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Income Taxes (Tables)

12 Months Ended

Dec. 31, 2025

Schedule of Significant Components To Deferred Tax Assets and Deferred Tax Liabilities

The significant components of our deferred tax assets and deferred tax liabilities as of December 31, 2025 and 2024 are presented below:


	DECEMBER 31,
	2025		2024
Deferred Tax Assets:
Accrued liabilities and other adjustments	$	158,987	$	156,349
Net operating loss carryforwards	173,024		168,773

Valuation allowance	(152,605)		(132,714)
	179,406		192,408
Deferred Tax Liabilities:
Other assets, principally due to differences in amortization	(177,675)		(185,301)
Property, plant and equipment, principally due to differences in depreciation	(37,915)		(63,192)
Other	(116,082)		(122,844)
	(331,672)		(371,337)
Net deferred tax (liability) asset	$	(152,266)	$	(178,929)

The deferred tax assets and deferred tax liabilities as of December 31, 2025 and 2024 are presented below:


	DECEMBER 31,
	2025		2024
Deferred tax assets (Included in Other, a component of Other assets, net)	$	31,749	$	26,412
Deferred tax liabilities	(184,015)		(205,341)

Schedule of Rollforward 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
2025	$	132,714	$	16,740	$	3,151	$	152,605
2024	103,897		37,018		(8,201)		132,714
2023	47,514		4,855		51,528		103,897

(1)Other decreases and increases in valuation allowances are primarily related to changes in foreign currency exchange rates and prior year acquisitions.

(2)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, in 2023, the above table includes the tax effects of these non-United States tax loss carryforwards, which were not previously disclosed in the prior years due to the remote possibility of realization, offset with a full valuation allowance.

Schedule of Components Of Income (Loss) From Continuing Operations

The components of Net Income (Loss) Before Provision (Benefit) for Income Taxes for the years ended December 31, 2025, 2024 and 2023 are as follows:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
United States	$	227,656	$	56,617	$	76,012
Canada	149,219		153,450		111,331
Other Foreign	(165,687)		34,471		39,863
Net Income (Loss) Before Provision (Benefit) for Income Taxes	$	211,188	$	244,538	$	227,206

Schedule of Provision (Benefit) for Income Taxes

The Provision (Benefit) for Income Taxes for the years ended December 31, 2025, 2024 and 2023 consist of the following components:


	YEAR ENDED DECEMBER 31,
	2025		2024		2023
Federal—current	$	4,687	$	5,205	$	1,255
Federal—deferred	(7,450)		(2,394)		(18,488)
State—current	5,543		914		1,544
State—deferred	(1,898)		(3,731)		(4,630)
Foreign—current	96,386		96,168		72,408
Foreign—deferred	(38,334)		(35,290)		(12,146)
Provision (Benefit) for Income Taxes	$	58,934	$	60,872	$	39,943

Schedule of Reconciliation Total Income Tax Expense and Amount Computed by Applying the Federal Income Tax Rate

Pursuant to the disclosure requirements of ASU 2023-09, a reconciliation of Provision (Benefit) for Income Taxes and the "expected" tax provision computed by applying the current federal statutory tax rate of 21.0% to Net Income (Loss) Before Provision (Benefit) for Income Taxes for the year ended December 31, 2025 is as follows:


	YEAR ENDED DECEMBER 31, 2025
	Amount		Percentage of Net Income (Loss) Before Provision (Benefit) for Income Taxes
Computed "expected" tax provision	$	44,349	21.0	%
United States(1)
State and local income taxes	4,388		2.1	%
Effect of cross-border tax laws
Foreign branch taxes	(13,323)		(6.3)	%
Global intangible low-taxed income	9,492		4.5	%
Other	(192)		(0.1)	%
Changes in valuation allowances	7,956		3.8	%
Nontaxable or nondeductible items
Dividends paid deduction	(73,458)		(34.8)	%
Nondeductible foreign exchange loss (gain)	9,616		4.6	%
Nondeductible officers compensations	32,049		15.2	%
Excess tax benefits on equity compensations	(32,343)		(15.3)	%
Nondeductible management fees	3,725		1.7	%
Other	3,780		1.7	%
Canada
Effect of rates different than statutory	(8,938)		(4.2)	%
State and local income taxes	17,140		8.1	%
Withholding tax	7,506		3.6	%
Other	695		0.3	%
China
Nondeductible (gain) loss on sale of assets	(7,318)		(3.5)	%
Other	1,309		0.6	%
Peru
Other	2,235		1.1	%
Netherlands
Effect of rates different than statutory	(4,358)		(2.1)	%
Changes in valuation allowance	3,062		1.4	%
Nondeductible foreign exchange loss (gain)	19,839		9.4	%
Other	(2,083)		(1.0)	%
Switzerland
Nondeductible loss (gain) on sale of asset	2,911		1.4	%
Other	2,483		1.2	%
United Kingdom
Effect of rates different than statutory	(3,442)		(1.6)	%
Nondeductible foreign exchange loss (gain)	5,888		2.8	%
Other	2,865		1.4	%
Hong Kong
Other	2,315		1.1	%


	YEAR ENDED DECEMBER 31, 2025
	Amount		Percentage of Net Income (Loss) Before Provision (Benefit) for Income Taxes
Germany
Other	$	2,586	1.2	%
India
Changes in valuation allowance	3,869		1.8	%
Other	1,012		0.5	%
Other foreign jurisdictions	10,996		5.2	%
Changes in unrecognized tax benefits	2,323		1.1	%
Provision (Benefit) for Income Taxes	$	58,934	27.9	%

(1)In 2025, state and local taxes in Tennessee, Pennsylvania and Texas made up the majority (greater than 50%) of the tax effect in this category.

A reconciliation of Provision (Benefit) for Income Taxes and the "expected" tax provision 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 and 2023, respectively, is as follows:


	YEAR ENDED DECEMBER 31,
	2024		2023
Computed "expected" tax provision	$	51,353	$	47,713
Changes in income taxes resulting from:
Tax adjustment relating to REIT	(33,926)		(39,299)
State taxes, net of federal tax benefit	(2,919)		(3,147)
Increase (decrease) in valuation allowance	37,018		4,855
Withholding taxes	11,359		11,658
(Reversal) reserve accrual and audit settlements, net of federal tax benefit	(2,052)		(4,946)
Change in valuation of acquisition contingencies	643		3,242
Foreign tax rate differential	13,322		6,876
Adjustments relating to foreign taxes	(10,346)		14,405
Excess tax benefits on equity compensation	(5,047)		(1,905)
Other, net	1,467		491
Provision (Benefit) for Income Taxes	$	60,872	$	39,943

The primary reconciling items between the federal statutory tax rate of 21.0% and our overall effective tax rate were:


YEAR ENDED DECEMBER 31,
2025	2024	2023
The lack of tax benefits recognized for the foreign exchange losses of $26,948 and ordinary losses and disallowed interest expenses of certain entities of $16,740, as well as withholding tax expenses of $15,203, partially offset by the net benefits derived from the dividends paid deduction of $52,601.	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.

Schedule of Reconciliation of Unrecognized Tax Benefits

A rollforward of unrecognized tax benefits is as follows:


Gross tax contingencies—January 1, 2023	$	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
Gross additions based on tax positions related to the current year	4,449
Gross additions for tax positions of prior years	1,791


Lapses of statutes	(3,598)
Settlements	(40)
Gross tax contingencies—December 31, 2025	$	28,478

Schedule of Cash Flow, Supplemental Disclosures

Pursuant to the disclosure requirements of ASU 2023-09, the following is a summary of income taxes paid by jurisdiction for the year ended December 31, 2025:


	YEAR ENDED DECEMBER 31,
Jurisdiction	2025
United States - Federal	$	7,239
United States - State and local	4,454
Canada	53,309
Chile	6,793
Other	49,811
Total	$	121,606