Income and Partnership Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income before Income Tax, Domestic and Foreign

Significant components of (loss) income before taxes for the years ended December 31, 2020, 2019 and 2018 were as follows:

(In thousands)	2020		2019		2018
Domestic	$	(675,746)	$	167,510	$	185,749
Foreign	(52,412)		47,644		(24,353)
Total (loss) income before taxes	$	(728,158)	$	215,154	$	161,396

Schedule of Components of Income Tax Expense (Benefit)

The (benefit) provision for income taxes was comprised of the following for the years ended December 31, 2020, 2019 and 2018:

(In thousands)	2020		2019		2018
Current federal	$	(61,726)	$	22,745	$	2,682
Current state and local	(3,747)		6,261		4,901
Current foreign	(32,987)		5,759		4,301
Total current	(98,460)		34,765		11,884
Deferred federal, state and local	(43,220)		(5,953)		15,525
Deferred foreign	1,287		1,847		(4,266)
Total deferred	(41,933)		(4,106)		11,259
Total (benefit) provision for income taxes	$	(140,393)	$	30,659	$	23,143

Schedule of Effective Income Tax Rate Reconciliation

The sources and tax effects of the differences were as follows:    

(In thousands)	2020		2019		2018
Income tax provision based on the U.S. federal statutory tax rate	$	(152,913)	$	45,182	$	33,893
Partnership (income) loss not subject to corporate income tax	47,631		(14,031)		(16,403)
State and local taxes, net	(20,594)		4,906		5,278
Valuation allowance	3,150		196		2,321
Expired foreign tax credits	2,253		—		—
Tax credits	(426)		(1,026)		(1,300)
Change in U.S. tax law	(17,983)		111		(8,730)
Foreign currency translation (gains) losses	(1,455)		(4,707)		7,949
Nondeductible expenses and other	(56)		28		135
Total (benefit) provision for income taxes	$	(140,393)	$	30,659	$	23,143

Schedule of Deferred Tax Assets and Liabilities

Significant components of deferred tax assets and liabilities as of December 31, 2020 and December 31, 2019 were as follows:    

(In thousands)	2020		2019
Deferred tax assets:
Compensation	$	5,800	$	9,817
Accrued expenses	5,408		3,864
Foreign tax credits	8,765		7,439
Tax attribute carryforwards	13,224		2,101
Derivatives	9,771		5,141
Foreign currency	5,318		6,230
Deferred revenue	10,012		2,402
Deferred tax assets	58,298		36,994
Valuation allowance	(9,755)		(6,606)
Net deferred tax assets	48,543		30,388
Deferred tax liabilities:
Property	(68,256)		(95,087)
Intangibles	(19,882)		(17,347)
Deferred tax liabilities	(88,138)		(112,434)
Net deferred tax liability	$	(39,595)	$	(82,046)