Income Taxes (Tables)

12 Months Ended

Dec. 31, 2024

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):

	2024		2023		2022
Domestic	$	3,595,449	$	2,891,644	$	2,423,809
International		519,429		572,539		1,267,001
Earnings before income taxes	$	4,114,878	$	3,464,183	$	3,690,810

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):

	2024			2023			2022
Current income tax expense (benefit):
U.S. federal	$	(17,082	)	$	(953	)	$	(6,645	)
International		152,891			175,121			112,489
State and local		9,973			19,162			16,930
Total current income tax expense		145,782			193,330			122,774
Deferred income tax expense:
U.S. federal		18,222			12,936			3,359
International		2,939			4,772			9,279
Total deferred income tax expense		21,161			17,708			12,638
Total income tax expense	$	166,943		$	211,038		$	135,412

Deferred Income Tax Assets and Liabilities

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

	2024			2023
Gross deferred income tax assets:
NOL carryforwards	$	263,597		$	246,768
Basis difference – real estate properties		43,226			48,460
Basis difference – equity investments		18,434			18,051
Section 163(j) interest limitation		2,105			1,689
Capital loss carryforward		6,096			7,161
Other – temporary differences		29,908			9,142
Total gross deferred income tax assets		363,366			331,271
Valuation allowance		(312,348	)		(305,063	)
Gross deferred income tax assets, net of valuation allowance		51,018			26,208
Gross deferred income tax liabilities:
Basis difference – real estate properties		128,803			98,529
Basis difference – equity investments		57,763			43,457
Other – temporary differences		2,321			1,673
Total gross deferred income tax liabilities		188,887			143,659
Net deferred income tax liabilities	$	137,869		$	117,451

Summary of Operating Loss Carryforwards

At December 31, 2024, we had NOL carryforwards as follows (in thousands):

	U.S.		Europe		Mexico		Japan		Other
Gross NOL carryforward	$	81,637	$	559,070	$	240,939	$	54,200	$	34,157
Tax-effected NOL carryforward		21,093		150,434		75,429		8,036		8,605
Valuation allowance		21,093		140,453		75,429		8,036		8,605
Net deferred tax asset – NOL carryforward	$	-	$	9,981	$	-	$	-	$	-
Expiration periods	2025 – 2044		2025 – indefinite		2025 – 2034		2025 – 2034		2025 – indefinite