Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Benefit (Expense)

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

	For the Years Ended December 31,
	2020			2019			2018
Current income tax benefit (expense):
Domestic	$	63		$	61		$	125
Foreign		(10,203	)		(1,669	)		(3,294	)
		(10,140	)		(1,608	)		(3,169	)
Deferred income tax benefit (expense):
Domestic		(10,680	)		5,490			3,713
Foreign		(10,236	)		(1,261	)		(1,471	)
		(20,916	)		4,229			2,242
Income tax benefit (expense)	$	(31,056	)	$	2,621		$	(927	)

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 benefit (expense) from the statutory income tax rate to the effective tax rate based on income before income taxes for the years ended December 31, 2020, 2019, and 2018 is as follows (in thousands):

	For the Years Ended December 31,
	2020			2019			2018
Income before income tax	$	463,328		$	373,780		$	1,019,404
Income tax at the U.S. statutory federal rate (21% in    2020, 2019 and 2018)		(97,299	)		(78,494	)		(214,075	)
Decrease (increase) in income tax resulting from:
Foreign rate differential		2,160			438			2,643
State income taxes, net of federal benefit		970			1,621			(379	)
U.S. earnings not subject to federal income tax		82,921			85,495			208,472
Equity investments		380			1,091			46
Change in valuation allowance		(8,514	)		(7,911	)		2,668
Statutory tax rate change		(9,471	)		—			—
Other items, net		(2,203	)		381			(302	)
Total income tax benefit (expense)	$	(31,056	)	$	2,621		$	(927	)

Schedule of Deferred Tax Assets and Liabilities

At December 31, 2020 and 2019, components of our deferred tax assets and liabilities were as follows (in thousands):

	2020			2019
Deferred tax assets:
Operating loss and interest deduction carry forwards	$	150,001		$	28,684
Interest rate swap		9,150			843
Other		6,973			868
Total deferred tax assets		166,124			30,395
Valuation allowance		(36,977	)		(11,355	)
Total net deferred tax assets	$	129,147		$	19,040
Deferred tax liabilities:
Property and equipment	$	(211,018	)	$	(7,324	)
Net unbilled revenue		(14,776	)		(1,449	)
Other		(4,010	)		(737	)
Total deferred tax liabilities		(229,804	)		(9,510	)
Net deferred tax asset (liability)	$	(100,657	)	$	9,530

Schedule of Net NOL and Other Tax Attribute Carryforwards

At December 31, 2020, we had net NOL and other tax attribute carryforwards as follows (in thousands):

	U.S.			Foreign
Gross NOL carryforwards	$	159,895		$	528,567
Tax-effected NOL carryforwards	$	16,298		$	133,703
Valuation allowance		(6,193	)		(30,784	)
Net deferred tax asset - NOL carryforwards	$	10,105		$	102,919
Expiration periods	2029-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,
	2020		2019		2018
Common share distribution	$	1.070000	$	1.010000	$	0.990000
Ordinary income		0.603050		0.701910		0.438792
Capital gains(1)		—		0.275040		0.551208
Unrecaptured Sec. 1250 gain		—		0.041160		0.132280
Section 199A Dividends		0.603050		0.701910		0.438792
Return of capital		0.466950		0.033050		—

(1)Capital gains include unrecaptured Sec. 1250 gains.