INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2021

Income Tax Disclosure [Abstract]

Provision for Federal and Foreign Income Tax Expense for Continuing Operations

The Company’s provision for federal and foreign income tax expense for continuing operations consisted of the following:

	Year Ended December 31,
	2019		2020			2021
Income (loss) before income taxes:
U.S.	$	235,571	$	(784,167	)	$	(389,176	)
Foreign		38,189		(143,157	)		(49,841	)
Total	$	273,760	$	(927,324	)	$	(439,017	)

Current and Deferred Income Taxes

Current and deferred income taxes were as follows:

	Year Ended December 31,
	2019			2020			2021
Current:
Federal	$	45,247		$	(271,162	)	$	4,026
Foreign		24,022			397			794
State		12,486			289			1,008
Total current expense	$	81,755		$	(270,476	)	$	5,828
Deferred:
Federal	$	(298	)	$	(50,445	)	$	(20,204	)
Foreign		5			13,266			409
State		(1,550	)		(1,721	)		(2,835	)
Total deferred taxes	$	(1,843	)	$	(38,900	)	$	(22,630	)
Income taxes	$	79,912		$	(309,376	)	$	(16,802	)

Reconciliation Between Income Tax Expense and Taxes Computed

A reconciliation between income tax expense and taxes computed by applying the applicable statutory federal income tax rate to income before income taxes is as follows:

	Year Ended December 31,
	2019		2020			2021
Computed statutory tax expense	$	57,490	$	(194,739	)	$	(92,194	)
State and local income taxes, net of federal income tax impact		8,479		(1,153	)		(1,465	)
Changes in valuation allowance		2,532		46,731			76,308
Foreign tax rate differential		4,646		(6,633	)		(4,466	)
Foreign tax credits		4,143	—			—
Impacts related to COVID-19 pandemic (1)	—			(187,515	)	—
Changes in uncertain tax positions		197		24,879			7,524
Other, net		2,425		9,054			(2,509	)
Income taxes	$	79,912	$	(309,376	)	$	(16,802	)

(1)The amount for the year ended December 31, 2020 includes benefits of a rate differential on earnings of $122,975, tax losses with respect to investments in foreign subsidiaries and a write down of certain intercompany receivables associated with the Company’s foreign subsidiaries of $135,599, offset by a tax charge for the remeasurement of deferred taxes and tax attributes of $49,866 and dislodged foreign tax credits not benefited of $21,193.

Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards

The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities as of the periods presented consisted of the following:

	December 31,
	2020			2021
Deferred liabilities:
Theatre properties and equipment	$	118,051		$	100,547
Finance lease assets		24,202			19,564
Operating lease right-of-use assets		297,452			288,205
Intangible asset – other		41,297			45,587
Intangible asset – tradenames		72,268			71,877
Investment in partnerships		20,402			16,128
Total deferred liabilities		573,672			541,908
Deferred assets:
Deferred revenue – NCM		83,998			84,084
Deferred revenue – Other		6,208			3,661
Prepaid rent		5,255			3,365
Gift Cards		9,265			8,354
Operating lease obligations		313,552			304,462
Finance lease obligations		31,284			25,611
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital		19,475			32,959
Restricted stock		2,611			5,494
Accrued expenses		3,552			4,326
Other tax loss carryforwards		89,320			124,632
Other tax credit and attribute carryforwards		121,698			154,995
Other expenses, not currently deductible for tax purposes		11,535			14,305
Total deferred assets		697,753			766,248
Net deferred income tax (asset) liability before valuation allowance		(124,081	)		(224,340	)
Valuation allowance against deferred assets – non-current		203,606			264,168
Net deferred income tax liability	$	79,525		$	39,828
Net deferred tax (asset) liability – Foreign	$	7,280		$	6,737
Net deferred tax liability – U.S.		72,245			33,091
Total	$	79,525		$	39,828

Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties

The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for the periods presented:

	Year Ended December 31,
	2019			2020			2021
Balance at January 1,	$	10,561		$	10,235		$	46,528
Gross increases - tax positions in prior periods	1				32,417			7,656
Gross decreases - tax positions in prior periods		—			(88	)		(1,611	)
Gross increases - current period tax positions		202			4,010			3,465
Settlements		(522	)		—			(122	)
Foreign currency translation adjustments		(7	)		(46	)		(11	)
Balance at December 31,	$	10,235		$	46,528		$	55,905