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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2020

Income before income taxes from continuing operations consisted of the following:


	Year ended December 31,
	2020		2019		2018
Domestic	$	1,287,976	$	1,307,299	$	1,083,578
International	30,286		(111,860)		(35,100)
	$	1,318,262	$	1,195,439	$	1,048,478

Components of Income Tax Expense (Benefit)

Income tax expense for continuing operations consisted of the following:


	Year ended December 31,
	2020		2019		2018
Current:
Federal	$	47,171	$	208,339	$	140,064
State	21,442		58,026		32,990
International	17,481		15,545		7,557
Total current income tax	86,094		281,910		180,611
Deferred:
Federal	198,623		44,263		52,034
State	27,206		(25,836)		21,096
International	2,009		(20,709)		4,659
Total deferred income tax	227,838		(2,282)		77,789
	$	313,932	$	279,628	$	258,400

Schedule of Allocation of Income Tax Expense (Benefit)

Income taxes are allocated between continuing and discontinued operations as follows:


	Year ended December 31,
	2020		2019		2018
Continuing operations	$	313,932	$	279,628	$	258,400
Discontinued operations	1,657		40,689		99,768
	$	315,589	$	320,317	$	358,168

Reconciliation between U.S. Federal Income Tax Rate and Effective Tax Rate

The reconciliation between the Company’s effective tax rate from continuing operations and the U.S. federal income tax rate is as follows:


	Year ended December 31,
	2020		2019		2018
Federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.4		2.3		4.1
Change in International valuation allowance	1.5		1.3		0.9

Political advocacy costs	1.7		0.2		2.3
Nondeductible executive compensation	1.2		0.8		0.7
Unrecognized tax benefits	0.4		2.4		0.2
Other	(0.6)		0.3		—
Impact of noncontrolling interests primarily attributable to non-tax paying entities	(4.8)		(4.9)		(4.6)
Effective tax rate	23.8	%	23.4	%	24.6	%

Deferred Tax Assets and Liabilities Arising from Temporary Differences

Deferred tax assets and liabilities arising from temporary differences for continuing operations were as follows:


	December 31,
	2020		2019
Receivables	$	9,324	$	19,095
Accrued liabilities	64,982		64,458
Operating lease liabilities	584,656		580,110
Net operating loss carryforwards	167,398		139,690
Other	62,110		55,108
Deferred tax assets	888,470		858,461
Valuation allowance	(114,824)		(91,925)
Net deferred tax assets	773,646		766,536
Intangible assets	(634,736)		(563,914)
Property and equipment	(274,742)		(162,628)
Operating lease assets	(532,082)		(527,056)
Investments in partnerships	(101,996)		(64,960)
Other	(39,690)		(25,521)
Deferred tax liabilities	(1,583,246)		(1,344,079)
Net deferred tax liabilities	$	(809,600)	$	(577,543)

Reconciliation of the Beginning and Ending Liability for Unrecognized Tax Benefits that Do Not Meet the More-Likely-Than-Not Threshold

A reconciliation of the beginning and ending liability for unrecognized tax benefits that do not meet the more-likely-than-not threshold is as follows:


	Year ended December 31,
	2020		2019
Beginning balance	$	68,214	$	40,382
Additions for tax positions related to current year	2,293		3,378
Additions for tax positions related to prior years	258		24,722
Reductions related to lapse of applicable statute	(133)		(268)
Reductions related to settlements with taxing authorities	(430)		—
Ending balance	$	70,202	$	68,214