Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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	$	—