Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Income Before Income Taxes Attributable to Geographic Locations

Income before income taxes is attributable to the following geographic locations for the years ended December 31, (in thousands):

	2023		2022		2021
Domestic	$	278,470	$	334,486	$	137,492
Foreign	845,760		494,883		471,460
Income before income taxes	$	1,124,230	$	829,369	$	608,952

Schedule of Components of Tax Benefit (Expenses) for Income Taxes

The tax expenses for income taxes consisted of the following components for the years ended December 31, (in thousands):

	2023		2022		2021
Current:
Federal	$	299	$	1,679	$	7,753
State and local	(526)		(892)		(156)
Foreign	(150,179)		(83,210)		(76,450)
Subtotal	(150,406)		(82,423)		(68,853)
Deferred:
Federal	(136)		(16,284)		11,060
State and local	196		(5,024)		(1,411)
Foreign	(4,904)		(21,061)		(50,020)
Subtotal	(4,844)		(42,369)		(40,371)
Income tax expense	$	(155,250)	$	(124,792)	$	(109,224)

Schedule of Income Tax Reconciliation

, 2022 and 2021 differed from the amounts computed by applying the U.S. federal income tax rate of 21% to pre-tax income as a result of the following for the years ended December 31 (in thousands):

	2023		2022		2021
Federal tax at statutory rate	$	(236,088)	$	(174,168)	$	(127,880)
State and local tax expense	(331)		(5,916)		(1,513)
Deferred tax assets generated in current year not benefited	(33,810)		(39,196)		(19,703)
Foreign income tax rate differential	(13,634)		(12,379)		(18,918)
Non-deductible expenses	(6,470)		(5,995)		(10,579)
Stock-based compensation expense	(8,981)		(8,321)		(1,385)
Change in valuation allowance	1,744		(19,793)		(595)
Foreign financing activities	(3,642)		(5,519)		(4,805)
Uncertain tax positions reserve	20,683		45,317		50,059
Tax adjustments related to REIT	131,757		107,312		39,164
Change in deferred tax adjustments	(2,572)		(239)		(1,251)
Effect of tax rate change on deferred tax assets	(1,872)		(3,126)		(12,297)
Other, net	(2,034)		(2,769)		479
Total income tax expense	$	(155,250)	$	(124,792)	$	(109,224)

Schedule of Deferred Tax Assets and Liabilities

The types of temporary differences that give rise to significant portions of our deferred tax assets and liabilities are set out below as of December 31 (in thousands):

	2023		2022
Deferred tax assets:
Stock-based compensation expense	$	9,073	$	9,002
Net unrealized losses	10,843		3,988
Operating lease liabilities	220,745		253,005
Finance lease liabilities	14,591		—
Deferred revenue	16,625		13,887
Goodwill	—		20,511
Loss carryforwards and tax credits	232,471		142,270
Others, net	6,600		32,543
Gross deferred tax assets	510,948		475,206
Valuation allowance	(220,848)		(166,594)
Total deferred tax assets, net	290,100		308,612
Deferred tax liabilities:
Finance lease liabilities	—		(8,033)
Property, plant and equipment	(252,434)		(221,343)
Right-of-use assets	(224,253)		(256,837)
Deferred income	(26,116)		(28,314)
Goodwill	(3,074)		—
Intangible assets	(116,070)		(132,816)
Total deferred tax liabilities	(621,947)		(647,343)
Net deferred tax liabilities	$	(331,847)	$	(338,731)

Schedule of Changes in Valuation Allowance for Deferred Tax Assets

Changes in the valuation allowance for deferred tax assets for the years ended December 31, 2023, 2022 and 2021 are as follows (in thousands):

	2023		2022		2021
Beginning balance	$	166,594	$	100,746	$	82,344
Amounts from acquisitions	10,459		13,458		964
Amounts recognized into income	(1,744)		22,905		595
Current increase	44,002		36,513		19,539
Impact of foreign currency exchange	1,537		(7,028)		(2,696)
Ending balance	$	220,848	$	166,594	$	100,746

Schedule of Net operating Loss Carryforwards

Our net operating loss carryforwards for federal, state and foreign tax purposes which expire, if not utilized, at various intervals from 2024, are outlined below (in thousands):

Expiration Date	Federal		State		Foreign (1) (2)		Total
2024	$	819	$	24	$	9,736	$	10,579
2025 to 2027	2,457		—		34,463		36,920
2028 to 2030	—		—		40,604		40,604
2031 to 2033	—		667		9,845		10,512
2034 to 2036	2,441		324		20,286		23,051
2037 to 2039	2,886		2,618		19,177		24,681
Thereafter	248,941		89,574		624,744		963,259
	$	257,544	$	93,207	$	758,855	$	1,109,606

(1)In certain jurisdictions, the net operating loss carryforwards can only be used to offset a percentage of taxable income in a given year.

(2)If certain substantial changes in the entity's ownership occur or have determined to have occurred, there may be a limitation on the amount of the carryforwards that can be utilized.

Schedule of Reconciliation of Unrecognized Tax Benefits

The beginning and ending balances of our unrecognized tax benefits are reconciled below for the years ended December 31 (in thousands):

	2023		2022		2021
Beginning balance	$	89,237	$	148,300	$	207,759
Gross increases related to prior year tax positions	2,989		1,401		4,547
Gross decreases related to prior year tax positions	(16,767)		(43,575)		(58,356)
Gross increases related to current year tax positions	4,395		7,004		10,000
Decreases resulting from expiration of statute of limitation	(10,138)		(11,969)		(10,561)
Decreases resulting from settlements	—		(11,924)		(5,089)
Ending balance	$	69,716	$	89,237	$	148,300