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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Components of deferred tax assets and deferred tax liabilities | The significant components of our deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are presented below:
| DECEMBER 31,
| 2023(1) |  | 2022
Deferred Tax Assets: |  |  |
Accrued liabilities and other adjustments | $ | 100,476 |  |  | $ | 80,159 |
Net operating loss carryforwards | 158,363 |  |  | 97,161 |
Valuation allowance | (103,897) |  |  | (47,514) |
| 154,942 |  |  | 129,806 |
Deferred Tax Liabilities: |  |  |
Other assets, principally due to differences in amortization | (220,218) |  |  | (243,150) |
Plant and equipment, principally due to differences in depreciation | (90,156) |  |  | (78,486) |
Other | (65,909) |  |  | (52,786) |
| (376,283) |  |  | (374,422) |
Net deferred tax liability | $ | (221,341) |  |  | $ | (244,616) |
(1)Prior to 2023, certain of our non-United States tax loss carryforwards were determined to have a remote possibility of realization and therefore were not reported in the table above. In connection with the implementation of the OECD (as defined below) global minimum tax initiative known as Pillar Two (as defined below), any existing deferred taxes not disclosed in our 2023 financial statements will not be available in the future to reduce tax otherwise due under Pillar Two. Accordingly, beginning in 2023, we are disclosing in the above table the tax effects of these non-United States tax loss carryforwards offset with a full valuation allowance. The deferred tax assets and deferred tax liabilities as of December 31, 2023 and 2022 are presented below:
| DECEMBER 31,
| 2023 |  | 2022
Noncurrent deferred tax assets (Included in Other, a component of Other assets, net) | $ | 14,069 |  |  | $ | 18,389 |
Deferred income taxes | (235,410) |  |  | (263,005) |
Roll forward of Valuation allowance | A rollforward of the valuation allowance is as follows:
YEAR ENDED DECEMBER 31, |  | BALANCE AT BEGINNING OF THE YEAR |  | CHARGED (CREDITED) TO EXPENSE(2) |  | OTHER INCREASES/(DECREASES)(1)(2) |  | BALANCE AT END OF THE YEAR
2023 |  | $ | 47,514 |  |  | $ | 4,855 |  |  | $ | 51,528 |  |  | $ | 103,897 |
2022 |  | 51,744 |  |  | (1,333) |  |  | (2,897) |  |  | 47,514 |
2021 |  | 46,938 |  |  | 8,406 |  |  | (3,600) |  |  | 51,744 |
(1)Other decreases and increases in valuation allowances are primarily related to changes in foreign currency exchange rates. (2)Prior to 2023, certain of our non-United States tax loss carryforwards were determined to have a remote possibility of realization and therefore were not reported in the table above. In connection with the implementation of the OECD global minimum tax initiative known as Pillar Two, any existing deferred taxes not disclosed in our 2023 financial statements will not be available in the future to reduce tax otherwise due under Pillar Two. Accordingly, beginning in 2023, we are disclosing in the above table the tax effects of these non-United States tax loss carryforwards offset with a full valuation allowance.
Components of income (loss) from continuing operations before provision for income taxes | The components of net income (loss) before provision (benefit) for income taxes for the years ended December 31, 2023, 2022 and 2021 are as follows:
| YEAR ENDED DECEMBER 31,
| 2023 |  | 2022 |  | 2021
United States | $ | 76,012 |  |  | $ | 449,241 |  |  | $ | 212,460 |
Canada | 111,331 |  |  | 103,826 |  |  | 78,780 |
Other Foreign | 39,863 |  |  | 78,571 |  |  | 337,775 |
Net income (loss) before provision (benefit) for income taxes | $ | 227,206 |  |  | $ | 631,638 |  |  | $ | 629,015 |
Provision (benefit) for income taxes | The provision (benefit) for income taxes for the years ended December 31, 2023, 2022 and 2021 consist of the following components:
| YEAR ENDED DECEMBER 31,
| 2023 |  | 2022 |  | 2021
Federal—current | $ | 1,255 |  |  | $ | 24,331 |  |  | $ | 54,867 |
Federal—deferred | (18,488) |  |  | (30,581) |  |  | 14,322 |
State—current | 1,544 |  |  | 8,553 |  |  | 9,566 |
State—deferred | (4,630) |  |  | (3,728) |  |  | (526) |
Foreign—current | 72,408 |  |  | 92,525 |  |  | 83,154 |
Foreign—deferred | (12,146) |  |  | (21,611) |  |  | 14,907 |
Provision (Benefit) for Income Taxes | $ | 39,943 |  |  | $ | 69,489 |  |  | $ | 176,290 |
Reconciliation of total income tax expense and amount computed by applying the federal income tax rate | A reconciliation of total income tax expense and the amount computed by applying the current federal statutory tax rate of 21.0% to net income (loss) before provision (benefit) for income taxes for the years ended December 31, 2023, 2022 and 2021, respectively, is as follows:
| YEAR ENDED DECEMBER 31,
| 2023 |  | 2022 |  | 2021
Computed "expected" tax provision | $ | 47,713 |  |  | $ | 132,644 |  |  | $ | 132,093 |
Changes in income taxes resulting from: |  |  |  |  |
Tax adjustment relating to REIT | (39,299) |  |  | (82,620) |  |  | (8,203) |
State taxes, net of federal tax benefit | (3,147) |  |  | 4,043 |  |  | 8,027 |
Increase (decrease) in valuation allowance (net of operating losses) | 4,855 |  |  | (1,333) |  |  | 8,406 |
Withholding taxes | 11,658 |  |  | 10,600 |  |  | 23,654 |
(Reversal) reserve accrual and audit settlements, net of federal tax benefit | (6,999) |  |  | 40 |  |  | 3,072 |
Change in valuation of acquisition contingencies | 3,242 |  |  | (19,656) |  |  | — |
Foreign tax rate differential | 6,876 |  |  | 22,227 |  |  | 9,856 |
Disallowed foreign interest, Subpart F income, and other foreign taxes | 14,405 |  |  | 2,820 |  |  | (3,437) |
Other, net | 639 |  |  | 724 |  |  | 2,822 |
Provision (Benefit) for Income Taxes | $ | 39,943 |  |  | $ | 69,489 |  |  | $ | 176,290 |
The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate were:
YEAR ENDED DECEMBER 31,
2023 | 2022 | 2021
The benefits derived from the dividends paid deduction of $39,299 and the differences in the tax rates to which our foreign earnings are subject of $6,876. In addition, there were gains and losses recorded in Other expense (income), net during the period, for which there was no tax impact. | The benefits derived from the dividends paid deduction of $82,620 and the differences in the tax rates to which our foreign earnings are subject of $22,227. In addition, there were gains and losses recorded in Other expense (income), net and Gain (loss) on disposal/write-down of property, plant and equipment, net during the period for which there were insignificant tax impacts. | The benefits derived from the dividends paid deduction of $8,203 which was offset by (i) the impact of differences in the tax rates at which our foreign earnings are subject to, resulting in a tax provision of $9,856, and (ii) foreign withholding taxes of $23,654, which were either paid during the year or accrued, for the deferred tax liability for the United States tax impact of undistributed earnings of foreign TRSs that are no longer intended to be permanently reinvested outside the United States.
Rollforward of unrecognized tax benefits | A rollforward of unrecognized tax benefits is as follows:
Gross tax contingencies—January 1, 2021 | $ | 25,969 |
Gross additions based on tax positions related to the current year | 3,893 |
Gross additions for tax positions of prior years | 344 |
Gross reductions for tax positions of prior years | (536) |
Lapses of statutes | (1,663) |
Settlements | (235) |
Gross tax contingencies—December 31, 2021 | 27,772 |
Gross additions based on tax positions related to the current year | 2,271 |
Gross additions for tax positions of prior years | 723 |
Gross reductions for tax positions of prior years | (1,866) |
Acquired unrecognized tax benefits | 1,354 |
Lapses of statutes | (2,501) |
Gross tax contingencies—December 31, 2022 | 27,753 |
Gross additions based on tax positions related to the current year | 3,511 |
Gross additions for tax positions of prior years | 634 |
Gross reductions for tax positions of prior years | (5,454) |
Lapses of statutes | (2,874) |
Gross tax contingencies—December 31, 2023 | $ | 23,570 |

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