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Income Taxes | 12 Months Ended
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Dec. 31, 2023
Income Tax Disclosure [Abstract] |
Income Taxes | Income Taxes Income from continuing operations before income taxes by geographic region was as follows:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
U.S. | $ | 1,119.9 |  |  | $ | 1,474.5 |  |  | $ | 1,242.6 |
Non-U.S. | 299.6 |  |  | 384.7 |  |  | 365.1 |
Income from continuing operations before income taxes | $ | 1,419.5 |  |  | $ | 1,859.2 |  |  | $ | 1,607.7 |
Income taxes relating to income from continuing operations consisted of the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Current: |  |  |  |  |
Federal | $ | 131.0 |  |  | $ | 200.6 |  |  | $ | 115.7 |
State and local | 53.4 |  |  | 71.6 |  |  | 48.1 |
Non-U.S. | 74.7 |  |  | 76.6 |  |  | 67.7 |
Total current | $ | 259.1 |  |  | $ | 348.8 |  |  | $ | 231.5 |
Deferred: |  |  |  |  |
Federal | 85.5 |  |  | 98.8 |  |  | 129.9 |
State and local | 10.0 |  |  | 17.1 |  |  | 33.9 |
Non-U.S. | 6.3 |  |  | 8.3 |  |  | 21.0 |
Total deferred | $ | 101.8 |  |  | $ | 124.2 |  |  | $ | 184.8 |
Income taxes | $ | 360.9 |  |  | $ | 473.0 |  |  | $ | 416.3 |
Income taxes relating to income from continuing operations varied from the U.S. federal statutory income tax rate due to the following:
| Year Ended December 31,
| 2023 |  | 2022 |  | 2021
Income taxes at federal statutory rate | $ | 298.1 |  |  | $ | 390.4 |  |  | $ | 337.6 |
State and local income taxes, net of federal taxes | 47.7 |  |  | 67.3 |  |  | 64.6 |
Non-U.S. income taxed at other rates | 18.2 |  |  | 4.1 |  |  | 11.9 |
Other | (3.1) |  |  | 11.2 |  |  | 2.2 |
Income taxes | $ | 360.9 |  |  | $ | 473.0 |  |  | $ | 416.3 |
The components of deferred tax assets and liabilities as of December 31, 2023 and 2022 were as follows:
| December 31,
| 2023 |  | 2022
Deferred Tax Assets |  |  |
Accrued liabilities | $ | 77.3 |  |  | $ | 68.9 |
Net operating loss and credit carryforwards | 49.3 |  |  | 50.5 |
Leasing liabilities | 624.8 |  |  | 628.7 |
Other | 36.6 |  |  | 36.6 |
Total deferred tax assets | 788.0 |  |  | 784.7 |
Valuation allowance | (58.2) |  |  | (62.8) |
Net deferred tax assets | $ | 729.8 |  |  | $ | 721.9 |
Deferred Tax Liabilities |  |  |
Depreciation and amortization | (354.2) |  |  | (314.1) |
Partnership investments | (972.1) |  |  | (890.4) |
Leasing assets | (624.8) |  |  | (628.7) |
Other | (10.4) |  |  | (9.7) |
Total deferred tax liabilities | (1,961.5) |  |  | (1,842.9) |
Net deferred tax liabilities | $ | (1,231.7) |  |  | $ | (1,121.0) |
We are not permanently reinvested in a portion of our previously taxed unremitted foreign earnings, which may be distributed in the future. At December 31, 2023, we have accrued the appropriate amount of U.S. state income taxes and foreign withholding taxes for the unremitted foreign earnings that are not permanently reinvested. We have not provided any U.S. taxes on a total temporary difference of $352.8 million related to the excess of financial reporting basis over tax basis in our non-U.S. subsidiaries as it is our position that we are permanently reinvested for this basis difference. At December 31, 2023, we have $108.9 million of state net operating loss carryforwards in the U.S. that expire at various dates beginning in 2024 through 2044, a U.S. foreign tax credit carryforward of $32.0 million that will expire beginning in 2027, U.K. capital loss carryforwards of $6.4 million that will not expire, Germany net operating loss carryforwards of $29.1 million that will not expire, and Italy net operating loss carryforwards of $0.1 million that will not expire. The Company used $17.3 million of state net operating loss carryforwards in the U.S. in 2023. A valuation allowance of $0.7 million has been recorded against the state net operating loss carryforwards in the U.S. and a valuation allowance of $32.0 million has been recorded against the U.S. foreign tax credit carryforward as of December 31, 2023. A valuation allowance of $2.4 million has been recorded against German net operating losses and other deferred tax assets. A valuation allowance of $23.1 million has been recorded against U.K. deferred tax assets related to buildings as of December 31, 2023. Generally accepted accounting principles relating to uncertain income tax positions prescribe a minimum recognition threshold a tax position is required to meet before being recognized and provides guidance on the derecognition, measurement, classification, and disclosure relating to income taxes. We have elected to include interest and penalties in our income tax expense. The total interest and penalties included within uncertain tax positions at December 31, 2023, were $0. We do not expect a significant change to the amount of uncertain tax positions within the next twelve months. Our U.S. federal returns remain open to examination for 2017, 2020, 2021, and 2022 and various U.S. state jurisdictions are open for periods ranging from 2018 through 2022. The portion of the total amount of uncertain tax positions that would, if recognized, impact the effective tax rate was $0.5 million as of December 31, 2023, 2022, and 2021, respectively.

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- Definition The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 946 -SubTopic 20 -Name Accounting Standards Codification -Section 50 -Paragraph 13 -Publisher FASB -URI https://asc.fasb.org//1943274/2147480990/946-20-50-13 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Topic 235 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SX 210.4-08(h)(2)) -Publisher FASB -URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//740/tableOfContent Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 14 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-14 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 21 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-21 Reference 6: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 270 -Name Accounting Standards Codification -Section 50 -Paragraph 1 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482526/740-270-50-1 Reference 7: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section 50 -Paragraph 17 -Subparagraph (b) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-17 Reference 8: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 1 -Subparagraph (SAB TOPIC 6.I.5.Q1) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-1 Reference 9: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Section S99 -Paragraph 2 -Subparagraph (SAB Topic 11.C) -Publisher FASB -URI https://asc.fasb.org//1943274/2147479360/740-10-S99-2 Reference 10: http://www.xbrl.org/2003/role/disclosureRef -Topic 740 -SubTopic 30 -Name Accounting Standards Codification -Section 50 -Paragraph 2 -Subparagraph (a) -Publisher FASB -URI https://asc.fasb.org//1943274/2147482603/740-30-50-2 + Details
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