XML 61 R46.htm IDEA: XBRL DOCUMENT

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2021

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


	Year ended December 31,
	2021		2020		2019
Domestic	$	1,463,029	$	1,287,976	$	1,307,299
International	55,465		30,286		(111,860)
	$	1,518,494	$	1,318,262	$	1,195,439

Components of Income Tax Expense (Benefit)

Income tax expense for continuing operations consisted of the following:


	Year ended December 31,
	2021		2020		2019
Current:
Federal	$	216,539	$	47,171	$	208,339
State	15,601		21,442		58,026
International	14,247		17,481		15,545
Total current income tax	246,387		86,094		281,910
Deferred:
Federal	59,528		198,623		44,263
State	5,342		27,206		(25,836)
International	(4,525)		2,009		(20,709)
Total deferred income tax	60,345		227,838		(2,282)
	$	306,732	$	313,932	$	279,628

Schedule of allocation of income tax expense (benefit) between continuing and discontinued operations.

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


	Year ended December 31,
	2021		2020		2019
Continuing operations	$	306,732	$	313,932	$	279,628
Discontinued operations	—		1,657		40,689
	$	306,732	$	315,589	$	320,317

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,
	2021		2020		2019
Federal income tax rate	21.0	%	21.0	%	21.0	%
State income taxes, net of federal benefit	3.0		3.4		2.3
Equity compensation	(2.4)		—		0.5
Federal and international tax rate adjustments	1.3		—		—
Nondeductible executive compensation	0.8		1.2		0.8
Political advocacy costs	0.2		1.7		0.2
Unrecognized tax benefits	(0.1)		0.4		2.4
Change in international valuation allowance	(1.0)		1.5		1.3
Other	1.0		(0.6)		(0.2)
Impact of noncontrolling interests primarily attributable to non-tax paying entities	(3.6)		(4.8)		(4.9)
Effective tax rate	20.2	%	23.8	%	23.4	%

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,
	2021		2020
Receivables	$	8,430	$	9,324
Accrued liabilities	67,993		64,982
Operating lease liabilities	581,199		584,656
Net operating loss carryforwards	162,987		167,398
Other	52,434		62,110
Deferred tax assets	873,043		888,470
Valuation allowance	(100,616)		(114,824)
Net deferred tax assets	772,427		773,646
Intangible assets	(644,039)		(634,736)
Property and equipment	(283,913)		(274,742)
Operating lease assets	(530,839)		(532,082)
Investments in partnerships	(84,407)		(101,996)
Other	(37,274)		(39,690)
Deferred tax liabilities	(1,580,472)		(1,583,246)
Net deferred tax liabilities	$	(808,045)	$	(809,600)
Reported as:
Deferred tax liabilities	$	(830,954)	$	(809,600)
Deferred tax assets (included in Other long-term assets)	22,909		—
	$	(808,045)	$	(809,600)

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,
	2021		2020
Beginning balance	$	70,202	$	68,214
Additions for tax positions related to current year	3,335		2,293
Additions for tax positions related to prior years	22,616		258
Reductions related to lapse of applicable statute	(751)		(133)
Reductions related to settlements with taxing authorities	(22,378)		(430)
Ending balance	$	73,024	$	70,202