INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2023

Income (loss) before income taxes for domestic and foreign operations consisted of the following:

The benefit (provision) for income taxes attributable to income (loss) before income taxes is as follows:


	Year Ended December 31,
	2023		2022		2021
Federal:	(In thousands)
Current	$	(259,128)	$	(206,426)	$	(8,984)
Deferred (excluding separate components)	(48,363)		(678,371)		(189,657)
Deferred – valuation allowance change	153,768		5,346		(14,967)
Other noncurrent	10,969		18,326		(14,262)
Provision for federal income taxes	(142,754)		(861,125)		(227,870)
State:
Current	(24,931)		(10,389)		5
Deferred (excluding separate components)	11,206		(33,878)		(28,068)
Deferred – operating loss carryforward	(12,219)		(15,442)		(27,936)
Deferred – valuation allowance change	(2,140)		(2,345)		(601)
Other noncurrent	—		—		13,260
Provision for state income taxes	(28,084)		(62,054)		(43,340)
Foreign:
Current	223		(2,259)		(3,717)
Deferred (excluding separate components)	5,611		311,614		8,943
Deferred – operating loss carryforward	(57,485)		6,331		5,793
Deferred – valuation allowance change	64,650		(89,575)		6,776
Benefit for foreign income taxes	12,999		226,111		17,795
	$	(157,839)	$	(697,068)	$	(253,415)

A reconciliation of the federal income tax statutory rate and the Company’s effective tax rate is as follows:


	Year Ended December 31,
	2023		2022		2021
Federal income tax statutory rate	21.0	%	21.0	%	21.0	%
Noncontrolling interest	(0.1)		(2.4)		(3.2)
Foreign income/losses taxed at other than U.S. statutory rate	(3.6)		53.3		8.2
Federal valuation allowance	(10.4)		(0.6)		1.0
State taxes, net	1.5		5.5		2.3
Gain on consolidation of CityCenter, net	—		—		(10.1)
General business credits	(1.2)		(1.5)		(0.3)
Incremental U.S. tax on foreign earnings	2.4		—		—
Permanent and other items	1.1		1.8		(1.6)
	10.7	%	77.1	%	17.3	%

The tax-effected components of the Company’s net deferred tax liability are as follows:


	December 31,
	2023		2022
Deferred tax assets – federal and state:	(In thousands)
Net operating loss carryforward	$	13,498	$	23,151
Accruals, reserves and other	52,854		9,481
Lease liabilities	5,703,953		5,830,582
Tax credits	1,788,001		2,764,266
	7,558,306		8,627,480
Less: Valuation allowance	(1,598,291)		(2,641,770)
	5,960,015		5,985,710
Deferred tax assets – foreign:
Net operating loss carryforward	141,201		198,686
Accruals, reserves and other	9,266		12,315
Property and equipment	33,944		32,585
Lease liabilities	1,270		1,219
	185,681		244,805
Less: Valuation allowance	(180,155)		(244,805)
	5,526		—
Total deferred tax assets	$	5,965,541	$	5,985,710
Deferred tax liabilities – federal and state:
Property and equipment	$	(389,854)	$	(330,857)
Investments in unconsolidated affiliates	(584,448)		(585,275)
Investment in equity securities	(2,234,754)		(2,236,093)
ROU assets	(5,390,561)		(5,612,241)
Intangibles	(197,893)		(160,991)
	(8,797,510)		(8,925,457)
Deferred tax liabilities – foreign:
Intangibles	(29,028)		(29,696)
	(29,028)		(29,696)
Total deferred tax liability	(8,826,538)		(8,955,153)
Net deferred tax liability	$	(2,860,997)	$	(2,969,443)

Deferred income tax valuation allowance consisted of the following:


	Balance at Beginning of Period		Increase		Decrease		Balance at End of Period
Deferred income tax valuation allowance:	(In thousands)
Year Ended December 31, 2023	$	2,886,575	$	—	$	(1,108,129)	$	1,778,446
Year Ended December 31, 2022	2,884,262		2,313		—		2,886,575
Year Ended December 31, 2021	2,875,595		8,667		—		2,884,262

A reconciliation of the beginning and ending amounts of gross unrecognized tax benefits is as follows:


	Year Ended December 31,
	2023		2022		2021
	(In thousands)
Gross unrecognized tax benefits at January 1	$	6,885	$	19,568	$	35,617
Gross increases - prior period tax positions	710		—		12,949
Gross decreases - prior period tax positions	—		(12,968)		(13,388)
Gross increases - current period tax positions	996		285		654
Settlements with Taxing Authorities	—		—		(16,264)
Gross unrecognized tax benefits at December 31	$	8,591	$	6,885	$	19,568