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Income Taxes (Tables)
12 Months Ended
Dec. 31, 2021
Income Tax Disclosure [Abstract]  
Consolidated Income Loss Before Taxes for Domestic and Foreign
Consolidated income (loss) before taxes for United States ("U.S.") and foreign operations consisted of the following (in thousands):
Years Ended December 31,
202120202019
United States $(264,323)$(821,012)$(158,937)
Foreign(747,193)(941,263)647,155 
Total$(1,011,516)$(1,762,275)$488,218 
Provision (Benefit) for Income Taxes
The income tax provision (benefit) attributable to income before income taxes is as follows (in thousands):
December 31,
202120202019
Current
U.S. Federal$— $(2)$(14)
U.S. State— 309 868 
Foreign2,746 1,879 1,796 
Total2,746 2,186 2,650 
Deferred
U.S. Federal(176)563,658 170,508 
U.S. State(20)(1,095)3,682 
Foreign(2,076)(78)— 
Total(2,272)562,485 174,190 
Total income tax provision (benefit)$474 $564,671 $176,840 
Income Taxes (Federal Statutory Corporate Tax Rate) The reconciliation of the U.S. federal statutory tax rate to the actual tax rate is as follows:
December 31,
202120202019
U.S. Federal statutory rate21.0 %21.0 %21.0 %
State Tax1.6 %— %— %
Foreign tax credits, net of valuation allowance0.7 %(31.8)%13.1 %
Non-taxable foreign income(3.0)%(2.2)%(27.4)%
Foreign tax rate differential(9.4)%(5.3)%(10.4)%
Global intangible low-taxed income— %— %10.1 %
Valuation allowance, other(6.8)%(11.1)%20.6 %
Other, net(4.1)%(2.6)%9.2 %
Effective income tax rate %(32.0)%36.2 %
Net Deferred Tax Assets and Liabilities
The tax effects of significant temporary differences representing net deferred tax assets and liabilities consisted of the following (in thousands):
December 31,
20212020
Deferred tax assets—U.S.:
Foreign tax credit carryforwards$2,000,145 $2,540,400 
Disallowed interest expense carryforward154,530 138,339 
Net operating loss carryforward89,665 45,015 
Lease liability22,021 22,826 
Property and Equipment28,710 3,048 
Receivables, inventories, accrued liabilities and other21,714 25,882 
Stock-based compensation12,488 7,528 
Other tax credit carryforwards10,784 10,049 
Intangibles and related other28,038 50,750 
Other553 5,502 
2,368,648 2,849,339 
Less: valuation allowance (2,329,495)(2,812,808)
39,153 36,531 
Deferred tax liabilities—U.S.:
Property and equipment(1,217)— 
Lease asset(22,021)(22,826)
Prepaid insurance, maintenance and taxes(14,271)(13,606)
Other(1,749)(400)
(39,258)(36,832)
Deferred tax assets—Foreign:
Net operating loss carryforwards99,873 107,653 
Property and equipment69,166 61,428 
Pre-opening expenses1,536 3,832 
Other 6,060 6,529 
176,635 179,442 
Less: valuation allowance (171,768)(173,876)
4,867 5,566 
Deferred tax liabilities—Foreign:
Property and equipment(3,352)(4,234)
Intangibles(77)(2,402)
(3,429)(6,636)
Net deferred tax asset (liability) $1,333 $(1,371)
Summary of Valuation Allowances
As of December 31, 2021 and 2020, the Company had valuation allowances provided on its deferred tax assets as follows (in thousands):
December 31,
20212020
Foreign tax credits$2,000,145 $2,540,400 
Disallowed interest expense carryforwards154,530 138,339 
Intangible assets29,081 48,395 
U.S. loss carryforwards89,665 45,015 
Other U.S. deferred tax assets56,073 40,659 
Foreign loss carryforwards99,971 106,737 
Other foreign deferred tax assets71,798 67,139 
Total$2,501,263 $2,986,684 
Reconciliation of Unrecognized Tax Benefits The Company had the following activity for unrecognized tax benefits as follows (in thousands):
December 31,
202120202019
Balance at beginning of period$107,661 $104,295 $99,470 
Increases based on tax positions of the current year14,079 7,061 8,986 
Increases based on tax positions of prior years66,043 — — 
Reductions based on tax positions of prior years(35,633)— — 
Reductions due to lapse in statutes of limitations(10,635)(3,695)(4,161)
Balance at end of period$141,515 $107,661 $104,295