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Income Taxes (Tables) | 12 Months Ended
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Dec. 31, 2023
Income Taxes |
Provision for Income Taxes from Continuing Operations | The income tax (provision) benefit for continuing operations consists of the following (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
CURRENT: |  | ​ |  |  | ​ |  |  | ​ |
Federal | ​ | $ | 797 | ​ | $ | (21,936) | ​ | $ | 126
State | ​ |  | (2,920) | ​ |  | (8,595) | ​ |  | (1,077)
Total current provision | ​ |  | (2,123) | ​ |  | (30,531) | ​ |  | (951)
DEFERRED: | ​ |  |  | ​ |  |  | ​ |  |
Federal | ​ |  | 79,710 | ​ |  | (9,115) | ​ |  | (3,646)
State | ​ |  | 16,115 | ​ |  | 871 | ​ |  | (360)
Total deferred (provision) benefit | ​ |  | 95,825 | ​ |  | (8,244) | ​ |  | (4,006)
Total (provision) benefit for income taxes | ​ | $ | 93,702 | ​ | $ | (38,775) | ​ | $ | (4,957)
Summary of Taxability of Cash Distributions Paid on Common Shares | The estimated taxability of cash distributions to common stockholders is shown in the table below (per common share) (unaudited). ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Ordinary income | ​ | $ | 3.75 | ​ | $ | 0.28 | ​ | $ | —
Capital gains | ​ |  | 0.10 | ​ |  | 0.07 | ​ |  | —
Return of capital | ​ |  | — | ​ |  | — | ​ |  | —
​ | ​ | $ | 3.85 | ​ | $ | 0.35 | ​ | $ | —
Differences Between the Income Tax Provision Calculated at the Statutory U.S. Federal Income Tax Rate of 21% and the Actual Income Tax Benefit Recorded for Continuing Operations | The differences between the income tax (provision) benefit calculated at the statutory U.S. federal income tax rate of 21% and the actual income tax (provision) benefit recorded for continuing operations are as follows (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022 |  | 2021
Statutory federal income tax (provision) benefit | ​ | $ | (52,101) | ​ | $ | (36,482) | ​ | $ | 39,868
Adjustment for nontaxable income of the REIT | ​ |  | 44,968 | ​ |  | 3,565 | ​ |  | (16,379)
Adjustment for noncontrolling interest in consolidated joint venture | ​ | ​ | — | ​ | ​ | — | ​ | ​ | (1,834)
State tax (provision) benefit (net of federal taxes) | ​ |  | (11,934) | ​ |  | (13,597) | ​ |  | 8,581
Permanent share-based compensation adjustment | ​ |  | 34 | ​ |  | 440 | ​ |  | 329
Other permanent items | ​ |  | (531) | ​ |  | (365) | ​ |  | (281)
Change in federal valuation allowance | ​ |  | 87,330 | ​ |  | 1,914 | ​ |  | (25,698)
Change in state valuation allowance (net of federal taxes) | ​ |  | 25,128 | ​ |  | 5,873 | ​ |  | (9,264)
Other | ​ |  | 808 | ​ |  | (123) | ​ |  | (279)
​ | ​ | $ | 93,702 | ​ | $ | (38,775) | ​ | $ | (4,957)
​
Components of Company's Deferred Tax Assets and Liabilities | Significant components of the Company’s deferred tax assets and liabilities at December 31 are as follows (amounts in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | 2023 |  | 2022
DEFERRED TAX ASSETS: |  | ​ |  |  | ​ |
Accounting reserves and accruals | ​ | $ | 22,371 | ​ | $ | 23,095
Pension plans | ​ |  | 4,249 | ​ |  | 5,413
Deferred management rights proceeds | ​ |  | 40,280 | ​ |  | 42,875
Federal and State net operating loss carryforwards | ​ |  | 102,032 | ​ |  | 97,832
Tax credits and other carryforwards | ​ |  | 8,881 | ​ |  | 5,182
Other assets | ​ |  | 6,205 | ​ |  | 5,124
Total deferred tax assets | ​ |  | 184,018 | ​ |  | 179,521
Valuation allowance | ​ |  | (5,557) | ​ |  | (118,015)
Total deferred tax assets, net of valuation allowance | ​ |  | 178,461 | ​ |  | 61,506
DEFERRED TAX LIABILITIES: | ​ |  |  | ​ |  |
Property and equipment, net | ​ |  | 91,314 | ​ |  | 67,744
Other liabilities | ​ |  | 5,523 | ​ |  | 6,677
Total deferred tax liabilities | ​ |  | 96,837 | ​ |  | 74,421
Net deferred tax assets (liabilities) | ​ | $ | 81,624 | ​ | $ | (12,915)
​

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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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 9 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-9 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 2 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-2 + Details
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- 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://fasb.org/us-gaap/role/ref/legacyRef -Topic 740 -SubTopic 10 -Name Accounting Standards Codification -Paragraph 12 -Section 50 -Publisher FASB -URI https://asc.fasb.org//1943274/2147482685/740-10-50-12 + Details
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