Income Taxes (Tables)

12 Months Ended

Dec. 31, 2022

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit (Expense)

From our TRS entities and our foreign operations, income tax (expense) benefit were as follows (in thousands):

	For the Years Ended December 31,
	2022			2021			2020
Current income tax (expense) benefit:
Domestic	$	1,111		$	(1,559	)	$	63
Foreign		(27,751	)		(18,964	)		(10,203	)
		(26,640	)		(20,523	)		(10,140	)
Deferred income tax (expense) benefit:
Domestic		(15,628	)		6,915			(10,680	)
Foreign		(13,632	)		(60,340	)		(10,236	)
		(29,260	)		(53,425	)		(20,916	)
Income tax (expense)	$	(55,900	)	$	(73,948	)	$	(31,056	)

Summary of Reconciliation of Income Tax Benefit (Expense) from the Statutory Income Tax Rate to the Effective Tax Rate Based on Income before Income Taxes

A reconciliation of income tax (expense) benefit from the statutory income tax rate to the effective tax rate based on income before income taxes for the years ended December 31, 2022, 2021, and 2020 is as follows (in thousands):

	For the Years Ended December 31,
	2022			2021			2020
Income before income tax	$	959,719		$	730,888		$	463,328
Income tax (expense) at the U.S. statutory federal rate (21% in 2022, 2021, and 2020)		(201,541	)		(153,486	)		(97,299	)
Decrease (increase) in income tax resulting from:
Foreign rate differential		1,826			2,742			2,160
State income taxes, net of federal benefit		(1,886	)		—			970
U.S. earnings not subject to federal income tax		165,705			132,266			82,921
Equity investments		—			—			380
Change in valuation allowance		(11,281	)		(10,040	)		(8,514	)
Statutory tax rate change		(941	)		(43,924	)		(9,471	)
Interest disallowance		(1,737	)		(646	)		—
Other items, net		(6,045	)		(860	)		(2,203	)
Total income tax (expense)	$	(55,900	)	$	(73,948	)	$	(31,056	)

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2022 and 2021, components of our deferred tax assets and liabilities were as follows (in thousands):

	2022			2021
Deferred tax assets:
Operating loss and interest deduction carry forwards	$	175,922		$	197,876
Other		15,218			1,815
Total deferred tax assets		191,140			199,691
Valuation allowance		(71,499	)		(61,747	)
Total net deferred tax assets	$	119,641		$	137,944
Deferred tax liabilities:
Property and equipment	$	(294,181	)	$	(320,546	)
Net unbilled revenue		(63,324	)		(43,366	)
Partnership investments		(26,268	)		(15,963	)
Other		(27,153	)		(3,836	)
Total deferred tax liabilities		(410,926	)		(383,711	)
Net deferred tax asset (liability)	$	(291,285	)	$	(245,767	)

Schedule of Net NOL and Other Tax Attribute Carryforwards

At December 31, 2022, we had net NOL and other tax attribute carryforwards as follows (in thousands):

	U.S.			Foreign
Gross NOL carryforwards	$	148,900		$	633,682
Tax-effected NOL carryforwards	$	24,013		$	151,909
Valuation allowance		(13,864	)		(57,635	)
Net deferred tax asset - NOL carryforwards	$	10,149		$	94,274
Expiration periods	2024-indefinite			indefinite

Schedule of Per Share Distributions to Stockholders

A schedule of per share distributions we paid and reported to our stockholders is set forth in the following:

	For the Years Ended December 31,
Per share:	2022		2021		2020
Ordinary dividend (1)	$	0.4703	$	0.7646	$	0.6030
Long-term capital gain (2)		0.6797		0.1654		—
Return of capital		—		0.1800		0.4670
Total	$	1.1500	$	1.1100	$	1.0700

(1)For the years ended December 31, 2022, 2021, and 2020, includes Section 199A dividends of 0.4703, 0.7646, and 0.6030, respectively.

(2)For the years ended December 31, 2022, 2021, and 2020, includes Unrecaptured Section 1250 gains of 0.2574, 0.0583, and 0.0000, respectively.