expire

At December 31, 2019, the Company had net federal, state and foreign operating loss carryforwards available to reduce future taxable income. If not utilized, the Company’s NOLs expire as follows:

Years ended December 31,	Federal		State		Foreign
2020 to 2024	$	—	$	222.3	$	11.9
2025 to 2029	141.6		285.7		104.8
2030 to 2034	7.0		41.4		19.6
2035 to 2039	3.6		159.5		—
Indefinite carryforward	22.8		—		853.8
Total	$	175.0	$	708.9	$	990.1

Change in unrecognized tax benefit

A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:

	Year Ended December 31,
	2019			2018			2017
Balance at January 1	$	107.7		$	116.7		$	107.6
Additions based on tax positions related to the current year	33.3			8.1			7.6
Additions and reductions for tax positions of prior years	37.5			0.3			—
Foreign currency	(1.6		)	(8.1		)	1.9
Reduction as a result of the lapse of statute of limitations	(1.3		)	(2.6		)	(0.4		)
Reduction as a result of effective settlements	—			(6.7		)	—
Balance at December 31	$	175.6		$	107.7		$	116.7