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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2024
Income Tax Disclosure [Abstract] |
Income Tax Expense (Benefit) | Income tax expense consists of the following:
| Current |  | Deferred |  | Total
Year ended December 31, 2024 |  |  |  |  |
U.S. federal | $ | 5,942 |  |  | $ | 945 |  |  | $ | 6,887 |
State and local | 2,277 |  |  | 366 |  |  | 2,643 |
Foreign | 348 |  |  | (5,347) |  |  | (4,999) |
| $ | 8,567 |  |  | $ | (4,036) |  |  | $ | 4,531 |
Year ended December 31, 2023 |  |  |  |  |
U.S. federal | $ | 6,223 |  |  | $ | 1,280 |  |  | $ | 7,503 |
State and local | 2,035 |  |  | (26) |  |  | 2,009 |
Foreign | (860) |  |  | 1,130 |  |  | 270 |
| $ | 7,398 |  |  | $ | 2,384 |  |  | $ | 9,782 |
Year ended December 31, 2022 |  |  |  |  |
U.S. federal | $ | 5,663 |  |  | $ | 2,073 |  |  | $ | 7,736 |
State and local | 3,376 |  |  | (136) |  |  | 3,240 |
Foreign | 5,201 |  |  | 1,275 |  |  | 6,476 |
| $ | 14,240 |  |  | $ | 3,212 |  |  | $ | 17,452 |
U.S. and Foreign Components of Earnings Before Income Taxes | The U.S. and foreign components of earnings before income taxes are as follows:
| 2024 |  | 2023 |  | 2022
U.S. | $ | 368,924 |  |  | $ | 509,040 |  |  | $ | 446,395 |
Foreign | (1,454) |  |  | (2,422) |  |  | 9,704 |
Total | $ | 367,470 |  |  | $ | 506,618 |  |  | $ | 456,099 |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of significant differences between the reported amount of income tax expense and the expected amount of income tax expense that would result from applying the U.S. federal statutory income tax rate of 21 percent to income before taxes for the 2024, 2023 and 2022 tax years is as follows:
| 2024 |  | 2023 |  | 2022
Income tax expense at U.S. federal statutory rate | $ | 77,166 |  |  | $ | 106,390 |  |  | $ | 95,781 |
Tax adjustment related to REIT(a) | (76,410) |  |  | (101,486) |  |  | (86,793) |
State and local income taxes, net of federal income tax benefit | 2,522 |  |  | 2,732 |  |  | 2,850 |
Book expenses not deductible for tax purposes | 2,401 |  |  | 2,574 |  |  | 3,042 |
Stock-based compensation | 4,814 |  |  | 513 |  |  | (3,336) |
Valuation allowance(b) | 548 |  |  | 875 |  |  | (14,984) |
Undistributed earnings of foreign subsidiaries(c) | (55) |  |  | (95) |  |  | (84) |
Jurisdictional tax rate change | (5,417) |  |  | — |  |  | — |
Other differences, net(d) | (1,038) |  |  | (1,721) |  |  | 20,976 |
Income tax expense | $ | 4,531 |  |  | $ | 9,782 |  |  | $ | 17,452 |
(a)Includes dividend paid deduction of $121,466, $107,137 and $106,129 for the tax years ended December 31, 2024, 2023 and 2022, respectively. (b)For the years ended December 31, 2024, 2023 and 2022, a non-cash valuation allowance of $548, $875 and ($14,984), respectively, was recorded to income tax expense (benefit) due to our limited ability to utilize Puerto Rico and Canada deferred tax assets in future years. (c) Management does not assert that the undistributed earnings of our Canadian subsidiaries will be permanently reinvested. For the years ended December 31, 2024, 2023 and 2022, we recognized a deferred tax benefit of $55, $95 and $84, respectively, for future foreign withholding taxes related to undistributed earnings. (d) Under Section 1031.01(b)(10) of the 2011 Puerto Rico Code, net operating losses and the tax basis of any other assets shall be reduced for forgiveness of debt to the extent by which the taxpayer is insolvent. As a result, a non-cash expense of $15,201 was recorded to income tax expense for the reduction of Puerto Rico deferred tax assets for the year ended December 31, 2022. The Puerto Rico income tax withholding rate applicable on the accrued interest of the debt is 29%. As a result, for the year ended December 31, 2022, a cash expense of $5,068 was recorded to income tax expense.
Components of Deferred Taxes | The tax effect of temporary differences that give rise to significant portions of the deferred tax assets and liabilities are presented below:
| 2024 |  | 2023
Deferred tax assets: |  |  |
Allowance for doubtful accounts | $ | 222 |  |  | $ | 211 |
Net operating loss carry forwards | 3,637 |  |  | 5,261 |
Tax credit carry forwards | 514 |  |  | 1,202 |
Charitable contributions carry forward | — |  |  | 2 |
Intangibles | 785 |  |  | — |
Gross deferred tax assets | 5,158 |  |  | 6,676 |
Less: valuation allowance | (3,402) |  |  | (5,333) |
Net deferred tax assets | 1,756 |  |  | 1,343 |
Deferred tax liabilities: |  |  |
Intangibles | — |  |  | (4,926) |
Accrued liabilities not deducted for tax purposes | (2,214) |  |  | (2,133) |
Investment in partnerships | (3,940) |  |  | (2,611) |
Property, plant and equipment | (2,900) |  |  | (2,956) |
Undistributed earnings of foreign subsidiaries | (708) |  |  | (764) |
Gross deferred tax liabilities | (9,762) |  |  | (13,390) |
Net deferred tax liabilities | $ | (8,006) |  |  | $ | (12,047) |
Reconciliation Unrecognized Tax Benefits | A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
Balance as of December 31, 2021 | $ | 5,125 |
Additions for tax positions related to current year | 718 |
Additions for tax positions related to prior years | 1,142 |
Lapse of statute of limitations | (1,441) |
Balance as of December 31, 2022 | 5,544 |
Additions for tax positions related to prior years | 703 |
Lapse of statute of limitations | (1,815) |
Balance as of December 31, 2023 | $ | 4,432 |
Additions for tax positions related to current year | 71 |
Additions for tax positions related to prior years | 317 |
Reductions for tax positions related to prior years | (1,396) |
Lapse of statute of limitations | (798) |
Balance as of December 31, 2024 | $ | 2,626 |

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- 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
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