Current and deferred income taxes for Holdings were as follows:


	Year Ended December 31,
	2022			2023			2024
Current:
Federal	$	1.9		$	2.2		$	29.9
Foreign		9.2			14.2			15.2
State		1.2			2.9			5.6
Total current expense		12.3			19.3			50.7
Deferred:
Federal	$	(2.7	)	$	15.8		$	(19.9	)
Foreign		(2.4	)		(5.7	)	$	(36.0	)
State		(4.2	)		0.5		$	(54.9	)
Total deferred taxes		(9.3	)		10.6			(110.8	)
Income taxes	$	3.0		$	29.9		$	(60.1	)

Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards

The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities for Holdings as of the periods presented consisted of the following:


	December 31,
	2023			2024
Deferred liabilities:
Theater properties and equipment	$	68.4		$	56.7
Finance lease assets		13.3			22.4
Operating lease right-of-use assets		248.8			232.6
Intangible asset – other		55.8			57.4
Intangible asset – tradenames		69.5			69.5
Total deferred liabilities		455.8			438.6
Deferred assets:
Deferred revenue – NCM and Other		82.2			83.0
Gift cards		9.7			10.8
Operating lease obligations		269.0			249.0
Finance lease obligations		18.6			27.9
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital		13.4			10.3
Restricted stock		4.5			6.1
Other tax loss carryforwards		82.7			65.8
Other tax credit and attribute carryforwards		179.3			167.9
Other expenses, not currently deductible for tax purposes		18.7			13.6
Total deferred assets		678.1			634.4
Net deferred income tax asset before valuation allowance		(222.3	)		(195.8	)
Valuation allowance against deferred assets – non-current		266.3			129.5
Net deferred income tax liability (asset)	$	44.0		$	(66.3	)
Net deferred tax asset – Foreign	$	(0.1	)	$	(32.4	)
Net deferred tax liability (asset) – U.S.		44.1			(33.9	)
Total	$	44.0		$	(66.3	)

Reconciliation of Total Amounts of Unrecognized Tax Benefits Excluding Interest and Penalties

The following is a reconciliation of the total amounts of unrecognized tax benefits excluding interest and penalties for Holdings for the periods presented:


	Year Ended December 31,
	2022			2023			2024
Balance at January 1,	$	55.9		$	55.8		$	52.9
Gross increases - tax positions in prior periods		—			2.2			0.4
Gross decreases - tax positions in prior periods		(0.2	)		(5.1	)		—
Gross increases - current period tax positions		0.1			0.2			0.7
Statute of limitations expiration		—			(0.2	)		—
Balance at December 31,	$	55.8		$	52.9		$	54.0

Income Taxes [Line Items]

Current and Deferred Income Taxes

Current and deferred income taxes for CUSA were as follows:


	Year Ended December 31,
	2022			2023			2024
Current:
Federal	$	1.9		$	2.8		$	29.5
Foreign		9.2			14.2			15.2
State		1.2			2.9			6.6
Total current expense		12.3			19.9			51.3
Deferred:
Federal	$	(16.2	)	$	13.8		$	(20.3	)
Foreign		(2.4	)		(5.7	)		(36.0	)
State		(6.8	)		0.4			(50.8	)
Total deferred taxes		(25.4	)		8.5			(107.1	)
Income taxes	$	(13.1	)	$	28.4		$	(55.8	)

Tax Effects of Significant Temporary Differences and Tax Loss and Tax Credit Carryforwards

The tax effects of significant temporary differences and tax loss and tax credit carryforwards comprising the net long-term deferred income tax liabilities for CUSA as of the periods presented consisted of the following:


	December 31,
	2023			2024
Deferred liabilities:
Theater properties and equipment	$	68.2		$	56.6
Finance lease assets		13.2			22.4
Operating lease right-of-use assets		248.1			232.3
Intangible asset – other		55.7			57.3
Intangible asset – tradenames		69.3			69.4
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital		1.4			—
Total deferred liabilities		455.9			438.0
Deferred assets:
Deferred revenue – NCM and Other		82.0			82.8
Gift Cards		9.7			10.8
Operating lease obligations		268.3			248.7
Finance lease obligations		18.6			27.9
Tax impact of items in accumulated other comprehensive income and additional paid-in-capital		—			3.5
Restricted stock		4.3			5.9
Other tax loss carryforwards		80.0			63.1
Other tax credit and attribute carryforwards		149.0			128.1
Other expenses, not currently deductible for tax purposes		18.5			13.5
Total deferred assets		630.4			584.3
Net deferred income tax asset before valuation allowance		(174.5	)		(146.3	)
Valuation allowance against deferred assets – non-current		218.5			83.7
Net deferred income tax liability (asset)	$	44.0		$	(62.6	)
Net deferred tax asset – Foreign	$	(0.1	)	$	(32.4	)
Net deferred tax liability (asset) – U.S.		44.1			(30.2	)
Total	$	44.0		$	(62.6	)