XML 59 R44.htm IDEA: XBRL DOCUMENT
v3.25.0.1

Income Taxes (Tables) | 12 Months Ended
--- | ---
Dec. 31, 2024
Income Taxes [Abstract] |
Income (Loss) before Provision for Income Taxes from Continuing Operations by Geographic Area |
|  |  | For the year ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (in thousands)
Domestic |  | $ | 797,774 |  | $ | 377,150 |  | $ | 438,116
Foreign |  |  | (25,108) |  |  | 171,353 |  |  | 87,727
Total |  | $ | 772,666 |  | $ | 548,503 |  | $ | 525,843
Components of Provision for Income Taxes |
|  |  | For the year ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (in thousands)
Current provision: |  |  |  |  |  |  |  |  |
State |  | $ | 2,758 |  | $ | 8,099 |  | $ | 6,115
Foreign |  |  | 34,318 |  |  | 38,360 |  |  | 27,028
Total current |  |  | 37,076 |  |  | 46,459 |  |  | 33,143
Deferred (benefit) provision for taxes: |  |  |  |  |  |  |  |  |
Federal |  |  | 8,021 |  |  | 8,280 |  |  | (6,856)
State |  |  | 1,458 |  |  | 1,431 |  |  | (956)
Foreign |  |  | (26,540) |  |  | 52,003 |  |  | 32,780
Change in valuation allowance |  |  | 3,974 |  |  | (57,085) |  |  | 7,933
Total deferred |  |  | (13,087) |  |  | 4,629 |  |  | 32,901
Total provision for income taxes |  | $ | 23,989 |  | $ | 51,088 |  | $ | 66,044
Income Tax Rate Reconciliation |
|  | For the year ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (in thousands)
Statutory federal expense |  | $ | 162,260 |  | $ | 115,186 |  | $ | 110,427
Rate and permanent differences on non-U.S. earnings (1) |  |  | (1,842) |  |  | 31,722 |  |  | 20,996
State and local tax expense |  |  | 3,543 |  |  | 9,288 |  |  | 5,585
REIT adjustment |  |  | (163,795) |  |  | (75,513) |  |  | (86,670)
Permanent differences |  |  | 12,868 |  |  | 11,872 |  |  | (3,257)
Uncertain tax positions |  |  | (293) |  |  | 14,202 |  |  | —
Property, equipment, and intangible basis differences |  |  | — |  |  | — |  |  | 8,471
Other |  |  | 7,274 |  |  | 1,416 |  |  | 2,559
Valuation allowance |  |  | 3,974 |  |  | (57,085) |  |  | 7,933
Provision for income taxes |  | $ | 23,989 |  | $ | 51,088 |  | $ | 66,044
(1)This item includes the effect of foreign exchange rate changes which were previously shown on a separate line.
Components of Net Deferred Income Tax Asset and Liability |
|  |  |  |  | As of December 31,
|  |  |  |  | 2024 |  |  | 2023
|  |  |  |  | (in thousands)
Deferred tax assets: |  |  |  |  |  |  |  |  |
Net operating losses |  |  |  |  | $ | 30,942 |  | $ | 42,064
Property, equipment, and intangible basis differences |  |  |  |  |  | 18,217 |  |  | 25,225
Accrued liabilities |  |  |  |  |  | 14,892 |  |  | 14,945
Non-cash compensation |  |  |  |  |  | 25,830 |  |  | 29,576
Operating lease liability |  |  |  |  |  | 254,521 |  |  | 268,107
Deferred revenue |  |  |  |  |  | 5,735 |  |  | 6,348
Allowance for doubtful accounts |  |  |  |  |  | 2,854 |  |  | 2,735
Currency translation |  |  |  |  |  | 64,881 |  |  | 14,467
Other |  |  |  |  |  | 8,146 |  |  | 14,075
Valuation allowance |  |  |  |  |  | (19,326) |  |  | (16,115)
Total deferred tax assets, net (1) |  |  |  |  |  | 406,692 |  |  | 401,427
Deferred tax liabilities: |  |  |  |  |  |  |  |  |
Property, equipment, and intangible basis differences |  |  |  |  |  | (171,763) |  |  | (169,744)
Right of use asset |  |  |  |  |  | (240,300) |  |  | (254,573)
Straight-line rents |  |  |  |  |  | (16,877) |  |  | (19,029)
Deferred foreign withholding taxes |  |  |  |  |  | (8,950) |  |  | (8,322)
Other |  |  |  |  |  | — |  |  | (1,495)
Total deferred tax liabilities, net (1) |  |  |  |  | $ | (31,198) |  | $ | (51,736)
(1)Of these amounts, $53,974 and $85,172 are included in Other assets and Other long-term liabilities, respectively, on the accompanying Consolidated Balance Sheets as of December 31, 2024. As of December 31, 2023, $67,473 and $119,209 are included in Other assets and Other long-term liabilities, respectively, on the accompanying Consolidated Balance Sheet.
Reconciliation of Unrecognized Tax Benefits |
|  | For the year ended December 31,
|  | 2024 |  | 2023 |  | 2022
|  | (in millions)
Balance, January 1, |  | $ | 14,202 |  | $ | — |  | $ | —
Additions based on tax positions related to the current year |  |  | 3,557 |  |  | 5,023 |  |  | —
Additions and reductions for tax positions of prior years |  |  | (1,519) |  |  | 9,179 |  |  | —
Reductions for lapse in statute of limitations |  |  | (2,331) |  |  | — |  |  | —
Balance, December 31, |  | $ | 13,909 |  | $ | 14,202 |  | $ | —

X
- References No definition available. + Details
Name: | us-gaap_IncomeTaxDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of income tax expense attributable to continuing operations for each year presented including, but not limited to: current tax expense (benefit), deferred tax expense (benefit), investment tax credits, government grants, the benefits of operating loss carryforwards, tax expense that results from allocating certain tax benefits either directly to contributed capital or to reduce goodwill or other noncurrent intangible assets of an acquired entity, adjustments of a deferred tax liability or asset for enacted changes in tax laws or rates or a change in the tax status of the entity, and adjustments of the beginning-of-the-year balances of a valuation allowance because of a change in circumstances that causes a change in judgment about the realizability of the related deferred tax asset in future years. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 9 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-9 + Details
Name: | us-gaap_ScheduleOfComponentsOfIncomeTaxExpenseBenefitTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the components of net deferred tax asset or liability recognized in an entity's statement of financial position, including the following: the total of all deferred tax liabilities, the total of all deferred tax assets, the total valuation allowance recognized for deferred tax assets. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-2 + Details
Name: | us-gaap_ScheduleOfDeferredTaxAssetsAndLiabilitiesTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the reconciliation using percentage or dollar amounts of the reported amount of income tax expense attributable to continuing operations for the year to the amount of income tax expense that would result from applying domestic federal statutory tax rates to pretax income from continuing operations. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 231 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-231 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12A -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12A Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 12 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-12 + Details
Name: | us-gaap_ScheduleOfEffectiveIncomeTaxRateReconciliationTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of income before income tax between domestic and foreign jurisdictions. + References Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(1)(Note 1)) -Publisher FASB -URI https://asc.fasb.org/1943274/2147480678/235-10-S99-1 + Details
Name: | us-gaap_ScheduleOfIncomeBeforeIncomeTaxDomesticAndForeignTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- Definition Tabular disclosure of the change in unrecognized tax benefits. + References Reference 1: http://www.xbrl.org/2003/role/exampleRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 55 -Paragraph 217 -Publisher FASB -URI https://asc.fasb.org/1943274/2147482663/740-10-55-217 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 15A -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org/1943274/2147482685/740-10-50-15A + Details
Name: | us-gaap_ScheduleOfUnrecognizedTaxBenefitsRollForwardTableTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration