Income Taxes (Tables)

12 Months Ended

Dec. 31, 2019

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,
	2019		2018		2017
United States	$	(158,937)	$	(491,523)	$	90,206
Foreign	647,155		797,263		470,063
Total	$	488,218	$	305,740	$	560,269

Provision (Benefit) for Income Taxes

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

	December 31,
	2019		2018		2017
Current
U.S. Federal	$	(14)	$	(637)	$	(19,856)
U.S. State	868		198		51
Foreign	1,796		1,749		1,674
Total	2,650		1,310		(18,131)
Deferred
U.S. Federal	170,508		(483,681)		(309,423)
U.S. State	3,682		(14,973)		(1,431)
Total	174,190		(498,654)		(310,854)
Total income tax provision (benefit)	$	176,840	$	(497,344)	$	(328,985)

Income Taxes (Federal Statutory Corporate Tax Rate)

The reconciliation of the U.S. federal statutory tax rate to the actual tax rate is as follows:

	December 31,
	2019		2018		2017
U.S. Federal statutory rate	21.0	%	21.0	%	35.0	%
Foreign tax credits, net of valuation allowance	13.1	%	(154.9)	%	(136.1)	%
Non-taxable foreign income	(27.4)	%	(48.8)	%	(20.1)	%
Foreign tax rate differential	(10.4)	%	(20.8)	%	(17.0)	%
Global intangible low-taxed income	10.1	%	28.3	%	—	%
Change in tax rate	—	%	—	%	(11.8)	%
Repatriation of foreign earnings	—	%	—	%	81.0	%
Valuation allowance, other	20.6	%	9.3	%	5.9	%
Other, net	9.2	%	3.2	%	4.4	%
Effective income tax rate	36.2	%	(162.7)	%	(58.7)	%

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,
	2019		2018
Deferred tax assets—U.S.:
Foreign tax credit carryforwards	$	3,070,914	$	3,187,797
Disallowed interest expense carryforward	88,319		67,368
Lease liability	23,650		—
Construction in progress	—		42,528
Receivables, inventories, accrued liabilities and other	15,279		10,878
Stock-based compensation	6,479		5,477
Other tax credit carryforwards	7,224		4,946
Intangibles and related other	—		489
Other	4,719		2,279
	3,216,584		3,321,762
Less: valuation allowance	(2,604,497)		(2,500,027)
	612,087		821,735
Deferred tax liabilities—U.S.:
Property and equipment	(8,887)		(70,560)
Lease asset	(23,650)		—
Prepaid insurance, maintenance and taxes	(15,956)		(12,430)
Other	(1,332)		(2,293)
	(49,825)		(85,283)
Deferred tax assets—Foreign:
Net operating loss carryforwards	96,657		94,244
Property and equipment	50,709		41,520
Pre-opening expenses	6,126		8,421
Other	10,114		651
	163,606		144,836
Less: valuation allowance	(154,934)		(143,872)
	8,672		964
Deferred tax liabilities—Foreign:
Property and equipment	(8,672)		(964)
Net deferred tax asset	$	562,262	$	736,452

Reconciliation of Unrecognized Tax Benefits

The Company had the following activity for unrecognized tax benefits as follows (in thousands):

	December 31,
	2019		2018		2017
Balance at beginning of period	$	99,470	$	95,236	$	90,523
Increases based on tax positions of the current year	8,986		8,926		8,520
Reductions due to lapse in statutes of limitations	(4,161)		(4,692)		(3,807)
Balance at end of period	$	104,295	$	99,470	$	95,236