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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Schedule of deferred tax assets and deferred tax liabilities | The significant components of our deferred tax assets and deferred tax liabilities as of December 31, 2024 and 2023 are presented below:
| DECEMBER 31,
| 2024 |  | 2023
Deferred Tax Assets: |  |  |
Accrued liabilities and other adjustments | $ | 156,349 |  |  | $ | 100,476 |
Net operating loss carryforwards | 168,773 |  |  | 158,363 |
Valuation allowance | (132,714) |  |  | (103,897) |
| 192,408 |  |  | 154,942 |
Deferred Tax Liabilities: |  |  |
Other assets, principally due to differences in amortization | (185,301) |  |  | (220,218) |
Property, plant and equipment, principally due to differences in depreciation | (63,192) |  |  | (90,156) |
Other | (122,844) |  |  | (65,909) |
| (371,337) |  |  | (376,283) |
Net deferred tax (liability) asset | $ | (178,929) |  |  | $ | (221,341) |
The deferred tax assets and deferred tax liabilities as of December 31, 2024 and 2023 are presented below:
| DECEMBER 31,
| 2024 |  | 2023
Noncurrent deferred tax assets (Included in Other, a component of Other assets, net) | $ | 26,412 |  |  | $ | 14,069 |
Noncurrent deferred tax liabilities | (205,341) |  |  | (235,410) |
Summary of 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 |  | OTHER INCREASES/(DECREASES)(1)(2) |  | BALANCE AT END OF THE YEAR
2024 | $ | 103,897 |  |  | $ | 37,018 |  |  | $ | (8,201) |  |  | $ | 132,714 |
2023 | 47,514 |  |  | 4,855 |  |  | 51,528 |  |  | 103,897 |
2022 | 51,744 |  |  | (1,333) |  |  | (2,897) |  |  | 47,514 |
(1)Other decreases and increases in valuation allowances are primarily related to changes in foreign currency exchange rates and prior year acquisitions. (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 Organization for Economic Co-operation and Development (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.
Schedule 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, 2024, 2023 and 2022 are as follows:
| YEAR ENDED DECEMBER 31,
| 2024 |  | 2023 |  | 2022
United States | $ | 56,617 |  |  | $ | 76,012 |  |  | $ | 449,241 |
Canada | 153,450 |  |  | 111,331 |  |  | 103,826 |
Other Foreign | 34,471 |  |  | 39,863 |  |  | 78,571 |
Net income (loss) before provision (benefit) for income taxes | $ | 244,538 |  |  | $ | 227,206 |  |  | $ | 631,638 |
Schedule of provision (benefit) for income taxes | The provision (benefit) for income taxes for the years ended December 31, 2024, 2023 and 2022 consist of the following components:
| YEAR ENDED DECEMBER 31,
| 2024 |  | 2023 |  | 2022
Federal—current | $ | 5,205 |  |  | $ | 1,255 |  |  | $ | 24,331 |
Federal—deferred | (2,394) |  |  | (18,488) |  |  | (30,581) |
State—current | 914 |  |  | 1,544 |  |  | 8,553 |
State—deferred | (3,731) |  |  | (4,630) |  |  | (3,728) |
Foreign—current | 96,168 |  |  | 72,408 |  |  | 92,525 |
Foreign—deferred | (35,290) |  |  | (12,146) |  |  | (21,611) |
Provision (Benefit) for Income Taxes | $ | 60,872 |  |  | $ | 39,943 |  |  | $ | 69,489 |
Schedule of reconciliation 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, 2024, 2023 and 2022, respectively, is as follows:
| YEAR ENDED DECEMBER 31,
| 2024 |  | 2023 |  | 2022
Computed "expected" tax provision | $ | 51,353 |  |  | $ | 47,713 |  |  | $ | 132,644 |
Changes in income taxes resulting from: |  |  |  |  |
Tax adjustment relating to REIT | (33,926) |  |  | (39,299) |  |  | (82,620) |
State taxes, net of federal tax benefit | (2,919) |  |  | (3,147) |  |  | 4,043 |
Increase (decrease) in valuation allowance | 37,018 |  |  | 4,855 |  |  | (1,333) |
Withholding taxes | 11,359 |  |  | 11,658 |  |  | 10,600 |
(Reversal) reserve accrual and audit settlements, net of federal tax benefit | (2,052) |  |  | (4,946) |  |  | 40 |
Change in valuation of acquisition contingencies | 643 |  |  | 3,242 |  |  | (19,656) |
Foreign tax rate differential | 13,322 |  |  | 6,876 |  |  | 22,227 |
Adjustments relating to foreign taxes | (10,346) |  |  | 14,405 |  |  | 2,820 |
Excess tax benefits on equity compensation | (5,047) |  |  | (1,905) |  |  | (955) |
Other, net | 1,467 |  |  | 491 |  |  | 1,679 |
Provision (Benefit) for Income Taxes | $ | 60,872 |  |  | $ | 39,943 |  |  | $ | 69,489 |
The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate were:
YEAR ENDED DECEMBER 31,
2024 | 2023 | 2022
The lack of tax benefits recognized for the ordinary losses and disallowed interest expenses of certain entities of $37,018 and differences in the tax rates to which our foreign earnings are subject of $13,322, partially offset by the benefits derived from the dividends paid deduction of $33,926. In addition, we recorded gains and losses in Other expense (income), net during the period, for which there was no tax impact. | 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 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.
Schedule of roll forward of unrecognized tax benefits | A rollforward of unrecognized tax benefits is as follows:
Gross tax contingencies—January 1, 2022 | $ | 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 |
Gross additions based on tax positions related to the current year | 3,091 |
Gross reductions for tax positions of prior years | (1,698) |
Acquired unrecognized tax benefits | 5,717 |
Lapses of statutes | (4,804) |
Gross tax contingencies—December 31, 2024 | $ | 25,876 |

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