INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2020

Income Tax Disclosure [Abstract]

Schedule of Income Tax Provision from Continuing Operations

The following information pertains to the Company’s income taxes on a consolidated basis.The income tax provision from continuing operations consisted of the following:

	Year Ended December 31,
	2020		2019		2018
Current:
Federal	$	8.7	$	(1.7)	$	(1.4)
State	(10.7)		(5.0)		(1.8)
Foreign	(150.1)		(48.2)		(189.7)
Deferred:
Federal	(1.0)		1.4		4.0
State	(1.0)		0.5		0.7
Foreign	24.5		53.2		298.3
Income tax (provision) benefit	$	(129.6)	$	0.2	$	110.1

Schedule of Reconciliation Between The U.S. Statutory Rate and The Effective Rate from Continuing Operations

Reconciliation between the U.S. statutory rate and the effective rate from continuing operations is as follows: 

	Year Ended December 31,
	2020		2019		2018
Statutory tax rate	21	%	21	%	21	%
Adjustment to reflect REIT status (1)	(21)		(21)		(21)
Foreign taxes	4		3		(8)
Foreign withholding taxes	3		3		4
Uncertain tax positions	1		1		—
Changes in tax laws	—		(6)		—
Impact from restructuring	—		(1)		(6)
Changes in valuation allowance	(1)		—		—
Effective tax rate	7	%	(0)%		(10)	%

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(1)    As a result of the ability to utilize the dividends paid deduction to offset the Company’s REIT income and gains.

Schedule of Components of Income from Continuing Operations Before Income Taxes and Income on Equity Method Investments

The domestic and foreign components of income from continuing operations before income taxes are as follows:

	Year Ended December 31,
	2020		2019		2018
United States	$	1,683.0	$	1,527.0	$	1,212.7
Foreign	138.1		389.4		(58.1)
Total	$	1,821.1	$	1,916.4	$	1,154.6

Schedule of Components of The Net Deferred Tax Asset and Related Valuation Allowance

The components of the net deferred tax asset and liability and related valuation allowance were as follows:

	December 31, 2020		December 31, 2019
Assets:
Operating lease liability	$	837.1	$	878.5
Net operating loss carryforwards	327.1		356.6
Accrued asset retirement obligations	187.8		174.9
Stock-based compensation	9.2		5.6
Unearned revenue	34.6		31.7
Unrealized loss on foreign currency	4.9		3.8
Other accruals and allowances	83.4		65.6
Nondeductible interest	60.9		15.9
Items not currently deductible and other	65.8		10.2
Liabilities:
Depreciation and amortization	(1,140.3)		(1,040.3)
Right-of-use asset	(824.0)		(865.1)
Deferred rent	(92.9)		(79.7)
Investment in affiliate (1)	(60.4)		—
Other	(1.1)		—
Subtotal	(507.9)		(442.3)
Valuation allowance	(228.5)		(194.2)
Net deferred tax liabilities	$	(736.4)	$	(636.5)

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(1)    Includes basis difference associated with investment in subsidiary related to the InSite Acquisition.

Schedule of Valuation Allowance

A summary of the activity in the valuation allowance is as follows:

	2020		2019		2018
Balance as of January 1,	$	194.2	$	151.9	$	142.0
Additions (1)	64.7		42.5		15.7
Usage, expiration and reversals	(22.0)		—		—
Foreign currency translation	(8.4)		(0.2)		(5.8)
Balance as of December 31,	$	228.5	$	194.2	$	151.9

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(1)    Includes net charges to expense and allowances established due to acquisition.

Schedule of Net Operating Loss Carryforwards Expire

At December 31, 2020, the Company had net federal, state and foreign operating loss carryforwards available to reduce future taxable income. If not utilized, the Company’s NOLs expire as follows:

Years ended December 31,	Federal		State		Foreign
2021 to 2025	$	141.6	$	180.2	$	12.4
2026 to 2030	0.0		193.7		85.6
2031 to 2035	9.5		48.7		3.5
2036 to 2040	61.7		183.0		—
Indefinite carryforward	142.1		47.7		679.5
Total	$	354.9	$	653.3	$	781.0

Schedule of Change in Unrecognized Tax Benefit

A reconciliation of the beginning and ending amount of unrecognized tax benefits are as follows:

	Year Ended December 31,
	2020		2019		2018
Balance at January 1	$	175.6	$	107.7	$	116.7
Additions based on tax positions related to the current year	4.7		33.3		8.1
Additions and reductions for tax positions of prior years (1)	(5.0)		37.5		0.3
Foreign currency	(9.6)		(1.6)		(8.1)
Reduction as a result of the lapse of statute of limitations	(26.0)		(1.3)		(2.6)
Reduction as a result of effective settlements	(3.5)		—		(6.7)
Balance at December 31	$	136.2	$	175.6	$	107.7

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(1)    Year ended December 31, 2020 includes adjustments of $(21.0) million for positions related to the Eaton Towers Acquisition that were revised in connection with settlements or effective settlements.