Income Taxes (Tables)

12 Months Ended

Dec. 31, 2018

Income Tax Disclosure [Abstract]

Consolidated Income Loss Before Taxes for Domestic and Foreign

Consolidated income (loss) before taxes for United States ("U.S.") and foreign operations consisted of the following (in thousands):

	Years Ended December 31,
	2018			2017		2016
United States	$	(491,523	)	$	90,206	$	90,900
Foreign	797,263			470,063		219,697
Total	$	305,740		$	560,269	$	310,597

Provision (Benefit) for Income Taxes

The income tax (benefit) provision attributable to income before income taxes is as follows (in thousands):

	December 31,
	2018			2017			2016
Current
U.S. Federal	$	(637	)	$	(19,856	)	$	60
U.S. State	198			51			79
Foreign	1,749			1,674			1,633
Total	1,310			(18,131		)	1,772
Deferred
U.S. Federal	(483,681		)	(309,423		)	5,081
U.S. State	(14,973		)	(1,431		)	1,275
Total	(498,654		)	(310,854		)	6,356
Total income tax benefit	$	(497,344	)	$	(328,985	)	$	8,128

Income Taxes (Federal Statutory Corporate Tax Rate)

as follows:

	December 31,
	2018		2017		2016
U.S. Federal statutory rate	21.0	%	35.0	%	35.0	%
Foreign tax credits, net of valuation allowance	(154.9	)%	(136.1	)%	(61.5	)%
Non-taxable foreign income	(48.8	)%	(20.1	)%	(20.7	)%
Foreign tax rate differential	(20.8	)%	(17.0	)%	(14.5	)%
Global intangible low-taxed income	28.3	%	—	%	—	%
Change in tax rate	—	%	(11.8	)%	—	%
Repatriation of foreign earnings	—	%	81.0	%	51.6	%
Valuation allowance, other	9.3	%	5.9	%	7.5	%
Other, net	3.2	%	4.4	%	5.2	%
Effective income tax rate	(162.7	)%	(58.7	)%	2.6	%

Net Deferred Tax Assets and Liabilities

The tax effects of significant temporary differences representing net deferred tax assets and liabilities consisted of the following (in thousands):

	December 31,
	2018			2017
Deferred tax assets—U.S.:
Foreign tax credit carryforwards	$	3,187,797		$	3,616,872
Disallowed interest expense carryforward	67,368			—
Construction in progress	42,528			5,009
Receivables, inventories, accrued liabilities and other	10,878			19,356
Stock-based compensation	5,477			5,084
Other tax credit carryforwards	4,946			1,999
Intangibles and related other	489			3,486
Other	2,279			86
	3,321,762			3,651,892
Less: valuation allowance	(2,500,027		)	(3,273,292		)
	821,735			378,600
Deferred tax liabilities—U.S.:
Property and equipment	(70,560		)	(111,988		)
Redemption Note fair value	—			(13,139		)
Prepaid insurance, maintenance and taxes	(12,430		)	(10,391		)
Other	(2,293		)	(2,549		)
	(85,283		)	(138,067		)
Deferred tax assets—Foreign:
Net operating loss carryforwards	94,244			74,345
Property and equipment	41,520			36,299
Pre-opening expenses	8,421			10,717
Other	651			1,493
	144,836			122,854
Less: valuation allowance	(143,872		)	(117,175		)
	964			5,679
Deferred tax liabilities—Foreign:
Property and equipment	(964		)	(5,679		)
Net deferred tax asset	$	736,452		$	240,533

Reconciliation of Unrecognized Tax Benefits

unrecognized tax benefits as follows (in thousands):

	December 31,
	2018			2017			2016
Balance at beginning of period	$	95,236		$	90,523		$	88,314
Increases based on tax positions of the current year	8,926			8,520			5,930
Reductions due to lapse in statutes of limitations	(4,692		)	(3,807		)	(3,721		)
Balance at end of period	$	99,470		$	95,236		$	90,523