Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Components of Earnings Before Income Taxes

The following table summarizes the components of earnings before income taxes for the years ended December 31 (in thousands):

	2023		2022		2021
Domestic	$	2,891,644	$	2,423,809	$	2,208,168
International		572,539		1,267,001		1,114,680
Earnings before income taxes	$	3,464,183	$	3,690,810	$	3,322,848

Components of Provision for Income Tax

The following table summarizes the components of the provision for income taxes for the years ended December 31 (in thousands):

	2023			2022			2021
Current income tax expense (benefit):
U.S. federal	$	(953	)	$	(6,645	)	$	58,906
International		175,121			112,489			103,488
State and local		19,162			16,930			10,542
Total current income tax expense		193,330			122,774			172,936
Deferred income tax expense (benefit):
U.S. federal		12,936			3,359			2,895
International		4,772			9,279			(1,573	)
Total deferred income tax expense		17,708			12,638			1,322
Total income tax expense	$	211,038		$	135,412		$	174,258

Deferred Income Tax Assets and Liabilities

The following table summarizes the deferred income tax assets and liabilities at December 31 (in thousands):

	2023			2022
Gross deferred income tax assets:
NOL carryforwards	$	246,768		$	229,410
Basis difference – real estate properties		48,460			94,610
Basis difference – equity investments		18,051			17,042
Section 163(j) interest limitation		1,689			2,218
Capital loss carryforward		7,161			6,903
Other – temporary differences		9,142			9,250
Total gross deferred income tax assets		331,271			359,433
Valuation allowance		(305,063	)		(295,834	)
Gross deferred income tax assets, net of valuation allowance		26,208			63,599
Gross deferred income tax liabilities:
Basis difference – real estate properties		98,529			116,102
Basis difference – equity investments		43,457			40,333
Other – temporary differences		1,673			1,189
Total gross deferred income tax liabilities		143,659			157,624
Net deferred income tax liabilities	$	117,451		$	94,025

Summary of Operating Loss Carryforwards

At December 31, 2023, we had NOL carryforwards as follows (in thousands):

	U.S.		Europe		Mexico		Japan		Other
Gross NOL carryforward	$	72,151	$	608,128	$	170,656	$	68,754	$	32,399
Tax-effected NOL carryforward		18,345		157,593		53,622		9,219		7,989
Valuation allowance		17,741		150,836		53,622		9,219		7,989
Net deferred tax asset – NOL carryforward	$	604	$	6,757	$	-	$	-	$	-
Expiration periods	2024 – 2043		2024 – indefinite		2024 – 2034		2024 – 2033		2024 – indefinite